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Set-off - ISDA Provision: Difference between revisions
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=={{1992ma}}== | {{anat|isda}} | ||
The | ==={{1992ma}}=== | ||
The {{1992isda}} does not have a specific set off provision, although it manages to define {{isdaprov|Set-off}}, however: | |||
{{isdaquote|{{clause|ISDA|Master Agreement|1992|Set-off Definition}}|Set-off Definition|1992}} | {{isdaquote|{{clause|ISDA|Master Agreement|1992|Set-off Definition}}|Set-off Definition|1992}} | ||
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}}. | 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}}. | ||
==={{2002ma}}=== | ==={{2002ma}}=== | ||
{{nuts|ISDA|set-off}} | |||
{{isdaquote|{{clause|ISDA|Master Agreement|2002|6(f)}}|6(f)|2002}} | |||
====A slight asymmetry?==== | ====A slight asymmetry?==== | ||
This provision imagines a world where an {{isdaprov|Early Termination Amount}} is payable one way, and the "{{isdaprov|Other Amounts}}” are all payable in the other way. | This provision imagines a world where an {{isdaprov|Early Termination Amount}} is payable one way, and the "{{isdaprov|Other Amounts}}” are all payable in the other way. | ||