2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual
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Section 5(d) in a Nutshell™
Use at your own risk, campers!
Full text of Section 5(d)
5(d) Deferral of Payments and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is continuing with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will be deferred to, and will not be due until:―
- 5(d)(i) the first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a Local Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting Period in respect of that Illegality or Force Majeure Event, as the case may be; or
- 5(d)(ii) if earlier, the date on which the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event ceases to exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business Day or Local Delivery Day, as appropriate.
Related agreements and comparisons
Click here for the text of Section 5(d) in the 1992 ISDA
Nothing to see here, folks.
Content and comparisons
There is no equivalent provision to Section 5(d) in the 1992 ISDA, seeing as it does not contain a Force Majeure Event at all, and its conception of Illegality is far less — how shall we say? — sophisticated than the one in the 2002 ISDA.
Upon an Illegality or Force Majeure Event, payments and deliveries are deferred until the earlier of (a) the expiry of any Waiting Period; and (b) the date on which the Illegality or Force Majeure Event is cured.
Template:M sa 2002 ISDA 5(d)