Template:Isda 2(a) comp

The 1987 ISDA, being concerned only with interest rates and currency exchange, does not contemplate delivery, as such. Delivery implies non-cash assets. Therefore portions of {{{{{1}}}|2(a)(i)}} and {{{{{1}}}|2(a)(ii)}} were augmented in the 1992 ISDA to cater for this contingency. The 1992 ISDA also added a condition precedent to the flawed asset clause (Section {{{{{1}}}|2(a)(iii)}}) that no {{{{{1}}}|Early Termination Date}} had been designated.

Thereafter Section {{{{{1}}}|2(a)}} is identical in the 1992 ISDA and the 2002 ISDA. However the subsidiary definition of Scheduled Settlement Date — a date in which any Section {{{{{1}}}|2(a)(i)}} obligations fall due — is a new and frankly uncalled-for innovation in the 2002 ISDA.

We have a special page dedicated to Section 2(a)(iii), by the way. That is a brute, and one of the most litigationey parts of the Agreement.