Template:Isda 5(a)(i) comp

The significant change between 1992 ISDA and 2002 ISDA is the restriction of that grace period from three {{{{{1}}}|Local Business Day}}s to one. And a bit of convolutional frippery in introducing {{{{{1}}}|Local Delivery Day}}s as well.

Compare also Failure to Pay under the 2014 ISDA Credit Derivatives Definitions, which is subtly different given the different purpose that it plays under a CDS.