Template:M summ 2002 ISDA 5(b)(i)
Jump to navigation
Jump to search
A comparison between the 1992 ISDA and the 2002 ISDA can be found on the ISDA Comparison page.
Illegality vs. Force Majeure smackdown
Like a Force Majeure Event, an Illegality may only be triggered after exhausting the fallbacks and remedies specified in the 2002 ISDA.
Under the 2002 ISDA, Illegality trumps Force Majeure. Given that Illegality is no longer subject to the "two Affected Parties" delay on termination (as it was in the 1992 ISDA), this is significant.