Definīcija:a special form of netting which occurs following some predefined event such as default.Close-out netting is intended to reduce exposures on open contracts if one party meets certain conditions specified by the contract(e.g.becomes subject to insolvency procedures)before the settlement date(also referred to as default netting,open contract netting or replacement contract netting).
VVC izstrādātie ekonomikas un finanšu termini
16 EKONOMIKA
ENclose-out netting provision
LVnoslēguma ieskaita noteikums
DEAufrechnung infolge Beendigung
FRclause de compensation avec déchéance du terme
Definīcija:a provision of a financial collateral arrangement, or of an arrangement of which a financial collateral arrangement forms part, or, in the absence of any such provision, any statutory rule by which, on the occurrence of an enforcement event, whether through the operation of netting or set-off or otherwise: (i) the obligations of the parties are accelerated so as to be immediately due and expressed as an obligation to pay an amount representing their estimated current value, or are terminated and replaced by an obligation to pay such an amount; and/or (ii) an account is taken of what is due from each party to the other in respect of such obligations, and a net sum equal to the balance of the account is payable by the party from whom the larger amount is due to the other party.
