Template:Nutshell 2002 ISDA 5(b)(ii): Difference between revisions
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:'''{{isdaprov|5(b)(ii)}}''' {{isdaprov|Force Majeure Event}}. By reason of [[force majeure]] occurring after any {{isdaprov|Transaction}} is executed:― | :'''{{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 under it (it is 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 under it (or it is 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> | :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> | ||
Revision as of 13:13, 27 March 2018
- 5(b)(ii) Force Majeure Event. By reason of force majeure occurring after any Transaction is executed:―
- (1) the Office through which the Affected Party performs the Transaction cannot perform any obligation under it (it is impossible or impracticable to do so); or
- (2) the Affected Party or its Credit Support Provider cannot perform any obligation under it (or it is impossible or impracticable to do so;
- (1) the Office through which the Affected Party performs the Transaction cannot perform any obligation under it (it is impossible or impracticable to do so); or
- if the force majeure is outside the 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;