Non-defaulting Party - ISDA Provision
2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual™
Non-defaulting Party in all its glory
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To be compared with - well, Defaulting Party. Of all things. And Non-affected Party, as well. The difference between a Non-defaulting Party and a Non-affected Party, and the linguistic torture that distinction as inflicted on the race of ISDA lawyers ever since, says everything you need to know about the absurdity of modern commercial law.
- Do say: “the Non-defaulting Party or the non-Affected Party, as the case may be” over and over again.
- Don’t say: “Is there really no other way you could get across this concept, for crying out loud?”
- The JC’s famous Nutshell™ summary of this clause