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Section 2(a)(iii) - ISDA Provision: Difference between revisions
→Section 2(a)(iii)
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==Modified Text as per ISDA draft protocol== | ==Modified Text as per ISDA draft protocol== | ||
===Section 2(a)(iii)=== | ===Section 2(a)(iii)=== | ||
(iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent | {{isdaquote|{{isdaprov|2(a)(iii)}} Each obligation of each party under Section {{isdaprov|2(a)(i)}} is subject to (1) the condition precedent | ||
that no Event of Default or Potential Event of Default with respect to the other party has occurred | that no {{isdaprov|Event of Default}} or {{isdaprov|Potential Event of Default}} with respect to the other party has occurred | ||
and is continuing, (2) the condition precedent that no Early Termination Date in respect of the | and is continuing, (2) the condition precedent that no {{isdaprov|Early Termination Date}} in respect of the | ||
relevant Transaction has occurred or been effectively designated and (3) each other applicable | relevant {{isdaprov|Transaction}} has occurred or been effectively designated and (3) each other applicable | ||
condition precedent specified in this Agreement. '''The condition precedent in Section 2(a)(iii)(1) will | condition precedent specified in this Agreement. '''The condition precedent in Section {{isdaprov|2(a)(iii)}}(1) will | ||
'''cease to be a condition precedent to each obligation of the Non-defaulting Party on the Condition End Date,''' | '''cease to be a condition precedent to each obligation of the {{isdaprov|Non-defaulting Party}} on the {{isdaprov|Condition End Date}},''' | ||
'''if any.''' | '''if any.''' | ||
'''(vi) For the avoidance of doubt, Section 2(a)(iii) applies to each obligation of each party under''' | '''(vi) For the avoidance of doubt, Section {{isdaprov|2(a)(iii)}} applies to each obligation of each party under''' | ||
'''Section 2(a)(i), after the application of Section 2(c)''' ''[i.e. {{isdaprov|Netting}}].'' | '''Section {{isdaprov|2(a)(i)}}, after the application of Section {{isdaprov|2(c)}}''' ''[i.e. {{isdaprov|Netting}}].'' | ||
'''(vi) For the avoidance of doubt, if the condition precedent in Section 2(a)(iii)(1) is not satisfied''' | '''(vi) For the avoidance of doubt, if the condition precedent in Section {{isdaprov|2(a)(iii)}}(1) is not satisfied''' | ||
'''with respect to a party (“X”) when an obligation of the other party (“Y”) would (but for such condition''' | '''with respect to a party (“X”) when an obligation of the other party (“Y”) would (but for such condition''' | ||
'''precedent) become payable or deliverable to X under Section 2(a)(i), then the obligation of Y will become''' | '''precedent) become payable or deliverable to X under Section 2(a)(i), then the obligation of Y will become''' | ||
'''payable or deliverable on the first to occur of (A) the date on which all applicable conditions precedent''' | '''payable or deliverable on the first to occur of (A) the date on which all applicable conditions precedent''' | ||
'''to such obligation under Section 2(a)(iii) are satisfied, (B) the Condition End Date or (C) the date on''' | '''to such obligation under Section {{isdaprov|2(a)(iii)}} are satisfied, (B) the {{isdaprov|Condition End Date}} or (C) the date on''' | ||
'''which all applicable conditions precedent cease to apply under any other provision of this Agreement.''' | '''which all applicable conditions precedent cease to apply under any other provision of this {{isdaprov|Agreement}}.'''|2(a)(iii)|2002}} | ||
===Restatement of Section 9(c) {{isdaprov|Survival of Obligations}} in entirety:=== | ===Restatement of Section 9(c) {{isdaprov|Survival of Obligations}} in entirety:=== | ||
'''''Survival of Obligations''. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the''' | '''''Survival of Obligations''. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the''' | ||