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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}} | ||
{{nuts|ISDA|Breach of Agreement}} | {{nuts|ISDA|Breach of Agreement}} | ||
A failure to perform any agreement, if not cured | 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 {{isdaprov|Furnish Specified Information}} — ie those documents for delivery specified in {{isdaprov|Part 3}} of the {{isdama}} , adverted to in Section {{isdaprov|4(a)(ii)}} ''will'' therefore be an {{isdaprov|Event of Default}}, although you have to navigate a needlessly tortured string of clause cross references and [[double negative|double negatives]] to settle upon this conclusion. | A failure to {{isdaprov|Furnish Specified Information}} — ie those {{isdaprov|documents for delivery}} specified in {{isdaprov|Part 3}} of the {{isdama}}, adverted to in Section {{isdaprov|4(a)(ii)}} ''will'' therefore be an {{isdaprov|Event of Default}}, although you have to navigate a needlessly tortured string of clause cross references and [[double negative|double negatives]] to settle upon this conclusion. | ||
===Differences==== | ===Differences==== | ||
Note the addition of repudiation to the {{2002ma}}. | Note the addition of repudiation to the {{2002ma}}. | ||