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2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual™
Waiting Period in a Nutshell™
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Waiting Period in all its glory
“ 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.
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Overview
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- The JC’s famous Nutshell™ summary of this clause
- Waiting Period as a further source of indeterminacy around Section 2(a)(iii)
See also
References