Template:M summ 1992 ISDA Loss: Difference between revisions

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Template:M summ 1992 ISDA Loss (view source)

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 {{isda92prov|Loss}} is a means of valuing {{isda92prov|Transaction}}s following their {{isda92prov|Early Termination}} under the {{1992isda}}.
-Spoddy point: unlike its alternative {{isda92prov|Market Quotation}}, “{{isda92prov|Loss}}” ''includes'' the “{{isda92prov|Unpaid Amount}}” concept in its definition:
+Spoddy point: unlike its alternative {{isda92prov|Market Quotation}}, “{{isda92prov|Loss}}” ''includes'' the “{{isda92prov|Unpaid Amounts}}” concept in its definition:
-:''...{{isda92prov|Loss}} includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant {{isda92prov|Early Termination Date}} and not made, except, so as to avoid duplication, if Section {{isda92prov|6(e)(i)}}(1) or (3) or {{isda92prov|6(e)(ii)}}(2)(A) applies...''
+:“...{{isda92prov|Loss}} includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant {{isda92prov|Early Termination Date}} and not made, except, so as to avoid duplication, if Section {{isda92prov|6(e)(i)}}(1) or (3) ''[i.e., either version of {{isdaprov|First Method}}]'' '''{{font colour|green|or}}''' {{isda92prov|6(e)(ii)}}(2)(A) ''[i.e., {{isdaprov|Second Method}} and {{isdaprov|Market Quotation}}]'' applies...”
+Note that the green '''{{font colour|green|or}}''' above a deliberately conjunctive or, so the only situation to which it doesn’t apply is where {{isdaprov|Second Method}} ''[[and]]'' {{isdaprov|Loss}} applies.  It is truly hard to imagine what must have been going through the head of {{icds}} when it came up with this formulation, if it wasn’t purely to intimidate and ward off [[ISDA ingénues]] — it bears the hallmarks of a preoccupied mind: one going through a messy divorce, midlife crisis or religious revelation of some sort — but it bears repeating that there are some intuitions who still prefer the {{1992ma}}.
 {{loss duplication capsule}}