The unprecedented havoc wreaked on world economies by COVID-19 has put all manner of entities under financial stress. If some of those entities are your counterparties to swaps under either the 1992 ISDA Master Agreement or...more
Key Points -
- The ISDA Power Annex has special provisions dealing with Force Majeure
- These special provisions trump the Force Majeure provisions in the 2002 ISDA Master Agreement
- The Power Annex definition of...more
Key Points -
- The 2002 ISDA Master Agreement has a force majeure clause, but the 1992 ISDA Master does not.
- A force majeure defense is unavailable unless payment/delivery is actually prevented.
- Under a Force...more