Specified Transaction - ISDA Provision: Difference between revisions

Specified Transaction - ISDA Provision (view source)

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	{{fullanat2\|isda\|Specified Transaction Definition\|~~2002Specified~~ Transaction Definition\|1992}}		{{fullanat2\|isda\|Specified Transaction Definition\|2002\|Specified Transaction Definition\|1992}}

	{{isdaprov\|Specified Transaction}}s, default under which entitles one to close out the ISDA, excludes {{isdaprov\|Transactions}} under the ISDA itself. This is for the sensible reason that a default under an ISDA Transaction is covered by elsewhere in the ISDA (eg {{isdaprov\|Failure to Pay or Deliver}} and {{isdaprov\|Breach of Obligation}} concepts, and it might lead to a perverse result if a {{isdaprov\|Transaction}} was not otherwise an {{isdaprov\|Event of default}} under any ISDA provision but the {{isdaprov\|DUST}} provision, however unlikely that may be.		{{isdaprov\|Specified Transaction}}s, default under which entitles one to close out the ISDA, excludes {{isdaprov\|Transactions}} under the ISDA itself. This is for the sensible reason that a default under an ISDA Transaction is covered by elsewhere in the ISDA (eg {{isdaprov\|Failure to Pay or Deliver}} and {{isdaprov\|Breach of Obligation}} concepts, and it might lead to a perverse result if a {{isdaprov\|Transaction}} was not otherwise an {{isdaprov\|Event of default}} under any ISDA provision but the {{isdaprov\|DUST}} provision, however unlikely that may be.