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| 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. Though it doesn’t say so, the date on which you are obliged to pay or deliver it is the “{{isdaprov|Scheduled Settlement Date}}”, a definition which then shows up only in Section {{isdaprov|2(b)}} (relating to the time by which you must have notified any change of account details) and then in the tax-related {{isdaprov|Termination Events}} ({{isdaprov|Tax Event}} and {{isdaprov|Tax Event Upon Merger}}) which, yes, makes us wonder why they bothered to make this definition at all.
| | {{isda 2(a) summ|isdaprov}} |
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| And ''then'' there’s the mighty [[flawed asset]] provision of Section {{isdaprov|2(a)(iii)}}. This won’t trouble ISDA [[negotiator]]s on the way ''in''to a swap trading relationship — few enough people understand it sufficiently well to argue about it — but if, as it surely will, [[Omega|the great day of judgement]] should visit upon the financial markets again some time in the future, expect plenty of tasty argument, between highly-paid Queen’s Counsel who have spent exactly ''none'' of their careers considering derivative contracts, about what it means.
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| We have some thoughts on that topic, should you be interested, at Section {{isdaprov|2(a)(iii)}}.
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