Template:ISDA Master Agreement 2002 6(e)(iv): Difference between revisions
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6(e)(iv) '''{{isdaprov|Adjustment for Illegality or Force Majeure Event}}'''. The failure by a party or any {{isdaprov|Credit Support Provider}} of such party to pay, when due, any {{isdaprov|Early Termination Amount}} will not constitute an {{isdaprov|Event of Default}} under Section {{isdaprov|5(a)(i)}} or {{isdaprov|5(a)(iii)}}(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a {{isdaprov|Transaction}}, constitute or give rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}}. Such amount will (1) accrue interest and otherwise be treated as an {{isdaprov|Unpaid Amount}} owing to the other party if subsequently an {{isdaprov|Early Termination Date}} results from an {{isdaprov|Event of Default}}, a {{isdaprov|Credit Event Upon Merger}} or an {{isdaprov|Additional Termination Event}} in respect of which all outstanding {{isdaprov|Transactions}} are {{isdaprov|Affected Transactions}} and (2) otherwise accrue interest in accordance with Section {{isdaprov|9(h)}}(ii)(2). <br> | {{isdaprov|6(e)(iv)}} '''{{isdaprov|Adjustment for Illegality or Force Majeure Event}}'''. The failure by a party or any {{isdaprov|Credit Support Provider}} of such party to pay, when due, any {{isdaprov|Early Termination Amount}} will not constitute an {{isdaprov|Event of Default}} under Section {{isdaprov|5(a)(i)}} or {{isdaprov|5(a)(iii)}}(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a {{isdaprov|Transaction}}, constitute or give rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}}. Such amount will (1) accrue interest and otherwise be treated as an {{isdaprov|Unpaid Amount}} owing to the other party if subsequently an {{isdaprov|Early Termination Date}} results from an {{isdaprov|Event of Default}}, a {{isdaprov|Credit Event Upon Merger}} or an {{isdaprov|Additional Termination Event}} in respect of which all outstanding {{isdaprov|Transactions}} are {{isdaprov|Affected Transactions}} and (2) otherwise accrue interest in accordance with Section {{isdaprov|9(h)}}(ii)(2). <br> | ||
Revision as of 18:43, 9 January 2018
6(e)(iv) Adjustment for Illegality or Force Majeure Event. The failure by a party or any Credit Support Provider of such party to pay, when due, any Early Termination Amount will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue interest and otherwise be treated as an Unpaid Amount owing to the other party if subsequently an Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions and (2) otherwise accrue interest in accordance with Section 9(h)(ii)(2).