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ISDA Comparison: Difference between revisions
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*'''Hierarchy Rules''': Under the {{2002isda}}, the hierarchy rules are as follows: | *'''Hierarchy Rules''': Under the {{2002isda}}, the hierarchy rules are as follows: | ||
#if an occurrence would constitute an {{isdaprov|Illegality}} '''''and''''' a {{isdaprov|Force Majeure}}, the occurrence will be treated as an {{isdaprov|Illegality}} ; | #if an occurrence would constitute an {{isdaprov|Illegality}} '''''and''''' a {{isdaprov|Force Majeure}}, the occurrence will be treated as an {{isdaprov|Illegality}} ; | ||
#if an occurrence would constitute an {{isdaprov|Illegality}} '''''or''''' {{isdaprov|Force Majeure}} '''''and''''' an {{isdaprov|Event of Default}} under {{isdaprov| | #if an occurrence would constitute an {{isdaprov|Illegality}} '''''or''''' {{isdaprov|Force Majeure}} '''''and''''' an {{isdaprov|Event of Default}} under Section {{isdaprov|5(a)(i)}}, Section {{isdaprov|5(a)(ii)}}(1), or {{isdaprov|5(a)(iii)}}(1), it will be treated as an {{isdaprov|Illegality}} or {{isdaprov|Force Majeure}} so long as the occurrence relates to a failure to make any payment or delivery, failure to comply with a material term of the Agreement, or a failure to comply with a material provision of the {{2002isda}} or any {{isdaprov|Credit Support Document}} ; and | ||
#if an occurrence would constitute an {{isdaprov|Illegality}} '''''or''''' {{isdaprov|Force Majeure}} '''''and''''' an {{isdaprov|Event of Default}} (other than an {{isdaprov|Event of Default}} as described in clause (ii)) or Other {{isdaprov|Termination Event}}, then it will be treated as the applicable {{isdaprov|Event of Default}} or Other {{isdaprov|Termination Event}} and not as a {{isdaprov|Force Majeure}} or {{isdaprov|Illegality}} | #if an occurrence would constitute an {{isdaprov|Illegality}} '''''or''''' {{isdaprov|Force Majeure}} '''''and''''' an {{isdaprov|Event of Default}} (other than an {{isdaprov|Event of Default}} as described in clause (ii)) or Other {{isdaprov|Termination Event}}, then it will be treated as the applicable {{isdaprov|Event of Default}} or Other {{isdaprov|Termination Event}} and not as a {{isdaprov|Force Majeure}} or {{isdaprov|Illegality}} | ||