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| Section {{isdaprov|2}} contains the basic nuts and bolts of your obligations under the {{isdaprov|Transaction}}s you execute. Pay or deliver ''what'' you’ve promised to pay or deliver, ''when'' you’ve promised to pay it or deliver it, and all will be well.
| | {{isda 2(a) summ|isdaprov}} |
| ====Scheduled Settlement Date====
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| Though it doesn’t say so, the date on which you are obliged to pay or deliver it is the “{{isdaprov|Scheduled Settlement Date}}”, a definition which then shows up only in Section {{isdaprov|2(b)}} (relating to the time by which you must have notified any change of account details) and then in the tax-related {{isdaprov|Termination Events}} ({{isdaprov|Tax Event}} and {{isdaprov|Tax Event Upon Merger}}) which, yes, makes us wonder why they bothered to make this definition at all.
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| ====Section 2(a)(iii): the flawed asset provision====
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| And ''then'' there’s the mighty [[flawed asset]] provision of Section {{isdaprov|2(a)(iii)}}. This won’t trouble ISDA [[negotiator]]s on the way ''in''to a swap trading relationship — few enough people understand it sufficiently well to argue about it — but if, as it surely will, [[Omega|the great day of judgement]] should visit upon the financial markets again some time in the future, expect plenty of tasty argument, between highly-paid Queen’s Counsel who have spent exactly ''none'' of their careers considering derivative contracts, about what it means.
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| We have some thoughts on that topic, should you be interested, at Section {{isdaprov|2(a)(iii)}}.
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