Template:Nutshell 1992 ISDA 6(f)

There is no Section 6(f) of the 1992 ISDA, but folks used to put in a provision into the schedule which goes something like this:

“Set-off. Payments under this Agreement will be made without set-off or counterclaim. However, if an Early Termination Date is designated following an Event of Default, an Additional Termination Event or a Credit Event Upon Merger, the Non-defaulting Party or non-Affected Party (the “Innocent One”) may without notice set off

(a) any obligation (whether or not matured or contingent and regardless of currency of place of payment) owed to it (or any of its Affiliates) by the Defaulting Party or Affected Party (the “Wicked One”) against

(b) any obligation (similarly unconstrained) owed by the Wicked One (or any of its Affiliates) to the Innocent One and, converting currencies at market rates as necessary.

The Innocent One may set-off using good faith estimates of unascertained obligation, but the parties must account to each other for any differences when the sum is finally ascertained.”