Template:Nutshell 2002 ISDA 5(b)(ii): Difference between revisions
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: | :{{isdaprov|5(b)(ii)}} '''{{isdaprov|Force Majeure Event}}'''. A [[force majeure]] occurring after any {{isdaprov|Transaction}} is executed means:― | ||
::(1) the {{isdaprov| | ::(1) the {{isdaprov|Affected Party}}’s relevant {{isdaprov|Office}} cannot practicably perform any obligation under the {{isdaprov|Transaction}}; or <br> | ||
::(2) the {{isdaprov|Affected Party}} or its {{isdaprov|Credit Support Provider}} cannot perform any obligation under | ::(2) the {{isdaprov|Affected Party}} or its {{isdaprov|Credit Support Provider}} cannot practicably perform any obligation under the {{isdaprov|Transaction}}; | ||
:if the [[force majeure]] is outside the {{isdaprov|Affected Party}}’s control and it could not, | :if the [[force majeure]] is outside the {{isdaprov|Affected Party}}’s control and it could not, using all [[reasonable efforts]] (without incurring more than incidental expenses by way of [[loss]]), overcome the necessary prevention; <br> | ||
Latest revision as of 13:58, 12 June 2018
- 5(b)(ii) Force Majeure Event. A force majeure occurring after any Transaction is executed means:―
- (1) the Affected Party’s relevant Office cannot practicably perform any obligation under the Transaction; or
- (2) the Affected Party or its Credit Support Provider cannot practicably perform any obligation under the Transaction;
- (1) the Affected Party’s relevant Office cannot practicably perform any obligation under the Transaction; or
- if the force majeure is outside the Affected Party’s control and it could not, using all reasonable efforts (without incurring more than incidental expenses by way of loss), overcome the necessary prevention;