Terminate
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May be:
- Nice: To unwind a transaction by consent before its scheduled maturity, subject to mutually agreed breakage costs;
- Nasty: To unilaterally declare a contract at an end as a result of a fundamental breach by the other person, with the mind to sue the naughty fellow for damages. Spoddy but important point: this is to be distinguished from terminating a transaction under the terms of the contract as a result of an event of default, as one might do with an ISDA Master Agreement.