Template:M summ 1992 ISDA 5(a)(ii): Difference between revisions

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A failure to perform any agreement, if not cured within 30 days, is an {{isdaprov|Event of Default}}, except for:
A failure to perform any agreement, if not cured within 30 days, is an {{isda92prov|Event of Default}}, except for:
:(i) those failures which already have their own special {{isdaprov|Event of Default}} (i.e., {{isdaprov|Failure to Pay or Deliver}} under Section {{isdaprov|5(a)(i)}}) or  
:(i) those failures which already have their own special {{isda92prov|Event of Default}} (i.e., {{isda92prov|Failure to Pay or Deliver}} under Section {{isda92prov|5(a)(i)}}) or  
:(ii) those that relate to tax, and which mean the party not complying will just get clipped for [[tax]] it rather would not.
:(ii) those that relate to tax, and which mean the party not complying will just get clipped for [[tax]] it rather would not.


These are the ''boring'' breaches of agreement: those of a not immediately existential consequence to a derivative relationship (like {{isdaprov|Failure to Pay or Deliver}}, or a party’s outright {{isdaprov|Bankruptcy}}) but which, if not [[promptly]] sorted out, justify shutting things down with extreme prejudice.  
These are the ''boring'' breaches of agreement: those of a not immediately existential consequence to a derivative relationship (like {{isda92prov|Failure to Pay or Deliver}}, or a party’s outright {{isda92prov|Bankruptcy}}) but which, if not [[promptly]] sorted out, justify shutting things down with extreme prejudice.  


All rendered in {{icds}}’s lovingly tortured prose, of course: note a [[double negative]] extragvaganza in {{isdaprov|5(a)(ii)}}(1): '''not''' complying with an obligation that is '''not''' (''[[inter alia]]'') a payment obligation if '''not''' remedied within a month. High five, team ISDA.
All rendered in {{icds}}’s lovingly tortured prose, of course: note a [[double negative]] extragvaganza in {{isda92prov|5(a)(ii)}}: '''not''' complying with an obligation that is '''not''' (''[[inter alia]]'') a payment obligation if '''not''' remedied within a month. High five, team ISDA.