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Hierarchy of Events - ISDA Provision: Difference between revisions
Hierarchy of Events - ISDA Provision (view source)
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In which the [[JC]] thinks he might have found a ''bona fide'' use for the awful legalism “[[and/or]]”. Crikey. | In which the [[JC]] thinks he might have found a ''bona fide'' use for the awful legalism “[[and/or]]”. Crikey. | ||
What to do if the same thing counts as an {{isdaprov|Illegality}} [[and/or]] a {{isdaprov|Force Majeure Event}} ''and'' an {{isdaprov|Event of Default}} [[and/or]] a {{isdaprov|Termination Event}}. | What to do if the same thing counts as an {{isdaprov|Illegality}} ''[[and/or]]'' a {{isdaprov|Force Majeure Event}} ''[[and]]'' an {{isdaprov|Event of Default}} ''[[and/or]]'' a {{isdaprov|Termination Event}}. | ||
Why do we need this? Remember an {{isdaprov|Event of Default}} is an apocalyptic disaster scenario which blows your whole agreement up with extreme prejudice; a {{isdaprov|Termination Event}} is just “one of those things” which justifies termination, but may relate only to a single transaction: it isn’t something one needs necessarily to hang one’s head about. | Why do we need this? Remember an {{isdaprov|Event of Default}} is an apocalyptic disaster scenario which blows your whole agreement up with extreme prejudice; a {{isdaprov|Termination Event}} is just “one of those things” which justifies termination, but may relate only to a single transaction: it isn’t something one needs necessarily to hang one’s head about. | ||