Section 2(a)(iii) - ISDA Provision: Difference between revisions
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===Additional {{isdaprov|Definitions}} in Section 14=== | ===Additional {{isdaprov|Definitions}} in Section 14=== | ||
"'''Terminated Transactions'''" means, with respect to any {{isdaprov|Early Termination Date}}, (a) if resulting from an Illegality or | {{isdaquote|"'''{{isdaprov|Terminated Transactions}}'''" means, with respect to any {{isdaprov|Early Termination Date}}, (a) if resulting from an {{isdaprov|Illegality}} or <br> | ||
a {{isdaprov|Force Majeure Event}}, all {{isdaprov|Affected Transaction}}s specified in the notice given pursuant to Section 6(b)(iv), (b) if | a {{isdaprov|Force Majeure Event}}, all {{isdaprov|Affected Transaction}}s specified in the notice given pursuant to Section {{isdaprov|6(b)(iv)}}, (b) if <br> | ||
resulting from any other {{isdaprov|Termination Event}}, all {{isdaprov|Affected Transaction}}s and (c) if resulting from an {{isdaprov|Event of Default}}, | resulting from any other {{isdaprov|Termination Event}}, all {{isdaprov|Affected Transaction}}s and (c) if resulting from an {{isdaprov|Event of Default}},<br> | ||
all Transactions''', in each case under which a party has or may have any obligation, including, without limitation,''' | all Transactions''', in each case under which a party has or may have any obligation, including, without limitation,'''<br> | ||
'''an obligation to pay an amount that became payable (or would have become payable but for Section 2(a)(iii) or due''' | '''an obligation to pay an amount that became payable (or would have become payable but for Section {{isdaprov|2(a)(iii)}} or due'''<br> | ||
'''but for Section 5(d)) to the other party under Section 2(a)(i) or 2(d)(i)(4) on or prior to that Early Termination Date''' | '''but for Section {{isdaprov|5(d)}}) to the other party under Section {{isdaprov|2(a)(i)}} or {{isdaprov|2(d)(i)(4)}} on or prior to that {{isdaprov|Early Termination Date}}'''<br> | ||
'''and which remains unpaid as at such Early Termination Date.''' | '''and which remains unpaid as at such {{isdaprov|Early Termination Date}}.'''<br> | ||
<br> | |||
'''"Condition End Date" means the first Local Business Day after the date falling [ ] days after notice''' | '''"{{isdaprov|Condition End Date}}" means the first {{isdaprov|Local Business Day}} after the date falling [ ] days after notice'''<br> | ||
'''is given by the Defaulting Party to the Non-defaulting Party that an Event of Default [specified in Section''' | '''is given by the {{isdaprov|Defaulting Party}} to the {{isdaprov|Non-defaulting Party}} that an {{isdaprov|Event of Default}} [specified in Section'''<br> | ||
'''5(a)(iv), 5(a)(v), 5(a)(vi) or 5(a)(vii)] or[, in the case of Section 5(a)(vii)(4),] Potential Event of Default''' | '''{{isdaprov|5(a)(iv)}}, {{isdaprov|5(a)(v)}}, {{isdaprov|5(a)(vi)}} or {{isdaprov|5(a)(vii)}}] or[, in the case of Section {{isdaprov|5(a)(vii)(4)}},] {{isdaprov|Potential Event of Default}}'''<br> | ||
'''has occurred with respect to the Defaulting Party.''' | '''has occurred with respect to the Defaulting Party.'''|Definitions|2002}} | ||
==Commentary== | ==Commentary== |