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{{ | {{fullanat2|isda|2(a)|1992|2(a)|2002}} | ||
===Commentary=== | |||
==Commentary== | |||
''See also a wider discussion of proposed changes at {{isdaprov|Section 2(a)(iii)}}'' | ''See also a wider discussion of proposed changes at {{isdaprov|Section 2(a)(iii)}}'' | ||
The provisions are the same in both versions of the {{isdama}} | The provisions are the same in both versions of the {{isdama}} | ||
===Section 2(a)(iii)=== | ====Section 2(a)(iii)==== | ||
Section 2(a)(iii) of the {{isdama}} was considered in the [[Metavante]] litigation, which has led to more or less the opposite conclusion to the court in [[Enron v TXU]]. | Section 2(a)(iii) of the {{isdama}} was considered in the [[Metavante]] litigation, which has led to more or less the opposite conclusion to the court in [[Enron v TXU]]. | ||
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3. Faux J indicated in his judgment that the obligations of the non-defaulting party under the [[ISDA]] never come into existence if the condition precedent is not satisfied on the relevant payment date: i.e., the failure cannot be cured and the obligations cannot come into existence on a future date if the CP is subsequently satisfied. That view is controversial and was expressed obiter dicta. The CA may not address it for that latter reason. | 3. Faux J indicated in his judgment that the obligations of the non-defaulting party under the [[ISDA]] never come into existence if the condition precedent is not satisfied on the relevant payment date: i.e., the failure cannot be cured and the obligations cannot come into existence on a future date if the CP is subsequently satisfied. That view is controversial and was expressed obiter dicta. The CA may not address it for that latter reason. | ||
*[http://ftalphaville.ft.com/blog/2009/09/30/74606/lehman-metavante-and-the-isda-master-agreement/ Lehman, Metavante and the ISDA Master Agreement - FT Alphaville] | *[http://ftalphaville.ft.com/blog/2009/09/30/74606/lehman-metavante-and-the-isda-master-agreement/ Lehman, Metavante and the ISDA Master Agreement - FT Alphaville] | ||
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{{ | {{c1|Insolvency}} |