Template:Nutshell 2002 ISDA 5(e): Difference between revisions
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{{isdaprov|5(e)}} '''Head office unable to perform branch’s obligations'''. If: | {{isdaprov|5(e)}} '''Head office unable to perform branch’s obligations'''. If: | ||
:(i) an {{isdaprov|Illegality}} or a [[Force Majeure Event - ISDA Provision|Force Majeure]] occurs a branch of an {{isdaprov|Affected Party}}''other than its head office''; AND | :(i) an {{isdaprov|Illegality}} or a [[Force Majeure Event - ISDA Provision|Force Majeure]] occurs a branch of an {{isdaprov|Affected Party}} ''other than its head office''; AND | ||
:(ii) it has representated that its head office will be liable for all branch obligations (per Section {{isdaprov|10(a)}})<ref>When — and ''why'' — would it not make that rep? Search me.</ref>; AND | :(ii) it has representated that its head office will be liable for all branch obligations (per Section {{isdaprov|10(a)}})<ref>When — and ''why'' — would it ''not'' make that rep? Search me.</ref>; AND | ||
:(iii) the {{isdaprov|Non-Affected Party}} asks the {{isdaprov|Affected Party}} to perform through its head office; AND | :(iii) the {{isdaprov|Non-Affected Party}} asks the {{isdaprov|Affected Party}} to perform through its head office; AND | ||
:(iv) the {{isdaprov|Affected Party}} cannot perform because its head office would also be subject to an {{isdaprov|Illegality}} or a [[Force Majeure Event - ISDA Provision|Force Majeure]] if tried to do so, then as long as that situation prevails, that failure will not count as a [[Failure to Pay or Deliver - ISDA Provision|Failure to Pay]] or {{isdaprov|Credit Support Default}} for the {{isdaprov|Affected Party}}.<br> | :(iv) the {{isdaprov|Affected Party}} cannot perform because its head office would also be subject to an {{isdaprov|Illegality}} or a [[Force Majeure Event - ISDA Provision|Force Majeure]] if tried to do so, then as long as that situation prevails, that failure will not count as a [[Failure to Pay or Deliver - ISDA Provision|Failure to Pay]] or {{isdaprov|Credit Support Default}} for the {{isdaprov|Affected Party}}.<br> | ||
Latest revision as of 18:18, 20 March 2018
5(e) Head office unable to perform branch’s obligations. If:
- (i) an Illegality or a Force Majeure occurs a branch of an Affected Party other than its head office; AND
- (ii) it has representated that its head office will be liable for all branch obligations (per Section 10(a))[1]; AND
- (iii) the Non-Affected Party asks the Affected Party to perform through its head office; AND
- (iv) the Affected Party cannot perform because its head office would also be subject to an Illegality or a Force Majeure if tried to do so, then as long as that situation prevails, that failure will not count as a Failure to Pay or Credit Support Default for the Affected Party.
- ↑ When — and why — would it not make that rep? Search me.