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

#'''Incurable {{isdaprov|Events of Default}}''': ISDA was looking to apply the time restriction only in respect of "incurable" {{isdaprov|Events of Default}}". Not actually sure the list was sufficiently comprehensive to achieve that. Others have suggested to limit to {{isdaprov|Bankruptcy}}. Anyway, does not matter because none of that works under English law for capital reasons and so [[ISDA]] will be changing to apply the language to all {{isdaprov|Events of Default}} ([[FSA]] will require this).

#The language is problematic where, for example, a {{isdaprov|Defaulting Party}} informs the {{isdaprov|Non-defaulting Party}} of a {{isdaprov|Misrepresentation}}. Non-defaulting Party waives the misrep and then the "defaulter" experiences a {{isdaprov|Default Under Specified Transaction}}. Would leave a gap on the CP. I have mentioned this to ISDA.