Template:ISDA Master Agreement 2002 Cross acceleration: Difference between revisions
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:{{isdaprov|5(a)(vi)}} '''{{isdaprov|Cross-Default}}'''. If “{{isdaprov|Cross-Default}}” is specified in the {{isdaprov|Schedule}} as applying to the party, the occurrence or existence of:― <br /> | :{{isdaprov|5(a)(vi)}} '''{{isdaprov|Cross-Default}}'''. If “{{isdaprov|Cross-Default}}” is specified in the {{isdaprov|Schedule}} as applying to the party, the occurrence or existence of:― <br /> | ||
::(1) a default, [[event of default]] or other similar condition or event ([[however described]]) in respect of such party, any {{isdaprov|Credit Support Provider|Credit Support Provider}} of such party or any [[applicable]] {{isdaprov|Specified Entity|Specified Entity}} of such party under [[one or more]] agreements or instruments relating to {{isdaprov|Specified Indebtedness|Specified Indebtedness}} of any of them ([[individually or collectively]]) where the aggregate principal amount of such agreements or instruments, either [[alone or together]] with the amount, [[if any]], referred to in clause (2) below, is not less than the [[applicable]] {{isdaprov|Threshold Amount|Threshold Amount}} (as specified in the {{isdaprov|Schedule}}) which has resulted in such {{isdaprov|Specified Indebtedness}} becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or | ::(1) a default, [[event of default]] or other similar condition or event ([[however described]]) in respect of such party, any {{isdaprov|Credit Support Provider|Credit Support Provider}} of such party or any [[applicable]] {{isdaprov|Specified Entity|Specified Entity}} of such party under [[one or more]] agreements or instruments relating to {{isdaprov|Specified Indebtedness|Specified Indebtedness}} of any of them ([[individually or collectively]]) where the aggregate principal amount of such agreements or instruments, either [[alone or together]] with the amount, [[if any]], referred to in clause (2) below, is not less than the [[applicable]] {{isdaprov|Threshold Amount|Threshold Amount}} (as specified in the {{isdaprov|Schedule}}) which has resulted in such {{isdaprov|Specified Indebtedness}} becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or | ||
::(2) a default by such party, such {{isdaprov|Credit Support Provider}} or such {{isdaprov|Specified Entity}} (individually or collectively) in making [[one or more]] payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or [[grace period]]) in an aggregate amount, either [[alone or together]] with the amount, if any, referred to in clause (1) above, of not less than the [[applicable]] {{isdaprov|Threshold Amount}}; <br> | ::(2) a default by such party, such {{isdaprov|Credit Support Provider}} or such {{isdaprov|Specified Entity}} (individually or collectively) in making [[one or more]] payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or [[grace period]]) in an aggregate amount, either [[alone or together]] with the amount, if any, referred to in clause (1) above, of not less than the [[applicable]] {{isdaprov|Threshold Amount}}; <br> | ||
Revision as of 09:40, 4 February 2024
- 5(a)(vi) Cross-Default. If “Cross-Default” is specified in the Schedule as applying to the party, the occurrence or existence of:―
- (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) where the aggregate principal amount of such agreements or instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or
- (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in clause (1) above, of not less than the applicable Threshold Amount;