Template:Isda Potential Event of Default summ

A {{{{{1}}}|Potential Event of Default}} is a {{{{{1}}}|Failure to Pay or Deliver}}, {{{{{1}}}|Breach of Agreement}} (or other {{{{{1}}}|Event of Default}}) with an unexpired grace period, or where the grace period has expired but the {{{{{1}}}|Non-defaulting Party}} hasn’t (yet) given a notice of default actually accelerating the default into an actual {{{{{1}}}|Event of Default}}.

That means, 2(a)(iii) defenders, that any formal breach of the ISDA Master Agreement, if notified by the {{{{{1}}}|Non-defaulting Party}}, renders the Section {{{{{1}}}|2(a)(iii)}} conditions precedent unfulfilled, and means you can suspend performance of your obligations under all outstanding {{{{{1}}}|Transaction}}s. I don’t make the rules, folks.