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Template:Nutshell 2002 ISDA Close-out Amount: Difference between revisions
Template:Nutshell 2002 ISDA Close-out Amount (view source)
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“{{isdaprov|Close-out Amount}}” means, the Expenses the {{isdaprov|Determining Party}} would incur (expressed as a positive) or gains it would realise (expressed as a negative) in replacing, (a) the material terms of that {{isdaprov|Terminated Transaction}}, and (b) the option rights of the parties in respect of that {{isdaprov|Terminated Transaction}}. <br> | “'''{{isdaprov|Close-out Amount}}'''” means, the {{isdaprov|Expenses}} the {{isdaprov|Determining Party}} would incur (expressed as a positive) or gains it would realise (expressed as a negative) in replacing, (a) the material terms of that {{isdaprov|Terminated Transaction}}, and (b) the option rights of the parties in respect of that {{isdaprov|Terminated Transaction}}. <br> | ||
Any {{isdaprov|Close-out Amount}} will be determined by the {{isdaprov|Determining Party}} in good faith and using commercially reasonable procedures to produce a commercially reasonable result. <br> | Any {{isdaprov|Close-out Amount}} will be determined by the {{isdaprov|Determining Party}} in {{tag|good faith}} and using {{tag|commercially reasonable}} procedures to produce a commercially reasonable result. <br> | ||
The {{isdaprov|Determining Party}} may determine a {{isdaprov|Close-out Amount}} for any group of {{isdaprov|Terminated Transactions}} but, in the aggregate, for not less than all {{isdaprov|Terminated Transactions}}. Each {{isdaprov|Close-out Amount}} will be determined as of the {{isdaprov|Early Termination Date}} or such later date as would be commercially reasonable. <br> | The {{isdaprov|Determining Party}} may determine a {{isdaprov|Close-out Amount}} for any group of {{isdaprov|Terminated Transactions}} but, in the aggregate, for not less than all {{isdaprov|Terminated Transactions}}. Each {{isdaprov|Close-out Amount}} will be determined as of the {{isdaprov|Early Termination Date}} or such later date as would be commercially reasonable. <br> | ||