Template:M comp disc 2002 ISDA 5(b)(ii): Difference between revisions
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{{isdadisambiguation|Tax Event|Force Majeure Event|5(b)(ii)}} | {{isdadisambiguation|Tax Event|Force Majeure Event|5(b)(ii)}} | ||
{{isda 5(b)(ii) comp|isdaprov}} | |||
Latest revision as of 16:41, 24 December 2023
Numbering Discrepancy: Note the numbering discrepancy in Section 5(b) between the 1992 ISDA and 2002 ISDA. This is caused by a new 5(b)(ii) (Force Majeure Event) in the 2002 ISDA before Tax Event, which is thus shunted from Section 5(b)(ii) (in the 1992 ISDA) to Section 5(b)(iii) (in the 2002 ISDA).
Depending on your edition of the ISDA Master Agreement, “5(b)(ii)” could be a reference to:
Force Majeure Event: There is no Force Majeure in the 1992 ISDA, though parties would habitually negotiate one in, and by the time the 2002 ISDA was published it was in fairly standardised. For those who didn’t negotiate it in there was also the ISDA Illegality/Force Majeure Protocol (see here) which they could sign — upon payment of the suitable fee is ISDA — to adopt/incorporate the relevant parts.