One of the cornerstones of the ISDA Master Agreement is Section 2(a)(iii), which provides in relevant part that "Each obligation of each party under Section 2(a)(i) [that is, each obligation of that party to make a payment or delivery] is subject to (1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing . . . ."
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