Template:Isda 5(b)(i) comp

Quite a lot of formal change to the definition of Illegality; not clear how much of it makes all that much practical difference.

The 2002 ISDA requires you to give effect to remedies or fallbacks in the Confirmation that might take you out of Illegality before evoking this provision — which ought to go without saying — the relevant Confirmation or elsewhere in this Agreement. It also carves out Illegalities caused by the action of either Party, which also seems a bit unnecessarily fussy, and throws in some without limitation stuff which, on a sensible reading, ought to have been included anyway. Lastly, the 2002 ISDA clarifies that the party suffering the {{{{{1}}}|Illegality}} is the {{{{{1}}}|Affected Party}}, and that it can apply to the non-receipt of payments just as much as their non-payment.