Template:Isda Illegality comp

Revision as of 11:13, 31 December 2023 by Amwelladmin (talk | contribs)

{{{{{1}}}|Illegality}}: Quite a lot of formal change to the definition of Illegality; not clear how much of it makes all that much practical difference. The 2002 ISDA requires you to give effect to remedies or fallbacks in the {{{{{{1}}}|Confirmation}} that might take you out of {{{{{{1}}}|Illegality}} before evoking this provision — which ought to go without saying. It also carves out Illegalities caused by the action of either party, which also seems a bit fussy, and throws in some including-without-limitation stuff which, definitely is a bit fussy. Lastly, the 2002 ISDA clarifies that the party suffering the {{{{{{1}}}|Illegality}} is the {{{{{{1}}}|Affected Party}}, and that an {{{{{{1}}}|Illegality}} applies to the non-receipt of payments just as much as to their non-payment. Again, all this ought to have been true the 1992 ISDA — no doubt there is some whacky litigation that said otherwise — so this is mainly in the service of avoiding doubt.