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| {{isdaprov|DUST}} has been expanded in five significant ways by the {{2002ma}}: | | {{{{{1}}}|DUST}} has been expanded in five significant ways by the {{2002ma}}. See the summary and general sections for details. |
| *Defaults require the [[acceleration]] of just ''the'' {{isdaprov|Specified Transaction}} in question (for ''general'' defaults) but off ''all'' outstanding transactions under the relevant [[master agreement]] (for ''[[delivery]]'' defaults). This change was made with [[repo]]s and [[stock loan]]s in mind where delivery failures under are common and do not of themselves indicate weakness in the {{isdaprov|Defaulting Party}}’s creditworthiness.
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| *{{isdaprov|DUST}} under the {{2002ma}} can be triggered by default under a [[credit support arrangement]] relating to a {{isdaprov|Specified Transaction}}. These weren’t included for the {{1992isda}} {{isda92prov|DUST}}.
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| *The [[cure period]] for a failure to make a final or early termination payment ona {{isdaprov|Specified Transaction}} has been reduced from three days to one.
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| *[[Repudiation]] was modified in two significant ways:
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| :*The phrase “or challenges the validity of” was added after “disaffirms, disclaims, repudiates or rejects” to reduce ambiguity as to whether a party’s action constitutes a repudiation; and
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| :*A {{isdaprov|Non-Defaulting Party}} must have evidence of the repudiation that is executed and [[delivered]] by the repudiating entity;
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| *The “{{isdaprov|Specified Transaction}}” concept has been broadened to include additional {{isdaprov|Transaction}} types such as repos, and to include a catchall clause designed to include any future derivative products that have not been thought of yet.
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Latest revision as of 17:08, 25 December 2023
{{{{{1}}}|DUST}} has been expanded in five significant ways by the 2002 ISDA. See the summary and general sections for details.