Set-off - 1992 ISDA Provision
1992 ISDA Master Agreement A Jolly Contrarian owner’s manual™ 6(f) in all its glory
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Overview
The 1992 ISDA does not have a specific set-off provision, although it manages to define Set-off anyway.
ISDA published a suggested set-off provision in the 1992 User’s Guide but no-one liked it, and before long several home-made versions were percolating around the market. These often permitted set-off between the Innocent Party’s Affiliates and the non-performing party.
ISDA’s crack drafting squad™ got the hint and implemented a fully-fledged set-off provision based on this language into the 2002 ISDA — but not without a little boo-boo. As to which, read on —
Summary
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- The JC’s famous Nutshell™ summary of this clause