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Section 2(a)(iii) - ISDA Provision: Difference between revisions
→Original Text of Section {{isdaprov|2(a)(iii)}}
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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 {{isdaprov|2(a)(iii)}}== | ===Original Text of Section {{isdaprov|2(a)(iii)}}=== | ||
The original language is in the panel above right. Innocuous looking, isn't it. | The original language is in the panel above right. Innocuous looking, isn't it. | ||
===Modified Text as per ISDA draft protocol=== | ===Modified Text as per ISDA draft protocol=== | ||
But then the Protocol of the Elders of ISDA had a go at fixing [[Metavante]] concerns. Now look what they've done: | |||
===Section {{isdaprov|2(a)(iii)}}=== | ===Section {{isdaprov|2(a)(iii)}}=== | ||
{{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}} | ||
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===Amendment to Section {{isdaprov|2(e)}} of the {{1992ma}} only === | ===Amendment to Section {{isdaprov|2(e)}} of the {{1992ma}} only === | ||
{{isdaquote|{{ISDA Master Agreement 1992 2(e) Protocol}}|2(e)|1992}} | {{isdaquote|{{ISDA Master Agreement 1992 2(e) Protocol}}|2(e)|1992}} | ||
NB there isn't a Section {{isdaprov|2(e)}} in [[2002 ISDA Master]] - this amendment is purely to bring the {{1992isda}} in line with the 2002 provision on {{isdaprov|Interest and Compensation}}. | NB there isn't a Section {{isdaprov|2(e)}} in [[2002 ISDA Master]] - this amendment is purely to bring the {{1992isda}} in line with the 2002 provision on {{isdaprov|Interest and Compensation}}. | ||