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

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

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


==Original Text of Section 2(a)(iii)==
==Original Text of Section {{isdaprov|2(a)(iii)}}==
  {{isdaquote|{{clause|ISDA|Master Agreement|2002|2(a)(iii)}}|2(a)(iii)|2002}}
  {{isdaquote|{{clause|ISDA|Master Agreement|2002|2(a)(iii)}}|2(a)(iii)|2002}}


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==Modified Text as per ISDA draft protocol==
==Modified Text as per ISDA draft protocol==
===Section 2(a)(iii)===
===Section 2(a)(iii)===
{{isdaquote|{{ISDA Master Agreement 2002 2(a)(iii) Protocol}}|2(a)(iii)|2002}}


===Restatement of Section {{isdaprov|9(c)}} {{isdaprov|Survival of Obligations}} in entirety:===
{{isdaquote|{{ISDA Master Agreement 2002 2(a)(iii) Protocol}}|2(a)(iii)|2002}}
{{isdaquote|{{ISDA Master Agreement 2002 2(a)(iii) Protocol}}|2(a)(iii)|2002}}
===Restatement of Section {{isdaprov|9(c)}} {{isdaprov|Survival of Obligations}} in entirety:===
{{isdaquote|{{isdaprov|9(c)}} '''''{{isdaprov|Survival of Obligations}}''.  Without prejudice to Sections {{isdaprov|2(a)(iii)}} and {{isdaprov|6(c)(ii)}}, the obligations of the'''<br>
'''parties under this {{isdaprov|Agreement}} will survive the termination of any {{isdaprov|Transaction}}.  For the avoidance of doubt,'''<br>
'''notwithstanding the occurrence of the last scheduled due date for performance by a party under a {{isdaprov|Transaction}},'''<br>
'''any obligation of a party that would have become due under that {{isdaprov|Transaction}} but for Section {{isdaprov|2(a)(iii)}} will:'''<br>
  <br>
'''(1) prior to the occurrence or effective designation of an {{isdaprov|Early Termination Date}} in respect of such'''<br>
'''{{isdaprov|Transaction}} become due (together with interest in accordance with Section ({{isdaprov|9(h)}} (i)(3)(A)  {{isdaprov|2(e}})) on'''<br>
'''the first to occur of (A) the date on which all applicable conditions precedent to such obligation under'''<br>
'''Section {{isdaprov|2(a)(iii)}} are satisfied, (B) the {{isdaprov|Condition End Date}} or (C) the date on which all applicable conditions'''<br>
'''precedent cease to apply under any other provision of this {{isdaprov|Agreement}}, and'''<br>
'''(2) following the occurrence or effective designation of an {{isdaprov|Early Termination Date}} in respect of such'''<br>
'''{{isdaprov|Transaction}} be taken into account in determining the amount payable in respect of such'''<br>
'''{{isdaprov|Early Termination}} Date pursuant to Section {{isdaprov|6(e)}}.'''|9(c)|2002}}


===Amendment to Section 2(e) of the {{1992ma}} only ===
===Amendment to Section 2(e) of the {{1992ma}} only ===
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