Template:ISDA New York Law Credit Support Annex 2016 7: Difference between revisions
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===Paragraph {{nyvmcsaprov|7}} '''{{nyvmcsaprov|Events of Default | ===Paragraph {{nyvmcsaprov|7}} '''{{nyvmcsaprov|Events of Default}}'''=== | ||
For purposes of Section 5(a)(iii)(1) of this Agreement, an {{isdaprov|Event of Default}} will exist with respect to a party if:<br> | For purposes of Section 5(a)(iii)(1) of this Agreement, an {{isdaprov|Event of Default}} will exist with respect to a party if:<br> | ||
:{{nyvmcsaprov|7(i)}} that party fails (or fails to cause its {{nyvmcsaprov|Custodian (VM)}}) to make, when due, any {{nyvmcsaprov|Transfer}} of {{nyvmcsaprov|Eligible Collateral (VM)}}, {{nyvmcsaprov|Posted Collateral (VM)}} or the {{nyvmcsaprov|Interest Payment (VM)}}, as applicable, required to be made by it and that failure continues for two {{nyvmcsaprov|Local Business Day}}s after notice of that failure is given to that party;<br> | :{{nyvmcsaprov|7(i)}} that party fails (or fails to cause its {{nyvmcsaprov|Custodian (VM)}}) to make, when due, any {{nyvmcsaprov|Transfer}} of {{nyvmcsaprov|Eligible Collateral (VM)}}, {{nyvmcsaprov|Posted Collateral (VM)}} or the {{nyvmcsaprov|Interest Payment (VM)}}, as applicable, required to be made by it and that failure continues for two {{nyvmcsaprov|Local Business Day}}s after notice of that failure is given to that party;<br> | ||
:{{nyvmcsaprov|7(ii)}} that party fails to comply with any restriction or prohibition specified in this Annex with respect to any of the rights specified in Paragraph {{nyvmcsaprov|6(c)}} and that failure continues for five {{nyvmcsaprov|Local Business Day}}s after notice of that failure is given to that party; or<br> | :{{nyvmcsaprov|7(ii)}} that party fails to comply with any restriction or prohibition specified in this Annex with respect to any of the rights specified in Paragraph {{nyvmcsaprov|6(c)}} and that failure continues for five {{nyvmcsaprov|Local Business Day}}s after notice of that failure is given to that party; or<br> | ||
:{{nyvmcsaprov|7(iii)}} that party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs {{nyvmcsaprov|7(i)}} and {{nyvmcsaprov|7(ii)}} and that failure continues for 30 days after notice of that failure is given to that party.<br> | :{{nyvmcsaprov|7(iii)}} that party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs {{nyvmcsaprov|7(i)}} and {{nyvmcsaprov|7(ii)}} and that failure continues for 30 days after notice of that failure is given to that party.<br> | ||
Revision as of 12:17, 8 January 2020
Paragraph 7 Events of Default
For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect to a party if:
- 7(i) that party fails (or fails to cause its Custodian (VM)) to make, when due, any Transfer of Eligible Collateral (VM), Posted Collateral (VM) or the Interest Payment (VM), as applicable, required to be made by it and that failure continues for two Local Business Days after notice of that failure is given to that party;
- 7(ii) that party fails to comply with any restriction or prohibition specified in this Annex with respect to any of the rights specified in Paragraph 6(c) and that failure continues for five Local Business Days after notice of that failure is given to that party; or
- 7(iii) that party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs 7(i) and 7(ii) and that failure continues for 30 days after notice of that failure is given to that party.