Comply With Laws - 1992 ISDA Provision: Difference between revisions
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Revision as of 22:04, 23 February 2020
1992 ISDA Master Agreement
Section 4(c) in a Nutshell™ Use at your own risk, campers!
Full text of Section 4(c)
Related agreements and comparisons
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Content and comparisons
Section 4(c) represents another impeachable outing for the 1992 all-star line-up of ISDA’s crack drafting squad™. Their successors, a decade down the line, couldn’t see any way to improve on their work. The two versions are thus the same.
Summary
Hardly controversial that one must obey the law, but note this apparently inoffensive covenant converts that general public obligation into a private civil one, with definitive commercial consequences to your counterparty, hence the couching of the language in terms of materiality (twice) and specific ability to perform obligations under the ISDA Master Agreement.