Template:Isda 2(a)(iii) comp

Section {{{{{1}}}|2(a)(iii)}} is the world-famous, notorious, much-feared “flawed asset” provision in the ISDA Master Agreement. The text is unchanged between the 1992 ISDA and the 2002 ISDA. However there was a change from the 1987 ISDA which did not have the middle condition precedent that “no {{{{{1}}}|Early Termination Date}} in respect of the relevant {{{{{1}}}|Transaction}} has occurred or been effectively designated”. As to what this achieved, we speculate below.