Cross Default - ISDA Provision: Difference between revisions

Cross Default - ISDA Provision (view source)

2 bytes added , 8 September 2016

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 This change, we speculate, is meant to fix a howler of a drafting lapse:
-*It can be triggered by any [[event of default]], not just a payment default (I.e. the 1992 wording "''an event of default ... in an amount equal to...''" impliedly limits the clause to payment defaults only, since other defaults aren't "in an amount"...);
+*It can be triggered by any [[event of default]], not just a payment default (I.e. the 1992 wording "''an event of default ... in an amount equal to...''” impliedly limits the clause to payment defaults only, since other defaults aren't "in an amount"...);
 *It captures the whole size of the {{isdaprov|Specified Indebtedness}}, not just the value of the defaulted payment (if it even ''is'' a payment) itself.