Template:M summ 1992 ISDA Force Majeure Event: Difference between revisions

===Section {{isdaprov|5(b)(ii)}} in the {{1992ma}}===

There is no equivalent to the {{isdaprov|Force Majeure Event}} in the {{1992ma}}. An {{isda92prov|Impossibility}} clause was frequently written into the Schedule, which endeavoured to do the same thing. One can incorporate {{isdaprov|Force Majeure}} into the {{1992ma}} as long as you carry the concept through to its logical conclusion i.e.:

*Include a {{isdaprov|Hierachy of Events}};  

*Consider the impact re a deferral of {{isdaprov|Early Termination Amount}} etc.  

The concept also impacts the basis of [[Close Out]] because the {{2002ma}} requires use of true mids for valuation i.e, not the mean of each party's view of the bid/offer where a {{isdaprov|Force Majeure Event}} (or {{isdaprov|Illegality}}) occurs, which is effectively what you get under the {{1992ma}} with a “Two {{isdaprov|Affected Parties}}” option.