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The 2002 ISDA Master Agreement was published to take into account market developments and changes in market practice since the 1992 ISDA Master Agreement was published. The key difference concerns how changes are calculated with the close-out amount replacing the market quotation and loss methods found in the 1992 ISDA Master Agreement. The differences between the two forms of agreement are set out in Practice Note: ISDA documentation—comparison of the 1992 and 2002 master agreements.
ISDA published a form of amendment (the Amendment) in March 2003 to allow parties to amend various sections of the 1992 ISDA Master
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This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
Source of the doctrine of the separation of powersThe origins of the doctrine are often traced to John Locke’s Second Treatise of Government (1689), in which he identified the 'executive' and 'legislative' powers as needing to be separate.‘… it may be too great a temptation to human frailty, apt to
The right to notice means a right for the employee to remain in employment for the period of notice, not simply to be paid for it. An employer will therefore often include in the contract an express right to make a payment in lieu of notice ('PILON') as an alternative to giving notice, to ensure
Codicils may be used for making any alteration in a Will such as to alter the executors or make changes in legacies, whether by addition or deletion but that is by no means their only use. As a general rule, substantial changes are best achieved by means of a new Will and codicils are more
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