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===[[Grace period]]s and notice requirements for each {{{{{1}}}|Event of Default}}=== | ===[[Grace period]]s and notice requirements for each {{{{{1}}}|Event of Default}}=== | ||
A [[JC]] cut-out-and-keep{{tm}} guide. | A [[JC]] cut-out-and-keep{{tm}} guide. Useful if you are fretting about {{{{{1}}}|Potential Event of Default}}. Don’t feel embarrassed: we all do, every now and then, when spring is upon us. | ||
*'''{{{{{1}}}|Failure to Pay or Deliver}}''' has both a short [[grace period]] and requires notice from the {{{{{1}}}|Non-defaulting Party}} before it becomes a full [[EOD]]; | *'''{{{{{1}}}|Failure to Pay or Deliver}}''' has both a short [[grace period]] and requires notice from the {{{{{1}}}|Non-defaulting Party}} before it becomes a full [[EOD]]; | ||
*'''{{{{{1}}}|Breach of Agreement}}''' has an unusably, epochally ''long'' [[grace period]] — I mean thirty fricking days! — and requires notice from the {{{{{1}}}|Non-defaulting Party}} before it becomes a full [[EOD]]; | *'''{{{{{1}}}|Breach of Agreement}}''' has an unusably, epochally ''long'' [[grace period]] — I mean thirty fricking days! — and requires notice from the {{{{{1}}}|Non-defaulting Party}} before it becomes a full [[EOD]]; | ||
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*'''{{{{{1}}}|DUST}}''' references notice requirements and [[grace period]]s under the {{{{{1}}}|Specified Transaction}} (where there is has been a [[default]]) but not where it is a [[repudiation]], but that kind of figures. | *'''{{{{{1}}}|DUST}}''' references notice requirements and [[grace period]]s under the {{{{{1}}}|Specified Transaction}} (where there is has been a [[default]]) but not where it is a [[repudiation]], but that kind of figures. | ||
*'''{{{{{1}}}|Cross Default}}''', that most absurd of all {{{{{1}}}|Events of Default}}, has no notice requirement, no [[grace period]], and doesn't even require the lender of the {{{{{1}}}|Specified Indebtedness}} to have exercised a termination right — though any [[grace period]] under the {{{{{1}}}|Specified Indebtedness}} still applies. | *'''{{{{{1}}}|Cross Default}}''', that most absurd of all {{{{{1}}}|Events of Default}}, has no notice requirement, no [[grace period]], and doesn't even require the lender of the {{{{{1}}}|Specified Indebtedness}} to have exercised a termination right — though any [[grace period]] under the {{{{{1}}}|Specified Indebtedness}} still applies. | ||
*{{{{{1}}}|Bankruptcy}} has no notice requirement or [[grace period]] (indeed, on {{{{{1}}}|Automatic Termination Event}} applies it may happens even without the {{{{{1}}}|Non-defaulting Party}}’s knowledge), though there are some [[grace period]]s under the various [[tedious]] limbs of {{{{{1}}}|Bankruptcy}} definition<ref>See for example Sections | *{{{{{1}}}|Bankruptcy}} has no notice requirement or [[grace period]] (indeed, on {{{{{1}}}|Automatic Termination Event}} applies it may happens even without the {{{{{1}}}|Non-defaulting Party}}’s knowledge), though there are some [[grace period]]s under the various [[tedious]] limbs of {{{{{1}}}|Bankruptcy}} definition<ref>See for example Sections 5(a)(viii)(4) and (7).</ref>, and these vary by edition of the {{isdama}}<ref>30 days in the {{1992ma}}, 15 days in the {{2002ma}}.</ref>; | ||
*'''{{{{{1}}}|Merger Without Assumption}}''' has neither notice requirement or [[grace period]] — again not unreasonable since a merger without assumption is tantamount to a [[repudiation]] of [[contract]], and if you’re | *'''{{{{{1}}}|Merger Without Assumption}}''' has neither notice requirement or [[grace period]] — again not unreasonable, since a merger without assumption is tantamount to a [[repudiation]] of [[contract]], and if you’re no longer playing the game, I don’t see why ''I'' should. | ||