Template:Nutshell 2002 ISDA 5(c): Difference between revisions
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{{prov2|isda|5(c) (2002 ISDA)|5(c)}} '''{{isdaprov|Hierarchy of Events}}'''. <br> | {{prov2|isda|5(c) (2002 ISDA)|5(c)}} '''{{isdaprov|Hierarchy of Events}}'''. <br> | ||
: {{isdaprov|5(c)(i)}} As long as an event counts as an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}}, it will not count as an {{isdaprov|Failure to Pay or Deliver}}, a non-[[repudiatory]] {{isdaprov|Breach of Agreement}} or the first limb of {{isdaprov|Credit Support Default}}. <br> | : {{isdaprov|5(c)(i)}} As long as an event counts as an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}}, it will not count as an {{isdaprov|Failure to Pay or Deliver}}, a ''non''-[[repudiatory breach|repudiatory]] {{isdaprov|Breach of Agreement}} or the first limb of {{isdaprov|Credit Support Default}}. <br> | ||
:{{isdaprov|5(c)(ii)}} In any other circumstances, an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} which also counts as an {{isdaprov|Event of Default}} or a {{isdaprov|Termination Event}}, will count as the relevant {{isdaprov|Event of Default}} or {{isdaprov|Termination Event}}, and not the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}}. <br> | :{{isdaprov|5(c)(ii)}} In any other circumstances, an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} which also counts as an {{isdaprov|Event of Default}} or a {{isdaprov|Termination Event}}, will count as the relevant {{isdaprov|Event of Default}} or {{isdaprov|Termination Event}}, and not the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}}. <br> | ||
:{{isdaprov|5(c)(iii)}} If a {{isdaprov|Force Majeure Event}} also counts as an {{isdaprov|Illegality}}, it will be treated as an {{isdaprov|Illegality}} and not a {{isdaprov|Force Majeure Event}} (unless covered by clause {{isdaprov|5(c)(ii)}} above). <br> | :{{isdaprov|5(c)(iii)}} If a {{isdaprov|Force Majeure Event}} also counts as an {{isdaprov|Illegality}}, it will be treated as an {{isdaprov|Illegality}} and not a {{isdaprov|Force Majeure Event}} (unless covered by clause {{isdaprov|5(c)(ii)}} above). <br> | ||
Revision as of 08:48, 13 April 2020
- 5(c)(i) As long as an event counts as an Illegality or a Force Majeure Event, it will not count as an Failure to Pay or Deliver, a non-repudiatory Breach of Agreement or the first limb of Credit Support Default.
- 5(c)(ii) In any other circumstances, an Illegality or a Force Majeure Event which also counts as an Event of Default or a Termination Event, will count as the relevant Event of Default or Termination Event, and not the Illegality or Force Majeure Event.
- 5(c)(iii) If a Force Majeure Event also counts as an Illegality, it will be treated as an Illegality and not a Force Majeure Event (unless covered by clause 5(c)(ii) above).