Template:Isda Force Majeure summ: Difference between revisions

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-For the last word on [[force majeure]], the [[JC]]’s [[ultimate force majeure clause]] is where it’s at. Breaking what must be a habit of a lifetime, somehow {{icds}} managed to refrain from going [[crazy-ape bonkers]] with a definition of [[force majeure]] and instead, ''didn’t define it at all''.
+For the last word on [[force majeure]], the [[JC]]’s [[ultimate force majeure clause]] is where it’s at. Breaking what must be a habit of a lifetime, somehow {{icds}} managed to refrain from going [[crazy-ape bonkers]] with a definition of [[force majeure]] and instead, ''didn’t define it at all''. In the {{1992ma}} they didn’t even include the ''concept''.
-I don’t know this, but I am going to hazard the confident hypothesis that what happened here was this:
+''Interlude: if you are in a hurry you can avoid this next bit.''
+{{quote|
+I don’t ''know'' this, but I am going to hazard the confident hypothesis that what happened here was this:
-{{icds}}, having convened its full counsel of war, fought so bloodily over the issue, over so long a period, that the great marble concourse on [[Olympus|Mount Olympus]] was awash with the blood of slain [[legal eagle]]s, littered with severed limbs, wings, discarded weapons, arcane references to regional variations of tidal waves, horse droppings from Valkyries etc., that there was barely a soul standing, and the only thing that prevented total final wipeout was someone going, “ALL RIGHT, GOD DAMN IT. WE WON’T DEFINE WHAT WE MEAN BY FORCE MAJEURE ''AT ALL''.”
+{{icds}}, having convened its full counsel of war, fought so bloodily over the issue, over so long a period, that the great marble concourse on [[Olympus|Mount Olympus]] was awash with the blood of slain [[legal eagle]]s, littered with severed limbs, wings, discarded weapons, arcane references to regional variations of tidal waves, horse droppings from Valkyries etc., that there was barely a soul standing, and the only thing that prevented total final wipe-out was someone going, “ALL RIGHT, GOD DAMN IT. WE WON’T DEFINE WHAT WE MEAN BY FORCE MAJEURE ''AT ALL''.”
-There was then this quiet, eerie calm, when remaining combatants suddenly stopped; even those mortally wounded on the floor looked up, beatifically; a golden light bathed the whole atrium, choirs of angels sang and the chairperson said, right, well that seems like a sensible, practical solution. What next then?
+There was then this quiet, eerie calm, when remaining combatants suddenly stopped; even those mortally wounded on the floor looked up, beatifically; a golden light bathed the whole atrium, choirs of angels sang and the chairperson said, “right, well that seems like a sensible, practical solution. What next then?”
 “We thought we should rewrite the {{Eqdefs}} in [[2011 ISDA Equity Derivatives Definitions|machine code]], your worship.”
-Excellent idea! Let’s stop faffing around with this [[force majeure]] nonsense and do that then!
+“Excellent idea! Let’s stop faffing around with this [[force majeure]] nonsense and do that then!”
+}}
-'''Act of state''': Note reference to “act of state”. {{act of state capsule}}
+''Ok back to normal''.
+=====Force Majeure in the {{1992ma}}=====
+We may have said this before but, just because there isn’t a {{{{{1}}}|Force Majeure}} proper in the preprinted 1992 doesn’t mean people don’t borrow the concept from the 2002 — which has been around for, you know, 21 years now — and put it in anyway. One thing we can’t fathom is what possessed {{icds}} to put it in at Section {{isdaprov|5(b)(ii)}}, rather than Section 5(b)(iv) just before the Additional Termination Event section, because for absolute shizzle anyone familiar with one version of the {{isdama}} is going to get confused as hell if they start misunderstanding clause references in the other.
+=====Act of state=====
+Note the reference to “act of state”. {{act of state capsule}}
 Thus, a [[force majeure]] taking the shape of an [[act of state]] is, we humbly submit, a change in law which makes it impossible for one side or the other to perform its obligations. Compare, therefore, with {{isdaprov|Illegality}}.