Deferral of Payments and Deliveries During Waiting Period - ISDA Provision
2002 ISDA Master Agreement A Jolly Contrarian owner’s manual™ 5(d) in all its glory
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Overview
There is no equivalent provision to Section 5(d) in the 1992 ISDA, seeing as it does not contain a Force Majeure Event at all, and its conception of Illegality is far less — how shall we say? — sophisticated than the one in the 2002 ISDA.
Summary
Upon an Illegality or Force Majeure Event, payments and deliveries are deferred until the earlier of (a) the expiry of any Waiting Period; and (b) the date on which the Illegality or Force Majeure Event is cured.
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- The JC’s famous Nutshell™ summary of this clause