Close out Value definition

Close out Value means, in respect of any Credit Support Balance for purposes of Paragraph 8, the Base Currency Equivalent of the bid price for the Equivalent Collateral comprised in that Credit Support Balance at or about the time the Secured Party is exercising its right of set off under Paragraph 8(a)(ii)(B), as determined by the Secured Party.
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Close out Value means the difference between the Market Value and the Contract Value of the affected transactions as at the Early Termination Date, adjusted for any costs or expenses incurred by the non-Defaulting Party in entering into replacement transactions. The "Market Value" of any affected transaction is the present value of the remaining delivery obligations under a transaction as of the Early Termination Date based on then current market prices calculated as the amount or volume of Products remaining to be delivered under a transaction, multiplied by the relevant market price per unit determined by the non-Defaulting Party using the arithmetic average of two price quotes from separate arm’s length third parties for the supply or purchase, as applicable, of the relevant Products under a replacement transaction on substantially the same terms and conditions and for the same remaining term of the transaction, calculated as of the Early Termination Date. The "Contract Value" of any affected transaction is the present value of the remaining delivery obligations calculated as the amount or volume of Products remaining to be
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Close out Value means, for each Terminated Transaction, the Market Value minus the Contract Value (as defined below) at the Early Termination Date, adjusted for the following amounts owing from the Defaulting Party to the Non-Defaulting Party: (i) any brokerage fees, commissions and other similar third party transactional costs and expenses incurred by the Non-defaulting Party as a result of entering into new arrangements to replace Terminated Transactions, (ii) the Non-defaulting Party’s cost of replacing or liquidating commercially reasonable ▇▇▇▇▇▇ or trading positions related to the Terminated Transactions, (iii) any costs incurred by the Non-defaulting Party in exercising its rights in respect of any performance assurance, security or credit support for the Defaulting Party’s obligations under the Crude Contract, the Products Contract, the Supply and Offtake Agreement and any of the other Transaction Documents, and (iv) any legal costs and fees incurred by the Non-defaulting Party.
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Related to Close out Value

  • Close-out Amount means, with respect to each Terminated Transaction or each group of Terminated Transactions and a Determining Party, the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed as a positive number) or gains of the Determining Party that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material terms of that Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or group of Terminated Transactions. Any Close-out Amount will be determined by the Determining Party (or its agent), which will act in good faith and use commercially reasonable procedures in order to produce a commercially reasonable result. The Determining Party may determine a Close-out Amount for any group of Terminated Transactions or any individual Terminated Transaction but, in the aggregate, for not less than all Terminated Transactions. Each Close-out Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates following the Early Termination Date as would be commercially reasonable. Unpaid Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees and out-of-pocket expenses referred to in Section 11 are to be excluded in all determinations of Close-out Amounts. In determining a Close-out Amount, the Determining Party may consider any relevant information, including, without limitation, one or more of the following types of information:—

  • Close-Out Date means a day on which, pursuant to the provisions of Section 8.1, the Non-Defaulting Party closes out Currency Obligations and/or Options or such close-out occurs automatically. "Closing Gain", as to the Non-Defaulting Party, means the difference described as such in relation to a particular Value Date under the provisions of Section 8.1.

  • Close Out means the termination, cancellation, liquidation, acceleration, or other similar action with respect to all transactions under one or more Contracts.

  • close links means a situation in which two or more natural or legal persons are linked by:

  • Calculation Period means the period from and including the seventh scheduled Index Business Day before the Stated Maturity to and including the second scheduled Index Business Day before the Stated Maturity.