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Events of Default - ISDA Provision: Difference between revisions
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**'''Direct Breaches''': direct breaches of the Agreement (eg {{isdaprov|Failure To Pay}}; {{isdaprov|Breach of Agreement}}); | **'''Direct Breaches''': direct breaches of the Agreement (eg {{isdaprov|Failure To Pay}}; {{isdaprov|Breach of Agreement}}); | ||
**'''Public Actions''': Events which are necessarily public (most of the {{isdaprov|Bankruptcy}} limbs; {{isdaprov|Merger Without Assumption}} | **'''Public Actions''': Events which are necessarily public (most of the {{isdaprov|Bankruptcy}} limbs; {{isdaprov|Merger Without Assumption}} | ||
*'''Not independently verifiable''': Others require acknowledgement or notice from the counterparty as they may depend on states of affairs which are not public knowledge, are not breaches of a direct obligation to | *'''Not independently verifiable''': Others require acknowledgement or notice from the counterparty as they may depend on states of affairs which are not public knowledge, are not breaches of a direct obligation to the counterparty and would not otherwise come to the firm's attention: Particularly: | ||
**{{isdaprov|Cross Default}} | **{{isdaprov|Cross Default}} | ||
**other limbs of {{isdaprov|Bankruptcy}} (eg "has a secured party take possession of all or substantially all its assets". | **other limbs of {{isdaprov|Bankruptcy}} (eg "has a secured party take possession of all or substantially all its assets". | ||