Terminated Transactions - ISDA Provision

2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual™

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[[{{{1}}} - 1992 ISDA Provision|This provision in the 1992]]

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Section Terminated Transactions in a Nutshell™

Use at your own risk, campers!

“Terminated Transactions” means, for a Early Termination Date resulting from: (a) an Illegality or a Force Majeure Event, all Affected Transactions specified in the Section 6(b)(iv) notice; (b) any other Termination Event, all Affected Transactions; and (c) an Event of Default, all Transactions : that were in effect immediately before the the Section 6(a) notice designating that Early Termination Date took effect or, if Automatic Early Termination applies, immediately before the Early Termination Date. view template

Full text of Section Terminated Transactions

“Terminated Transactions” means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force Majeure Event, all Affected Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all Affected Transactions and (c) if resulting from an Event of Default, all Transactions in effect either immediately before the effectiveness of the notice designating that Early Termination Date or, if Automatic Early Termination applies, immediately before that Early Termination Date. view template

Related agreements and comparisons

Click here* for the text of Section Terminated Transactions in the 1992 ISDA* Click to compare* this section in the 1992 ISDA and 2002 ISDA*.

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Content and comparisons

The 2(a)(iii) amendment juggernaut seems to have lost its heat but there was a time when ISDA was proposing the following:

"Terminated Transactions” means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force Majeure Event, all Affected Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all Affected Transactions and (c) if resulting from an Event of Default, all Transactions, in each case under which a party has or may have any obligation, including, without limitation, an obligation to pay an amount that became payable (or would have become payable but for Section 2(a)(iii) or due but for Section 5(d)) to the other party under Section 2(a)(i) or 2(d)(i)(4) on or prior to that Early Termination Date and which remains unpaid as at such Early Termination Date.