Section 2(a)(iii) - ISDA Provision: Difference between revisions

Section 2(a)(iii) - ISDA Provision (view source)

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 ==Original Text of Section 2(a)(iii)==
-  {{isdaquote|{{isdaprov|2(a)(iii)}} Each obligation of each party under Section {{isdaprov|2(a)(i)}} is subject to (1) the condition precedent <br>
+  {{isdaquote|{{clause|ISDA|Master Agreement|2002|2(a)(iii)}}|2(a)(iii)|2002}}
- that no {{isdaprov|Event of Default}} or {{isdaprov|Potential Event of Default}} with respect to the other party has occurred<br>
- and is continuing, (2) the condition precedent that no {{isdaprov|Early Termination Date}} in respect of the<br>
- relevant {{isdaprov|Transaction}} has occurred or been effectively designated and (3) each other applicable<br>
- condition precedent specified in this {{isdaprov|Agreement}}.|2(a)(iii)|2002}}
 Innocuous looking, isn't it. But then the Protocol of the Elders of ISDA had a go at fixing [[Metavante]] concerns. Now look what they've done: