Template:ISDA English Law Credit Support Annex 2016 4(b): Difference between revisions
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{{vmcsaprov|4(b)}} {{vmcsaprov|No Event of Default}}. The failure by a party to make a transfer of any amount which is the subject of a dispute to which Paragraph {{vmcsaprov|4(a)}} applies will not constitute an {{isdaprov|Event of Default}} for as long as the procedures set out in this Paragraph 4 are being carried out. [[For the avoidance of doubt]], upon completion of those procedures, Section {{isdaprov|5(a)(i)}} of this {{isdaprov|Agreement}} will apply to any failure by a party to make a transfer required under the final sentence of Paragraph {{vmcsaprov|4(a)}} on the relevant due date. <br> | {{vmcsaprov|4(b)}} '''{{vmcsaprov|No Event of Default}}'''. The failure by a party to make a transfer of any amount which is the subject of a dispute to which Paragraph {{vmcsaprov|4(a)}} applies will not constitute an {{isdaprov|Event of Default}} for as long as the procedures set out in this Paragraph 4 are being carried out. [[For the avoidance of doubt]], upon completion of those procedures, Section {{isdaprov|5(a)(i)}} of this {{isdaprov|Agreement}} will apply to any failure by a party to make a transfer required under the final sentence of Paragraph {{vmcsaprov|4(a)}} on the relevant due date. <br> | ||
Latest revision as of 23:28, 31 December 2019
4(b) No Event of Default. The failure by a party to make a transfer of any amount which is the subject of a dispute to which Paragraph 4(a) applies will not constitute an Event of Default for as long as the procedures set out in this Paragraph 4 are being carried out. For the avoidance of doubt, upon completion of those procedures, Section 5(a)(i) of this Agreement will apply to any failure by a party to make a transfer required under the final sentence of Paragraph 4(a) on the relevant due date.