Template:ISDA Master Agreement 2002 5(d): Difference between revisions
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5(d) {{isdaprov|Deferral of Payments and Deliveries During Waiting Period}}. If an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} has <br>occurred and is continuing with respect to a {{isdaprov|Transaction}}, each payment or delivery which would otherwise be <br>required to be made under that {{isdaprov|Transaction}} will be deferred to, and will not be due until:― <br> | {{isdaprov|5(d)}} '''{{isdaprov|Deferral of Payments and Deliveries During Waiting Period}}''''. If an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} has <br>occurred and is continuing with respect to a {{isdaprov|Transaction}}, each payment or delivery which would otherwise be <br>required to be made under that {{isdaprov|Transaction}} will be deferred to, and will not be due until:― <br> | ||
:5(d)(i) the first {{isdaprov|Local Business Day}} or, in the case of a delivery, the first {{isdaprov|Local Delivery Day}} (or the first <br>day that would have been a {{isdaprov|Local Business Day}} or {{isdaprov|Local Delivery Day}}, as appropriate, but for the <br>occurrence of the event or circumstance constituting or giving rise to that {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}}) <br>following the end of any applicable {{isdaprov|Waiting Period}} in respect of that {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}}, as <br>the case may be; or <br> | :{{isdaprov|5(d)(i)}} the first {{isdaprov|Local Business Day}} or, in the case of a delivery, the first {{isdaprov|Local Delivery Day}} (or the first <br>day that would have been a {{isdaprov|Local Business Day}} or {{isdaprov|Local Delivery Day}}, as appropriate, but for the <br>occurrence of the event or circumstance constituting or giving rise to that {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}}) <br>following the end of any applicable {{isdaprov|Waiting Period}} in respect of that {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}}, as <br>the case may be; or <br> | ||
:5(d)(ii) if earlier, the date on which the event or circumstance constituting or giving rise to that {{isdaprov|Illegality}} or <br>{{isdaprov|Force Majeure Event}} ceases to exist or, if such date is not a {{isdaprov|Local Business Day}} or, in the case of a delivery, <br>a {{isdaprov|Local Delivery Day}}, the first following day that is a {{isdaprov|Local Business Day}} or Local {{isdaprov|Delivery Day}}, as <br>appropriate. <br> | :{{isdaprov|5(d)(ii)}} if earlier, the date on which the event or circumstance constituting or giving rise to that {{isdaprov|Illegality}} or <br>{{isdaprov|Force Majeure Event}} ceases to exist or, if such date is not a {{isdaprov|Local Business Day}} or, in the case of a delivery, <br>a {{isdaprov|Local Delivery Day}}, the first following day that is a {{isdaprov|Local Business Day}} or Local {{isdaprov|Delivery Day}}, as <br>appropriate. <br> | ||
Revision as of 10:16, 23 January 2013
5(d) Deferral of Payments and Deliveries During Waiting Period'. If an Illegality or a Force Majeure Event has
occurred and is continuing with respect to a Transaction, each payment or delivery which would otherwise be
required to be made under that Transaction will be deferred to, and will not be due until:―
- 5(d)(i) the first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first
day that would have been a Local Business Day or Local Delivery Day, as appropriate, but for the
occurrence of the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event)
following the end of any applicable Waiting Period in respect of that Illegality or Force Majeure Event, as
the case may be; or - 5(d)(ii) if earlier, the date on which the event or circumstance constituting or giving rise to that Illegality or
Force Majeure Event ceases to exist or, if such date is not a Local Business Day or, in the case of a delivery,
a Local Delivery Day, the first following day that is a Local Business Day or Local Delivery Day, as
appropriate.