In a Nutshell™ Section 5(a)(iii):
- 5(a)(iii) Credit Support Default.
- (1) The party or its Credit Support Provider defaults under any Credit Support Document after any grace period has expired;
- (2) Any Credit Support Document (or any security interest granted under one) terminates or becomes ineffective (except according to its terms) while any covered Transaction without the other party’s written consent; or
- (3) the party or its Credit Support Provider repudiates any obligations under Credit Support Document;
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2002 ISDA full text of Section 5(a)(iii):
- 5(a)(iii) Credit Support Default.
- (1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed;
- (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document, or any security interest granted by such party or such Credit Support Provider to the other party pursuant to any such Credit Support Document, to be in full force and effect for the purpose of this Agreement (in each case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of the other party; or
- (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);
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Click here for the text of Section 5(a)(iii) in the 1992 ISDA
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