Template:Nutshell 1992 ISDA 5(a)(vi): Difference between revisions
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{{isda92prov|5(a)(vi)}} '''{{isda92prov|Cross Default}}'''. If “{{isda92prov|Cross Default}}” applies it will be an {{isda92prov|Event of Default}} if: | {{isda92prov|5(a)(vi)}} '''{{isda92prov|Cross Default}}'''. If “{{isda92prov|Cross Default}}” applies it will be an {{isda92prov|Event of Default}} if: | ||
:(1) a party commits an [[event of default]] in a total amount greater than the {{isda92prov|Threshold Amount}} under any {{isda92prov|Specified Indebtedness}}; or | :(1) a party (or its {{isda92prov|Credit Support Provider}} or any {{isda92prov|Specified Entity}}) commits an [[event of default]] in a total amount greater than the {{isda92prov|Threshold Amount}} under any {{isda92prov|Specified Indebtedness}}; or | ||
:(2) it defaults (and any [[grace period]] expires) on any payment of {{isda92prov|Specified Indebtedness}} in a total amount greater than the {{isda92prov|Threshold Amount}}; | :(2) it defaults (and any [[grace period]] expires) on any payment of {{isda92prov|Specified Indebtedness}} in a total amount greater than the {{isda92prov|Threshold Amount}}; | ||
Latest revision as of 17:50, 8 March 2022
5(a)(vi) Cross Default. If “Cross Default” applies it will be an Event of Default if:
- (1) a party (or its Credit Support Provider or any Specified Entity) commits an event of default in a total amount greater than the Threshold Amount under any Specified Indebtedness; or
- (2) it defaults (and any grace period expires) on any payment of Specified Indebtedness in a total amount greater than the Threshold Amount;