Template:ISDA Master Agreement 1992 5(a)(v): Difference between revisions
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{{isdaprov|5(a)(v)}} '''{{isdaprov|Default under Specified Transaction}}'''. The party, any {{isdaprov|Credit Support Provider}} of such party or | {{isdaprov|5(a)(v)}} '''{{isdaprov|Default under Specified Transaction}}'''. The party, any {{isdaprov|Credit Support Provider}} of such party or any applicable {{isdaprov|Specified Entity}} of such party <br> | ||
:(1) defaults under a {{isdaprov|Specified Transaction}} and, after giving effect to any applicable notice requirement | :(1) defaults under a {{isdaprov|Specified Transaction}} and, after giving effect to any applicable notice requirement or [[grace period]], there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that {{isdaprov|Specified Transaction}}, | ||
:(2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a {{isdaprov|Specified Transaction}} (or such default continues for at least three {{isdaprov|Local Business Days}} if there is no applicable notice requirement or grace period) or <br> | |||
:(2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment | :(3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a {{isdaprov|Specified Transaction}} (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); <br> | ||
:(3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a {{isdaprov|Specified Transaction}} (or such | |||
Revision as of 11:17, 12 January 2017
5(a)(v) Default under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party
- (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction,
- (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or
- (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);