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ISDA Comparison: Difference between revisions
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:*For an involuntary {{isdaprov|Bankruptcy}} filing pursuant to Section {{isdaprov|5(a)(vii)}}(1)(B) from 30 to 15days. | :*For an involuntary {{isdaprov|Bankruptcy}} filing pursuant to Section {{isdaprov|5(a)(vii)}}(1)(B) from 30 to 15days. | ||
*'''{{isdaprov|Breach of Agreement}}''': An additional subsection has been added to the {{isdaprov|Breach of Agreement}} {{isdaprov|Event of Default}} (Section {{isdaprov|5(a)(ii)}} that establishes an {{isdaprov|Event of Default}} when “the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any {{isdaprov|Confirmation}} executed and delivered by that party or any {{isdaprov|Transaction}} evidenced by such a {{isdaprov|Confirmation}} (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf).” Although this additional subsection is part of Section {{isdaprov|5(a)(ii)}}, the 30 day cure period applies only to Section {{isdaprov|5(a)(ii)}}(1) and not to the new subparagraph (2). This new {{isdaprov|Event of Default}} is similar to the {{isdaprov|Credit Support Default}} {{isdaprov|Event of Default}} in Section {{isdaprov|5(a)(iii)}}(3) of the {{1992isda}}, which was also included in the {{2002isda}}. | *'''{{isdaprov|Breach of Agreement}}''': An additional subsection has been added to the {{isdaprov|Breach of Agreement}} {{isdaprov|Event of Default}} (Section {{isdaprov|5(a)(ii)}} that establishes an {{isdaprov|Event of Default}} when “the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any {{isdaprov|Confirmation}} executed and delivered by that party or any {{isdaprov|Transaction}} evidenced by such a {{isdaprov|Confirmation}} (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf).” Although this additional subsection is part of Section {{isdaprov|5(a)(ii)}}, the 30 day cure period applies only to Section {{isdaprov|5(a)(ii)}}(1) and not to the new subparagraph (2). This new {{isdaprov|Event of Default}} is similar to the {{isdaprov|Credit Support Default}} {{isdaprov|Event of Default}} in Section {{isdaprov|5(a)(iii)}}(3) of the {{1992isda}}, which was also included in the {{2002isda}}. | ||
*{{isda 5(a)(v) comm}} | *'''{{isdaprov|DUST}}''': {{isda 5(a)(v) comm|isdaprov}} | ||
*'''{{isdaprov|Cross Default}}''': The formula for determining a {{isdaprov|Cross Default}} has been revised to permit the aggregation of amounts owed under multiple defaults. In determining whether the {{isdaprov|Cross Default}} threshold has been exceeded, the principal amount of the accelerated obligations in subparagraph (i) and the unpaid amount under subparagraph (ii) are added together to determine whether the {{isdaprov|Cross Default}} threshold has been exceeded. In the {{1992isda}}, subparagraphs (i) and (ii) could not be combined to evidence a {{isdaprov|Cross Default}}. | *'''{{isdaprov|Cross Default}}''': The formula for determining a {{isdaprov|Cross Default}} has been revised to permit the aggregation of amounts owed under multiple defaults. In determining whether the {{isdaprov|Cross Default}} threshold has been exceeded, the principal amount of the accelerated obligations in subparagraph (i) and the unpaid amount under subparagraph (ii) are added together to determine whether the {{isdaprov|Cross Default}} threshold has been exceeded. In the {{1992isda}}, subparagraphs (i) and (ii) could not be combined to evidence a {{isdaprov|Cross Default}}. | ||
*'''{{isdaprov|Merger Without Assumption}}''': The types of events that constitute a “[[merger]]” have been broadened to include reorganization, reincorporation and reconstitution, and the methods by which a resulting, surviving or transferee entity can assume obligations have been deleted. | *'''{{isdaprov|Merger Without Assumption}}''': The types of events that constitute a “[[merger]]” have been broadened to include reorganization, reincorporation and reconstitution, and the methods by which a resulting, surviving or transferee entity can assume obligations have been deleted. | ||