Termination Events (Early Termination Payments) - ISDA Provision: Difference between revisions

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=={{1992ma}}==
#redirect[[Payments on Early Termination - ISDA Provision]]
 
(ii) '''Termination Events'''. If the {{isdaprov|Early Termination Date}} results from a {{isdaprov|Termination Event}}: —
(1) One {{isdaprov|Affected Party}}. If there is one Affected Party, the amount payable will be determined
in accordance with Section 6(e)(i)(3), if {{isdaprov|Market Quotation}} applies, or Section 6(e)(i)(4), if {{isdaprov|Loss}}
applies, except that, in either case, references to the {{isdaprov|Defaulting Party}} and to the {{isdaprov|Non-defaulting Party}}
will be deemed to be references to the {{isdaprov|Affected Party}} and the party which is not the
Affected Party, respectively, and, if Loss applies and fewer than all the {{isdaprov|Transactions}} are being
terminated, Loss shall be calculated in respect of all {{isdaprov|Terminated Transactions}}.
(2) Two Affected Parties. If there are two Affected Parties: —
(A) if Market Quotation applies, each party will determine a {{isdaprov|Settlement Amount}} in
respect of the Terminated Transactions, and an amount will be payable equal to (I) the
sum of (a) one-half of the difference between the Settlement Amount of the party with
the higher Settlement Amount ("X") and the Settlement Amount of the party with the
lower Settlement Amount ("Y") and (b) the {{isdaprov|Termination Currency Equivalent}} of the
{{isdaprov|Unpaid Amounts}} owing to X less (II) the Termination Currency Equivalent of the Unpaid
Amounts owing to Y; and
(B) if Loss applies, each party will determine its Loss in respect of this Agreement (or,
if fewer than all the Transactions are being terminated, in respect of all Terminated
Transactions) and an amount will be payable equal to one-half of the difference between
the Loss of the party with the higher Loss (“X”) and the Loss of the party with the lower
Loss (“Y”).
If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X
will pay the absolute value of that amount to Y.
 
{{isdaanatomy}}
*{{isdaprov|Events of Default (Early Termination Payments)}} (Section 6(e)(i))

Latest revision as of 18:38, 13 April 2020

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