There is no Section 6(f) of the 1992 ISDA, but folks used to put in a provision into the schedule which goes something like this:
“
Set-off. Without affecting the provisions of the
Agreement requiring the calculation of certain net payment amounts, all payments under this
Agreement will be made without
set-off or counterclaim; provided, however, that upon the designation of an
Early Termination Date following an
Event of Default, or a
Termination Event under Section
5(b)(iv) or Section
5(b)(v), in addition to and not in limitation of any other right or remedy (including any right to set off, counterclaim, or otherwise withhold payment or any recourse to any
Credit Support Document) under applicable law the
Non-defaulting Party or
non-Affected Party (in either case, “X”) may without prior notice to any person set off any sum or obligation (whether or not arising under this
Agreement and whether matured or unmatured, whether or not contingent and
irrespective of the currency, place of payment or booking office of the sum or obligation) owed by the
Defaulting Party or
Affected Party (in either case, “Y”) to X or any
Affiliate of X against any sum or obligation (whether or not arising under this
Agreement, whether matured or unmatured, whether or not contingent and
irrespective of the currency, place of payment or booking office of the sum or obligation) owed by X or any
Affiliate of X to Y and, for this purpose, may convert one currency into another at a market rate determined by X. If any sum or obligation is unascertained, X may in
good faith estimate that sum or obligation and
set-off in respect of that estimate, subject to X or Y, as the case may be, accounting to the other party when such sum or obligation is ascertained. Nothing in this
Agreement shall create or be
deemed to create any
charge under English law.”