Template:M summ OSLA 12: Difference between revisions
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Note by contrast to the {{isdama}} the {{oslaprov|Event of Default}} is only an {{oslaprov|Event of Default}} upon written notice to the other party: in the {{isdama}} it is an {{oslaprov|Event of Default}} in itself, and it gives rise to a non-defaulting party’s right designate a termination event. | [[12 - OSLA Provision|Note]] by contrast to the {{isdama}} the {{oslaprov|Event of Default}} is only an {{oslaprov|Event of Default}} upon written notice to the other party: in the {{isdama}} it is an {{oslaprov|Event of Default}} in itself, and it gives rise to a non-defaulting party’s right designate a termination event. | ||
A subtle difference but one which calls for a little bit of caution: for example, a party may have failed to pay or deliver: if you want to simply remind the defaulting party to make the payment without inadvertently triggering a termination, you need to be careful about how you do that so as to not trigger! | A subtle difference but one which calls for a little bit of caution: for example, a party may have failed to pay or deliver: if you want to simply remind the defaulting party to make the payment without inadvertently triggering a termination, you need to be careful about how you do that so as to not trigger! | ||
Latest revision as of 16:09, 7 January 2022
Note by contrast to the ISDA Master Agreement the Event of Default is only an Event of Default upon written notice to the other party: in the ISDA Master Agreement it is an Event of Default in itself, and it gives rise to a non-defaulting party’s right designate a termination event.
A subtle difference but one which calls for a little bit of caution: for example, a party may have failed to pay or deliver: if you want to simply remind the defaulting party to make the payment without inadvertently triggering a termination, you need to be careful about how you do that so as to not trigger!