Template:ISDA Hierarchy of Events: Difference between revisions
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Under Section {{isdaprov|5(c)}} an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} "trumps" a {{isdaprov|Failure to Pay}}, {{isdaprov|Breach of Agreement}} or {{isdaprov|Credit Support Default}} {{isdaprov|Event of Default}} occasioned by the same circumstances (e.g. a {{isdaprov|Failure to Pay or Deliver}} occasioned by an act of God is a {{isdaprov|Force Majeure Event}} and not an {{isdaprov|Event of Default}}). this doesn't apply with respect to other Events of Default though (such as {{isdaprov|Bankruptcy}} or {{isdaprov|Cross Default}}).<br> | Under Section {{isdaprov|5(c)}} an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} "trumps" a {{isdaprov|Failure to Pay or Deliver}}, {{isdaprov|Breach of Agreement}} or {{isdaprov|Credit Support Default}} {{isdaprov|Event of Default}} occasioned by the same circumstances (e.g. a {{isdaprov|Failure to Pay or Deliver}} occasioned by an act of God is a {{isdaprov|Force Majeure Event}} and not an {{isdaprov|Event of Default}}). this doesn't apply with respect to other Events of Default though (such as {{isdaprov|Bankruptcy}} or {{isdaprov|Cross Default}}).<br> | ||
Latest revision as of 14:53, 21 November 2013
Under Section 5(c) an Illegality or a Force Majeure Event "trumps" a Failure to Pay or Deliver, Breach of Agreement or Credit Support Default Event of Default occasioned by the same circumstances (e.g. a Failure to Pay or Deliver occasioned by an act of God is a Force Majeure Event and not an Event of Default). this doesn't apply with respect to other Events of Default though (such as Bankruptcy or Cross Default).