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Template:Failure to pay procedure: Difference between revisions
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So, to close out following a {{isdaprov|Failure to Pay or Deliver}}, you will need: | So, to close out following a {{isdaprov|Failure to Pay or Deliver}}, you will need: | ||
===1. There must be a failure to pay or deliver under Section {{{{{1}}}|5(a)(i)}}=== | ===1. There must be a failure to pay or deliver under Section {{{{{1}}}|5(a)(i)}}=== | ||
A {{{{{1}}}|Failure to Pay or Deliver}}, by the {{{{{1}}}|Defaulting Party}} to make a payment or delivery when due on day '''T'''. This is an {{{{{1}}}|Event of Default}} under Section {{{{{1}}}|5(a)(i)}}. | A {{{{{1}}}|Failure to Pay or Deliver}}, by the {{{{{1}}}|Defaulting Party}} to make a payment or delivery when due on day '''T'''. This is not, yet, an {{{{{1}}}|Event of Default}} under Section {{{{{1}}}|5(a)(i)}}. But we are on the way. | ||
===2. You must give notice of the failure under Section {{{{{1}}}|5(a)(i)}}=== | ===2. You must give notice of the failure under Section {{{{{1}}}|5(a)(i)}}=== | ||