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Breach of Agreement - ISDA Provision: Difference between revisions
Breach of Agreement - ISDA Provision (view source)
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{{fullanat2|isda|5(a)(ii)|2002|5(a)(ii)|1992}} | {{fullanat2|isda|5(a)(ii)|2002|5(a)(ii)|1992}} | ||
[[Double negative]] heaven in 5(a)(ii)(1): '''not''' complying with an obligation that is '''not''' (''[[inter alia]]'') a payment obligation if '''not''' remedied within a month. In a nutshell: | |||
{{nuts|2002 ISDA|5(a)(ii)}} | {{nuts|2002 ISDA|5(a)(ii)}} | ||
A failure to perform any agreement, if not cured within 30 days, is an {{isdaprov|Event of Default}}, except for (i) those failures who have their own special {{isdaprov|Event of Default}} (ie {{isdaprov|Failure to Pay or Deliver}}, under Section {{isdaprov|5(a)(i)}}) or those that relate to tax, and which mean the party not complying will just get clipped for tax it rather would not. | A failure to perform any agreement, if not cured within 30 days, is an {{isdaprov|Event of Default}}, except for (i) those failures who have their own special {{isdaprov|Event of Default}} (ie {{isdaprov|Failure to Pay or Deliver}}, under Section {{isdaprov|5(a)(i)}}) or those that relate to tax, and which mean the party not complying will just get clipped for tax it rather would not. | ||