Event of Default and Illegality - ISDA Provision

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In gory detail

1992 ISDA
5(c) Event of Default and Illegality. If an event or circumstance which would otherwise constitute or
give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not
constitute an Event of Default.
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2002 ISDA
Template:ISDA Master Agreement 2002 5(c) (1992 ISDA)
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Commentary

See Also