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| {{isda 2 comp|isdaprov}} | | {{isda 2 comp|isdaprov}} |
| ===Section 2(a)=== | | ===Section 2(a)=== |
| Section {{isdaprov|2(a)}} is identical in the {{1992ma}} and the {{2002ma}}.
| | {{M comp disc 2002 ISDA 2(a)}} |
| ===Section 2(b)=== | | ===Section 2(b)=== |
| But for the new definition of {{isdaprov|Scheduled Settlement Date}} in the {{2002ma}}, the {{1992ma}} text is formally the same.
| | {{M comp disc 2002 ISDA 2(b)}} |
| ===Section 2(c) === | | ===Section 2(c) === |
| Section {{isdaprov|2(c)}} is about “settlement” or “payment” {{tag|netting}} — that is, the operational settlement of offsetting payments due on any day under the normal operation of the Agreement — and not the more drastic [[close-out netting]], which is the {{isdaprov|Early Termination}} of all {{isdaprov|Transactions}} under Section {{isdaprov|6}}.
| | {{M comp disc 2002 ISDA 2(c)}} |
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| If you want to know more about '''[[close-out netting]]''', see {{isdaprov|Single Agreement}} and {{isdaprov|Early Termination Amount}}.
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| ===Section 2(d)=== | | ===Section 2(d)=== |
| Observant and ''less'' obedient scholars will remark what a pig’s ear the ISDA drafting committee made of a simple concept and, when given a once-in-a-decade opportunity to improve it in 2002, the combined intellectual might of {{tag|ISDA}}, its members, friends, relations and their divers [[mediocre lawyer|counsel]], retinue and entourage, couldn’t.
| | {{M comp disc 2002 ISDA 2(d)}} |
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| Or didn’t.
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| Both are excruciating in the conveyance of a fairly simple idea, which, in a {{nutshell}} is set out at the top of the panel on the right.
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