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Template:M summ 2002 ISDA 2(a) (view source)

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Of these provisions, the one that generates the most controversy (chiefly among academics and scholars, it must be said) is Section {{isdaprov|2(a)(iii)}}. It generates a lot less debate between [[negotiator]]s, precisely because its legal effect is nuanced, so its terms are more or less inviolate. Thus, should your [[counterparty]] take a pen to Section {{isdaprov|2(a)(iii)}}, a clinching argument ''against'' that inclination is “''just don’t go there, girlfriend''”.
Section {{isdaprov|2}} contains the basic nuts and bolts of your obligations under the {{isdaprov|Transaction}}s you execute. Pay or deliver what you’ve promised to pay or deliver, when you’ve promised to pay it or deliver it, and all will be well. And then there’s the mighty [[flawed asset]] provision of Section 2(a)(iii).
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