Template:M summ 2002 ISDA 5(c): Difference between revisions

Template:M summ 2002 ISDA 5(c) (view source)

1,190 bytes removed , 27 December 2023

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-In which the [[JC]] thinks he might have found a ''bona fide'' use for the awful legalism “[[and/or]]”. Crikey.
+{{isda 5(c) summ|isdaprov}}
-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 {{isdaprov|Transaction}}, and even if it affects the whole portfolio, it isn’t something one needs necessarily to hang one’s head about. (It’s hardly ''your'' fault if they go and change the law on you, is it?)
-A {{isdaprov|Force Majeure Event}} is something that is so beyond one’s control or expectation that it shouldn’t count as an {{isdaprov|Event of Default}} or even a {{isdaprov|Termination Event}} ''at all'' — at least until you’ve had a chance to sort yourself out, fashion a canoe paddle with a Swiss Army knife, jury-rig an aerial and get reconnected to the world wide web.