Hierarchy of Events - ISDA Provision: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{p2|isda|5(c) (2002 ISDA)|5(c)}} '''{{isdaprov|Hierarchy of Events}}'''. <br> :{{isdaprov|5(c)(i)}} An event or circumstance that constitutes or gives rise to an {{isdaprov|I...") |
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{{ | {{prov2|isda|5(c) (2002 ISDA)|5(c)}} '''{{isdaprov|Hierarchy of Events}}'''. <br> | ||
:{{isdaprov|5(c)(i)}} An event or circumstance that constitutes or gives rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} will <br>not, for so long as that is the case, also constitute or give rise to an {{isdaprov|Event of Default}} under Section {{isdaprov|5(a)(i)}}, <br>{{isdaprov|5(a)(ii)(1)}} or {{isdaprov|5(a)(iii)(1)}} insofar as such event or circumstance relates to the failure to make any payment or <br>delivery or a failure to comply with any other material provision of this {{isdaprov|Agreement}} or a Credit Support <br>Document, as the case may be. <br> | :{{isdaprov|5(c)(i)}} An event or circumstance that constitutes or gives rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} will <br>not, for so long as that is the case, also constitute or give rise to an {{isdaprov|Event of Default}} under Section {{isdaprov|5(a)(i)}}, <br>{{isdaprov|5(a)(ii)(1)}} or {{isdaprov|5(a)(iii)(1)}} insofar as such event or circumstance relates to the failure to make any payment or <br>delivery or a failure to comply with any other material provision of this {{isdaprov|Agreement}} or a Credit Support <br>Document, as the case may be. <br> | ||
:{{isdaprov|5(c)(ii)}} Except in circumstances contemplated by clause {{isdaprov|5(c)(i)}} above, if an event or circumstance which would <br>otherwise constitute or give rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} also constitutes an Event of <br>Default or any other {{isdaprov|Termination Event}}, it will be treated as an {{isdaprov|Event of Default}} or such other Termination <br>Event, as the case may be, and will not constitute or give rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}}. <br> | :{{isdaprov|5(c)(ii)}} Except in circumstances contemplated by clause {{isdaprov|5(c)(i)}} above, if an event or circumstance which would <br>otherwise constitute or give rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} also constitutes an Event of <br>Default or any other {{isdaprov|Termination Event}}, it will be treated as an {{isdaprov|Event of Default}} or such other Termination <br>Event, as the case may be, and will not constitute or give rise to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}}. <br> | ||
:{{isdaprov|5(c)(iii)}} If an event or circumstance which would otherwise constitute or give rise to a {{isdaprov|Force Majeure Event}} <br>also constitutes an {{isdaprov|Illegality}}, it will be treated as an {{isdaprov|Illegality}}, except as described in clause {{isdaprov|5(c)(ii)}} above, and <br>not a {{isdaprov|Force Majeure Event}}. <br> | :{{isdaprov|5(c)(iii)}} If an event or circumstance which would otherwise constitute or give rise to a {{isdaprov|Force Majeure Event}} <br>also constitutes an {{isdaprov|Illegality}}, it will be treated as an {{isdaprov|Illegality}}, except as described in clause {{isdaprov|5(c)(ii)}} above, and <br>not a {{isdaprov|Force Majeure Event}}. <br> | ||
Revision as of 16:01, 30 November 2012
- 5(c)(i) An event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will
not, for so long as that is the case, also constitute or give rise to an Event of Default under Section 5(a)(i),
5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance relates to the failure to make any payment or
delivery or a failure to comply with any other material provision of this Agreement or a Credit Support
Document, as the case may be. - 5(c)(ii) Except in circumstances contemplated by clause 5(c)(i) above, if an event or circumstance which would
otherwise constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of
Default or any other Termination Event, it will be treated as an Event of Default or such other Termination
Event, as the case may be, and will not constitute or give rise to an Illegality or a Force Majeure Event. - 5(c)(iii) If an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event
also constitutes an Illegality, it will be treated as an Illegality, except as described in clause 5(c)(ii) above, and
not a Force Majeure Event.