Template:M summ 2002 ISDA 2(e): Difference between revisions

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[[2(e) - ISDA Provision|There]] isn’t a Section {{isdaprov|2(e)}} in the {{2002ma}}, but there almost was, when ISDA went through a period of hand-wringing after the [[global financial crisis]], which revealed to the world how unsatisfactory the existing section {{isdaprov|2(a)(iii)}} was.
{{isda 2(e) summ|isdaprov}}
 
The idea was to allow the victim of a 2(a)(iii) exercise — that is, the person in putative breach — to preempt the condition precedent, and say to the innocent party, “Well, use it or lose it within 90 days” — the titular {{isdaprov|Condition End Date}}.
 
Well, the moment passed, but some have adopted this as a standard in their schedules — good sports, for the most part — but regulator angst has long since moved on, as did [[legal eagle]] appetite to amend swathes of standard contracts for a contingency no-one in their right mind would use, or for that matter can make head or tail of.