Waiting Period - ISDA Provision

In gory detail

1992 ISDA There is no “Waiting Period” in the 1992 ISDA (view template)

2002 ISDA “Waiting Period” means:― (a) in respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or circumstance; and (b) in respect of an event or circumstance under Section 5(b)(ii), other than in the case of Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of eight Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or circumstance. (view template)

Commentary

The Waiting Period for Illegality (Section 5(b)(i)) is three Local Business Days; for a Force Majeure Event (5(b)(ii)) it is 8 Local Business Days.