About that ISDA Pt 6(b): Section 2(a)(iii): the problems

Our second instalment looking at ISDA’s famous, oft-misunderstood, silly but yet strangely litigationey flawed asset clause, Section 2(a)(iii).

“Are we done, then, brother and sister nights? Are we done?” (Von Sachsen Rampton, 1947)

See here: this meagre tract: not ninety words
Wrapp’d about with preliminal nicety and
Stamp’d as for affixation to a servic’d boiler —
Conceals a clever trick.

— Otto Büchstein — Ser Jaramey Slizzard, that Fruty knyghte of the Isdere (1768)

And so we continue our journey…