Template:Nutshell 2002 ISDA 5(a)(vi): Difference between revisions
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{{isdaprov|5(a)(vi)}} '''{{isdaprov|Cross-Default}}'''. If “{{isdaprov|Cross-Default}}” applies to a party, it will be an {{isdaprov|Event of Default}} if: | :{{isdaprov|5(a)(vi)}} '''{{isdaprov|Cross-Default}}'''. If “{{isdaprov|Cross-Default}}” applies to a party, it will be an {{isdaprov|Event of Default}} if: | ||
:(1) any agreements it has for {{isdaprov|Specified Indebtedness}} become capable of acceleration; or | ::(1) any agreements it has for {{isdaprov|Specified Indebtedness}} become capable of acceleration; or | ||
:(2) it defaults (and any [[grace period]] expires) on any payment of {{isdaprov|Specified Indebtedness}} ; | ::(2) it defaults (and any [[grace period]] expires) on any payment of {{isdaprov|Specified Indebtedness}} ; | ||
:And the total of the | ::And the total of the principal amounts in (1) and (2) exceeds the {{isdaprov|Threshold Amount}}. <br> | ||
Revision as of 13:58, 3 October 2017
- 5(a)(vi) Cross-Default. If “Cross-Default” applies to a party, it will be an Event of Default if:
- (1) any agreements it has for Specified Indebtedness become capable of acceleration; or
- (2) it defaults (and any grace period expires) on any payment of Specified Indebtedness ;
- And the total of the principal amounts in (1) and (2) exceeds the Threshold Amount.