Template:ISDA English Law Credit Support Deed 2018 5(b): Difference between revisions

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{{imcsdprov|7(b)}} '''{{imcsdprov|No Event of Default}}'''. The failure by a party to make a transfer of any amount which is the subject of a dispute to which Paragraph {{imcsdprov|5(a)}} above applies will not constitute an {{isdaprov|Event of Default}} for as long as the procedures set out in this Paragraph {{imcsdprov|5}} (as supplemented by the provisions of Paragraph {{imcsdprov|13}}) are being carried out (but without prejudice to a party’s obligation to transfer the undisputed amount under Paragraph {{imcsdprov|5(a)(ii)}} above). [[For the avoidance of doubt]], upon completion of those procedures, Section {{imcsdprov|5(a)(iii)(1)}} of the Agreement will apply to any failure by a party to make a transfer required under the final sentence of Paragraph {{imcsdprov|5(a)}} on the relevant due date (subject to Paragraph {{imcsdprov|7}}). <br>
{{imcsdprov|5(b)}} '''{{imcsdprov|No Event of Default}}'''. The failure by a party to make a transfer of any amount which is the subject of a dispute to which Paragraph {{imcsdprov|5(a)}} above applies will not constitute an {{isdaprov|Event of Default}} for as long as the procedures set out in this Paragraph {{imcsdprov|5}} (as supplemented by the provisions of Paragraph {{imcsdprov|13}}) are being carried out (but without prejudice to a party’s obligation to transfer the undisputed amount under Paragraph {{imcsdprov|5(a)(ii)}} above). [[For the avoidance of doubt]], upon completion of those procedures, Section {{imcsdprov|5(a)(iii)(1)}} of the Agreement will apply to any failure by a party to make a transfer required under the final sentence of Paragraph {{imcsdprov|5(a)}} on the relevant due date (subject to Paragraph {{imcsdprov|7}}). <br>

Latest revision as of 13:56, 21 April 2021

5(b) No Event of Default. The failure by a party to make a transfer of any amount which is the subject of a dispute to which Paragraph 5(a) above applies will not constitute an Event of Default for as long as the procedures set out in this Paragraph 5 (as supplemented by the provisions of Paragraph 13) are being carried out (but without prejudice to a party’s obligation to transfer the undisputed amount under Paragraph 5(a)(ii) above). For the avoidance of doubt, upon completion of those procedures, Section 5(a)(iii)(1) of the Agreement will apply to any failure by a party to make a transfer required under the final sentence of Paragraph 5(a) on the relevant due date (subject to Paragraph 7).

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