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.
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
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.