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Expanded Setoff Right Sample Clause

Book Publication Date: Feb 2019
Description: Setoff rights are included in master agreements for swap transactions as a way to reduce the credit exposure of the parties and the financial sytem as a whole. This expanded setoff rights clause from the 2002 master agreement provides for triangular setoff that includes the payer's affiliates.
Type: Contract Clauses
PLI Item #: 59707
Practice Area: Banking, Bankruptcy & Restructuring, Corporate & Securities
Keywords: "derivatives transaction"; "swap transaction"; "early termination"; "event of default"; "settlement amount"; "termination currency equivalent"; "unpaid amounts"; "force majeure"; illegality; "early termination date"; "master agreements"; "valuation statement"; "bilateral setoff"; offset; "close-out netting"; "triangular setoff"; affiliates

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