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| ==={{1992ma}}=== | | ==={{1992ma}}=== |
| The {{1992isda}} does not have a specific set off provision, although it manages to define {{isdaprov|Set-off}}, however:
| | {{1992 isda set-off}} |
| :{{clause|ISDA|Master Agreement|1992|Set-off Definition}}
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| ISDA published a provision in the [[Users Guide]] but several bespoke versions of a set-off provision developed and were used in the market. These often provided for the inclusion of '''{{isdaprov|Affiliate}}s''' in relation to the {{isdaprov|Non-defaulting Party}} or {{isdaprov|Non-affected Party}}. It goes something like this:
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| :<small>“'''{{isdaprov|Set-off}}'''. Without affecting the provisions of the {{isdaprov|Agreement}} requiring the calculation of certain net payment amounts, all payments under this {{isdaprov|Agreement}} will be made without [[set-off]] or counterclaim; provided, however, that upon the designation of an {{isdaprov|Early Termination Date}} following an {{isdaprov|Event of Default}}, or a {{isdaprov|Termination Event}} under Section {{isdaprov|5(b)(iv)}} or Section {{isdaprov|5(b)(v)}}, in addition to and not in limitation of any other right or remedy (including any right to set off, counterclaim, or otherwise withhold payment or any recourse to any {{isdaprov|Credit Support Document}}) under applicable law the {{isdaprov|Non-defaulting Party}} or {{isdaprov|non-Affected Party}}}} (in either case, “X”) may without prior notice to any person set off any sum or obligation (whether or not arising under this {{isdaprov|Agreement}} and whether matured or unmatured, whether or not contingent and {{f|irrespective}} of the currency, place of payment or booking office of the sum or obligation) owed by the {{isdaprov|Defaulting Party}} or {{isdaprov|Affected Party}} (in either case, “Y”) to X or any {{isdaprov|Affiliate}} of X against any sum or obligation (whether or not arising under this {{isdaprov|Agreement}}, whether matured or unmatured, whether or not contingent and {{f|irrespective}} of the currency, place of payment or booking office of the sum or obligation) owed by X or any {{isdaprov|Affiliate}} of X to Y and, for this purpose, may convert one currency into another at a market rate determined by X. If any sum or obligation is unascertained, X may in[[good faith]] estimate that sum or obligation and [[set-off]] in respect of that estimate, subject to X or Y, as the case may be, accounting to the other party when such sum or obligation is ascertained. Nothing in this {{isdaprov|Agreement}} [[shall]] create or be [[deem]]ed to create any [[charge]] under English law.”</small>
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| {{sa}} | | {{sa}} |
| *[[Set-off]] generally. | | *[[Set-off]] generally. |
| {{ref}} | | {{ref}} |