Failure to Pay or Deliver - ISDA Provision: Difference between revisions

Failure to Pay or Deliver - ISDA Provision (view source)

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 {{fullanat2|isda|5(a)(i)|1992|5(a)(i)|2002}}
-Failure to Pay under Section {{isdaprov|5(a)(i)}} if the {{isdama}}: where a party fails to pay or deliver on time and does not remedy on or before the 3rd local business day (being the default under a {{1992ma}}, or the first business day after (under the {{2002ma}}) after notice. This requires:
+{{isdaproiv|Failure to Pay}} under Section {{isdaprov|5(a)(i)}} if the {{isdama}}: where a party fails to pay or deliver on time and does not remedy on or before the 3rd local business day (being the default under a {{1992ma}}, or the first business day after (under the {{2002isda}}) after notice. This requires:
-*A Failure to pay, on day T
+*A [[failure to pay]], on day T;
 *Notice of the failure (which by defintion can be validly given ''only after'' close on on the failure date and, by dint of Section {{isdaprov|12(a)}} ({{isdaprov|Notices}}), is deemed to be effective on the following business day, T+1)
-*'''[[Grace Period]]''': After the notice is delivered, another one ({{2002ma}}) or three ({{1992ma}}) full business days (therefore to the end of T+2 (2002) or T+4 (1992))
+*'''[[Grace Period]]''': After the notice is delivered, another one ({{2002isda}}) or three ({{1992isda}}) full business days (therefore to the end of T+2 (2002) or T+4 (1992))
-*The termination may only be served after close at the expiry of the grace period, so therefore the first day on which a  termination notice following a failure to pay {{isdaprov|Event of Default}} can be effective under an ISDA is T+3 ({{2002ma}}) or T+5 {{1992ma}}.
+*The termination may only be served after close at the expiry of the grace period, so therefore the first day on which a  termination notice following a failure to pay {{isdaprov|Event of Default}} can be effective under an ISDA is T+3 ({{2002isda}}) or T+5 {{1992isda}}.