Template:M summ 2002 ISDA 1

Section 1 is a gentle introduction indeed to the dappled world of the ISDA Master Agreement: much coming from the “goes without saying, but let’s say it anyway” dept of legal wordwrightery — a large department indeed, in the annals of modern legal practice. It starts getting a bit tasty in Section 1(c) with the Single Agreement, but it’s not until the Section 2(a)(iii) flawed asset provision that you’re properly in the ISDA ninja twilight zone.

In a nutshell: DO NOT ADJUST THIS PROVISION. It does no-one any harm. How could it?