Template:ISDA Hierarchy of Events: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "Under Section {{isdaprov|5(c)}} an {{isdaprov|Illegality}} or a {{isdaprov|Forece Majeure Event}} "trumps" a {{isdaprov|Failure to Pay}}, {{isdaprov|Breach of Agreement}} or {...") |
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Revision as of 10:04, 23 January 2013
Under Section 5(c) an Illegality or a Forece Majeure Event "trumps" a Failure to Pay, Breach of Agreement or Credit Support Default Event of Default occasioned by the same circumstances (e.g. a Failure to Pay or Deliver occasioned by an act of God is a Force Majeure Event and not an Event of Default). this doesn't apply with respect to other Events of Default though (such as Bankruptcy or Cross Default).