Template:M gen Equity Derivatives 12.9(b)(i)

Your counterparties — or at any rate, their legal departments — may enjoy the intellectual challenge of jousting over the precise number of days’ notice one must give before decreeing and acting upon a Change in Law or Insolvency Filing. The practical reality here is that a sensible broker will be in touch with affected clients and will manage out of such a position by some kind of consent without reaching for a copy of the agreement, and a non-sensible broker won’t have clients for very long, but that is not how legal eagles are conditioned to think.

ISDA’s crack drafting squad™ drafting over-reach to mention, for the sheer bloody-minded satisfaction if it: the incluso in the definition of Cancellation Amount so:— “... including payments and deliveries that would, but for the Extraordinary Event, have been required after termination,” is unnecessary (or at the very least stating the bleeding obvious) because the Change in Law, Hedging Disruption or other Extraordinary Events and Additional Disruption Events relate to the underlier and associated hedge transaction not the Transaction itself. Not that it makes any difference, of course.