Template:ISDA Master Agreement 2002 5(c): Difference between revisions
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Amwelladmin (talk | contribs) Created page with "{{prov2|isda|5(c) (2002 ISDA)|5(c)}} '''{{isdaprov|Hierarchy of Events}}'''. <br> :{{isdaprov|5(c)(i)}} An event or circumstance that constitutes or gives rise to an {{isdapro..." |
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{{prov2|isda|5(c) (2002 ISDA)|5(c)}} '''{{isdaprov|Hierarchy of Events}}'''. <br> | {{prov2|isda|5(c) (2002 ISDA)|5(c)}} '''{{isdaprov|Hierarchy of Events}}'''. <br> | ||
:{{isdaprov|5(c)(i)}} An event or circumstance that constitutes or gives rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} will | :{{isdaprov|5(c)(i)}} An event or circumstance that constitutes or gives rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} will not, for so long as that is the case, also constitute or give rise to an {{isdaprov|Event of Default}} under Section {{isdaprov|5(a)(i)}}, {{isdaprov|5(a)(ii)(1)}} or {{isdaprov|5(a)(iii)(1)}} insofar as such event or circumstance relates to the failure to make any payment or delivery or a failure to comply with any other material provision of this {{isdaprov|Agreement}} or a Credit Support Document, as the case may be. <br> | ||
:{{isdaprov|5(c)(ii)}} Except in circumstances contemplated by clause {{isdaprov|5(c)(i)}} above, if an event or circumstance which would | :{{isdaprov|5(c)(ii)}} Except in circumstances contemplated by clause {{isdaprov|5(c)(i)}} above, if an event or circumstance which would otherwise constitute or give rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} also constitutes an {{isdaprov|Event of Default}} or any other {{isdaprov|Termination Event}}, it will be treated as an {{isdaprov|Event of Default}} or such other {{isdaprov|Termination Event}}, [[as the case may be]], and will not constitute or give rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}}. <br> | ||
:{{isdaprov|5(c)(iii)}} If an event or circumstance which would otherwise constitute or give rise to a {{isdaprov|Force Majeure Event}} | :{{isdaprov|5(c)(iii)}} If an event or circumstance which would otherwise constitute or give rise to a {{isdaprov|Force Majeure Event}} also constitutes an {{isdaprov|Illegality}}, it will be treated as an {{isdaprov|Illegality}}, except as described in clause {{isdaprov|5(c)(ii)}} above, and not a {{isdaprov|Force Majeure Event}}. <br> | ||
Latest revision as of 14:10, 2 October 2017
- 5(c)(i) An event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the case, also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance relates to the failure to make any payment or delivery or a failure to comply with any other material provision of this Agreement or a Credit Support Document, as the case may be.
- 5(c)(ii) Except in circumstances contemplated by clause 5(c)(i) above, if an event or circumstance which would otherwise constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an Event of Default or such other Termination Event, as the case may be, and will not constitute or give rise to an Illegality or a Force Majeure Event.
- 5(c)(iii) If an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality, it will be treated as an Illegality, except as described in clause 5(c)(ii) above, and not a Force Majeure Event.