Template:ISDA Master Agreement 2002 5(e): Difference between revisions

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{{isdaprov|5(e)}} '''{{isdaprov|Inability of Head or Home Office to Perform Obligations of Branch}}'''. If (i) an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}}occurs under Section {{isdaprov|5(b)(i)(1)}} or {{isdaprov|5(b)(ii)(1)}} and the relevant Office is not the {{isdaprov|Affected Party}}’s head or home office, (ii) Section {{isdaprov|10(a)}} applies, (iii) the other party seeks performance of the relevant obligation or compliance with the relevant provision by the {{isdaprov|Affected Party}}’s head or home office and (iv) the {{isdaprov|Affected Party}}’s head or home office fails so to perform or comply due to the occurrence of an event or circumstance which would, if that head or home office were the {{isdaprov|Office}} through which the {{isdaprov|Affected Party}} makes and receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a {{isdaprov|Force Majeure Event}}, and such failure would otherwise constitute an {{isdaprov|Event of Default}} under Section {{isdaprov|5(a)(i)}} or {{isdaprov|5(a)(iii)(1)}} with respect to such party, then, for so long as the relevant event or circumstance continues to exist with respect to both the {{isdaprov|Office}} referred to in Section {{isdaprov|5(b)(i)(1)}} or {{isdaprov|5(b)(ii)(1)}}, as the case may be, and the {{isdaprov|Affected Party}}’s head or home office, such failure will not constitute an {{isdaprov|Event of Default}} under Section {{isdaprov|5(a)(i)}} or {{isdaprov|5(a)(iii)(1)}}.
{{isdaprov|5(e)}} '''{{isdaprov|Inability of Head or Home Office to Perform Obligations of Branch}}'''. If:<ref>{{linebreaks}}</ref>
:(i) an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} occurs under Section {{isdaprov|5(b)(i)(1)}} or {{isdaprov|5(b)(ii)(1)}} and the relevant Office is not the {{isdaprov|Affected Party}}’s head or home office,  
:(ii) Section {{isdaprov|10(a)}} applies,  
:(iii) the other party seeks performance of the relevant obligation or compliance with the relevant provision by the {{isdaprov|Affected Party}}’s head or home office and  
:(iv) the {{isdaprov|Affected Party}}’s head or home office fails so to perform or comply due to the occurrence of an event or circumstance which would, if that head or home office were the {{isdaprov|Office}} through which the {{isdaprov|Affected Party}} makes and receives payments and deliveries with respect to the relevant {{isdaprov|Transaction}}, constitute or give rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}}, and such failure would otherwise constitute an {{isdaprov|Event of Default}} under Section {{isdaprov|5(a)(i)}} or {{isdaprov|5(a)(iii)}}(1) with respect to such party, <br>
then, for so long as the relevant event or circumstance continues to exist with respect to both the {{isdaprov|Office}} referred to in Section {{isdaprov|5(b)(i)(1)}} or {{isdaprov|5(b)(ii)(1)}}, [[as the case may be]], and the {{isdaprov|Affected Party}}’s head or home office, such failure will not constitute an {{isdaprov|Event of Default}} under Section {{isdaprov|5(a)(i)}} or {{isdaprov|5(a)(iii)}}(1).

Latest revision as of 13:05, 27 December 2023

5(e) Inability of Head or Home Office to Perform Obligations of Branch. If:[1]

(i) an Illegality or a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not the Affected Party’s head or home office,
(ii) Section 10(a) applies,
(iii) the other party seeks performance of the relevant obligation or compliance with the relevant provision by the Affected Party’s head or home office and
(iv) the Affected Party’s head or home office fails so to perform or comply due to the occurrence of an event or circumstance which would, if that head or home office were the Office through which the Affected Party makes and receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) with respect to such party,

then, for so long as the relevant event or circumstance continues to exist with respect to both the Office referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party’s head or home office, such failure will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1).

  1. ↑ The line breaks are for comprehension and do not appear in the original
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