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General Conditions - ISDA Provision: Difference between revisions
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{{isdasnap|2(a)|{{isdaprov|2(a)}} {{isdaprov|General Conditions}}.<br> | {{isdasnap|2(a)|{{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 <br> | :{{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 <br> | freely transferable funds and in the manner customary for payments in the required currency. Where <br> | ||
| Line 8: | Line 8: | ||
the due date in the manner customary for the relevant obligation unless otherwise specified in the <br> | 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> | ||
{{isdaprov|2(a)(iii)}} Each obligation of each party under Section {{isdaprov|2(a)(i)}} is subject to (1) the condition precedent <br> | {{{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 <br> | 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 <br> | 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 <br> | relevant {{isdaprov|Transaction}} has occurred or been effectively designated and (3) each other applicable <br> | ||
condition precedent specified in this {{isdaprov|Agreement}}.|{{isdaprov|General Conditions}}. <br> | condition precedent specified in this {{isdaprov|Agreement}}.|{{isdaprov|General Conditions}}. <br> | ||
:(i) Each party will make each payment or delivery specified in each Confirmation to be made by it, <br>subject to the other provisions of this {{isdaprov|Agreement}}. <br> | :{{isdaprov|2(a)(i)}} Each party will make each payment or delivery specified in each Confirmation to be made by it, <br>subject to the other provisions of this {{isdaprov|Agreement}}. <br> | ||
:(ii) Payments under this {{isdaprov|Agreement}} will be made on the due date for value on that date in the place of <br>the account specified in the relevant {{isdaprov|Confirmation}} or otherwise pursuant to this {{isdaprov|Agreement}}, in freely <br>transferable funds and in the manner customary for payments in the required currency. Where settlement is <br>by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the <br>manner customary for the relevant obligation unless otherwise specified in the relevant {{isdaprov|Confirmation}} or <br>elsewhere in this 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 of <br>the account specified in the relevant {{isdaprov|Confirmation}} or otherwise pursuant to this {{isdaprov|Agreement}}, in freely <br>transferable funds and in the manner customary for payments in the required currency. Where settlement is <br>by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the <br>manner customary for the relevant obligation unless otherwise specified in the relevant {{isdaprov|Confirmation}} or <br>elsewhere in this Agreement. <br> | ||
:(iii) Each obligation of each party under Section {{isdaprov|2(a)(i)}} is subject to (1) the condition precedent that no <br>{{isdaprov|Event of Default}} or {{isdaprov|Potential Event of Default}} with respect to the other party has occurred and is continuing, <br>(2) the condition precedent that no {{isdaprov|Early Termination Date}} in respect of the relevant {{isdaprov|Transaction}} has <br>occurred or been effectively designated and (3) each other condition specified in this {{isdaprov|Agreement}} to be a <br>condition precedent for the purpose of this Section {{isdaprov|2(a)(iii)}}. <br>}} | :{{isdaprov|2(a)(iii)}} Each obligation of each party under Section {{isdaprov|2(a)(i)}} is subject to (1) the condition precedent that no <br>{{isdaprov|Event of Default}} or {{isdaprov|Potential Event of Default}} with respect to the other party has occurred and is continuing, <br>(2) the condition precedent that no {{isdaprov|Early Termination Date}} in respect of the relevant {{isdaprov|Transaction}} has <br>occurred or been effectively designated and (3) each other condition specified in this {{isdaprov|Agreement}} to be a <br>condition precedent for the purpose of this Section {{isdaprov|2(a)(iii)}}. <br>}} | ||