Terminated Transactions - ISDA Provision: Difference between revisions
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Latest revision as of 09:34, 28 June 2023
Overview
The 2002 ISDA adds a little complexity to deal with Illegality and Force Majeure notices. Otherwise the same.
Summary
This might help answer the vexed question of why there that curious “by not more than 20 days’ notice” period for a close-out notice under Section 6(a). You may have a Transaction that is due to roll off and you want it to settle before you close out the portfolio. It is not a very compelling reason, in fairness. But it at least suggests someone on the ISDA drafting commitee was thinking about it, even if not especially insightfully.
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- The JC’s famous Nutshell™ summary of this clause
- Proposed ISDA amendments as a result of adjustment to Section 2(a)(iii)