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General Conditions - ISDA Provision: Difference between revisions
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==={{1992ma}}=== | ==={{1992ma}}=== | ||
{{isdaquote|{{isdaprov|2(a)}} {{isdaprov|General Conditions}}.<br> | {{isdaquote|{{isdaprov|2(a)}} {{isdaprov|General Conditions}}.<br> | ||
{{isdaprov|2(a)(i)}} Each party will make each payment or delivery specified in each {{isdaprov|Confirmation}} to be made by | {{isdaprov|2(a)(i)}} Each party will make each payment or delivery specified in each {{isdaprov|Confirmation}} to be made by <br> | ||
it, subject to the other provisions of this {{isdaprov|Agreement}}.<br> | it, subject to the other provisions of this {{isdaprov|Agreement}}.<br> | ||
{{isdaprov|2(a)(ii)}} Payments under this {{isdaprov|Agreement}} will be made on the due date for value on that date in the place<br> | {{isdaprov|2(a)(ii)}} Payments under this {{isdaprov|Agreement}} will be made on the due date for value on that date in the place<br> | ||
of the account specified in the relevant {{isdaprov|Confirmation}} or otherwise pursuant to this {{isdaprov|Agreement}}, in <br> | of the account specified in the relevant {{isdaprov|Confirmation}} or otherwise pursuant to this {{isdaprov|Agreement}}, in <br> | ||
freely transferable funds and in the manner customary for payments in the required currency. Where | freely transferable funds and in the manner customary for payments in the required currency. Where <br> | ||
settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on | settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on <br> | ||
the due date in the manner customary for the relevant obligation unless otherwise specified in the | the due date in the manner customary for the relevant obligation unless otherwise specified in the <br> | ||
relevant {{isdaprov|Confirmation}} or elsewhere in this {{isdaprov|Agreement}}.<br> | relevant {{isdaprov|Confirmation}} or elsewhere in this {{isdaprov|Agreement}}.<br> | ||
(iii) Each obligation of each party under Section {{isdaprov|2(a)(i)}} is subject to (1) the condition precedent | {{isdaprov|2(a)(iii)}} Each obligation of each party under Section {{isdaprov|2(a)(i)}} is subject to (1) the condition precedent <br> | ||
that no {{isdaprov|Event of Default}} or {{isdaprov|Potential Event of Default}} with respect to the other party has occurred | that no {{isdaprov|Event of Default}} or {{isdaprov|Potential Event of Default}} with respect to the other party has occurred <br> | ||
and is continuing, (2) the condition precedent that no {{isdaprov|Early Termination Date}} in respect of the | and is continuing, (2) the condition precedent that no {{isdaprov|Early Termination Date}} in respect of the <br> | ||
relevant {{isdaprov|Transaction}} has occurred or been effectively designated and (3) each other applicable | relevant {{isdaprov|Transaction}} has occurred or been effectively designated and (3) each other applicable <br> | ||
condition precedent specified in this {{isdaprov|Agreement}}.|2(a)|2002}} | condition precedent specified in this {{isdaprov|Agreement}}.|2(a)|2002}} | ||