Template:M summ 2018 CSD 13(h)

What an utter omnishambles. ISDA’s crack drafting squad™ may usually be tiresome, leaden in its literary style, and pernickety to the point of distraction, but one thing you can say for it is that it is through. It leaves no stone unturned. With this provision it looks like it got to the point of maximum disarray, had a tantrum and stormed off. These provisions don’t even make sense. They are not even grammatical.

What ever they were trying to achieve, and whatever contingencies were dogging the ’squad’s fevered subconsious as it trudged, in formation, through the moist, dengue-infested swamps of of this drafting exercise — and there is some talk that there may have been skirmishes with pockets of buyside counsel as they went — what we are left with is a total disaster.