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Force Majeure Event - ISDA Provision: Difference between revisions
Force Majeure Event - ISDA Provision (view source)
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{{ISDAnumberingdiscrepancy}} | {{ISDAnumberingdiscrepancy}} | ||
==Section {{isdaprov|5(b)(ii)}} {{2002ma}}== | ===Section {{isdaprov|5(b)(ii)}} {{2002ma}}=== | ||
{{isdaquote|{{isdaprov|5(b)(ii)}} {{isdaprov|Force Majeure Event}}. After giving effect to any applicable provision, disruption fallback or remedy specified in, or <br>pursuant to, the relevant Confirmation or elsewhere in this {{isdaprov|Agreement}}, by reason of [[force majeure]] or act of state occurring <br>after a {{isdaprov|Transaction}} is entered into, on any day:― <br> | {{isdaquote|{{isdaprov|5(b)(ii)}} {{isdaprov|Force Majeure Event}}. After giving effect to any applicable provision, disruption fallback or remedy specified in, or <br>pursuant to, the relevant Confirmation or elsewhere in this {{isdaprov|Agreement}}, by reason of [[force majeure]] or act of state occurring <br>after a {{isdaprov|Transaction}} is entered into, on any day:― <br> | ||
:(1) the {{isdaprov|Office}} through which such party (which will be the {{isdaprov|Affected Party}}) makes and receives payments or deliveries with <br>respect to such {{isdaprov|Transaction}} is prevented from performing any absolute or contingent obligation to make a payment or delivery <br>in respect of such Transaction, from receiving a payment or delivery in respect of such {{isdaprov|Transaction}} or from complying with <br>any other material provision of this {{isdaprov|Agreement}} relating to such {{isdaprov|Transaction}} (or would be so prevented if such payment, <br>delivery or compliance were required on that day), or it becomes impossible or impracticable for such {{isdaprov|Office}} so to perform, <br>receive or comply (or it would be impossible or impracticable for such {{isdaprov|Office}} so to perform, receive or comply if such <br>payment, delivery or compliance were required on that day); or <br> | :(1) the {{isdaprov|Office}} through which such party (which will be the {{isdaprov|Affected Party}}) makes and receives payments or deliveries with <br>respect to such {{isdaprov|Transaction}} is prevented from performing any absolute or contingent obligation to make a payment or delivery <br>in respect of such Transaction, from receiving a payment or delivery in respect of such {{isdaprov|Transaction}} or from complying with <br>any other material provision of this {{isdaprov|Agreement}} relating to such {{isdaprov|Transaction}} (or would be so prevented if such payment, <br>delivery or compliance were required on that day), or it becomes impossible or impracticable for such {{isdaprov|Office}} so to perform, <br>receive or comply (or it would be impossible or impracticable for such {{isdaprov|Office}} so to perform, receive or comply if such <br>payment, delivery or compliance were required on that day); or <br> | ||
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so long as the force majeure or act of state is beyond the control of such Office, such party or such Credit Support <br>Provider, as appropriate, and such {{isdaprov|Office}}, party or {{isdaprov|Credit Support Provider}} could not, after using all reasonable efforts <br>(which will not require such party or {{isdaprov|Credit Support Provider}} to incur a loss, other than immaterial, incidental expenses), <br>overcome such prevention, impossibility or impracticability;|5(b)(ii)|2002}} | so long as the force majeure or act of state is beyond the control of such Office, such party or such Credit Support <br>Provider, as appropriate, and such {{isdaprov|Office}}, party or {{isdaprov|Credit Support Provider}} could not, after using all reasonable efforts <br>(which will not require such party or {{isdaprov|Credit Support Provider}} to incur a loss, other than immaterial, incidental expenses), <br>overcome such prevention, impossibility or impracticability;|5(b)(ii)|2002}} | ||
==Section {{isdaprov| | ==Section {{isdaprov|5(b)(ii)}} in the {{1992ma}}== | ||
There is no equivalent in the {{1992ma}}. An {{isdaprov|Impossibility}} clause was frequently written into the schedule, which endeavoured to do the same thing. | There is no equivalent to the {{isdaprov|Force Majeure Event}} in the {{1992ma}}. An {{isdaprov|Impossibility}} clause was frequently written into the schedule, which endeavoured to do the same thing. | ||
===Incorporating | ===Incorporating Force Majeure into the {{1992ma}}=== | ||
On the subject of incorporating Force Majeure into the 1992 Master: | On the subject of incorporating Force Majeure into the 1992 Master: | ||