Template:Nutshell 2002 ISDA 5(b)(ii): Difference between revisions

Template:Nutshell 2002 ISDA 5(b)(ii) (view source)

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-:'''{{isdaprov|5(b)(ii)}}'''  {{isdaprov|Force Majeure Event}}. By reason of [[force majeure]] occurring after a Transaction is entered into, on any day:―
+:'''{{isdaprov|5(b)(ii)}}'''  {{isdaprov|Force Majeure Event}}. By reason of [[force majeure]] occurring after any {{isdaprov|Transaction}} is executed:―
-::(1) the {{isdaprov|Office}} through which the {{isdaprov|Affected Party}} performs the {{isdaprov|Transaction}} cannot perform any obligation, or it becomes impossible or impracticable to do so; or <br>
+::(1) the {{isdaprov|Office}} through which the {{isdaprov|Affected Party}} performs the {{isdaprov|Transaction}} cannot perform any obligation under it (it is impossible or impracticable to do so); or <br>
-::(2) the {{isdaprov|Affected Party}} or its {{isdaprov|Credit Support Provider}} cannot perform any obligation to under any {{isdaprov|Transaction}}, or it becomes impossible or impracticable to do so;
+::(2) the {{isdaprov|Affected Party}} or its {{isdaprov|Credit Support Provider}} cannot perform any obligation under it (or it is impossible or impracticable to do so;
 :if the [[force majeure]] is outside the {{isdaprov|Affected Party}}’s control and it could not, after using all [[reasonable efforts]] (not obliging it to incur a [[loss]], other than incidental expenses), overcome the necessary prevention; <br>