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Broad Triangular Setoff Sample Clause
Derivatives Deskbook: Close-Out Netting, Risk Mitigation, Litigation (Second Edition)
Book Publication Date:
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.
Bilateral setoff rights allow the two parties to offset debts owed to each other and create one net payment in the event a transaction is terminated.
Triangular setoff is similar to bilateral setoff but includes debts of affiliates in the netting calculation.
PLI Item #:
Banking, Bankruptcy & Restructuring, Corporate & Securities
"event of default"
"termination currency equivalent"
"early termination date"
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