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Breach of Agreement - ISDA Provision: Difference between revisions
Breach of Agreement - ISDA Provision (view source)
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{{ | {{isdaanat|5(a)(ii)}} | ||
[[Double negative]] heaven in 5(a)(ii)(1): '''not''' complying with an obligation that is '''not''' (''[[inter alia]]'') a payment obligation if '''not''' remedied within a month. | [[Double negative]] heaven in 5(a)(ii)(1): '''not''' complying with an obligation that is '''not''' (''[[inter alia]]'') a payment obligation if '''not''' remedied within a month. | ||
A failure to perform any agreement, if not cured within 30 days, is an {{isdaprov|Event of Default}}, except for (i) those failures who have their own special {{isdaprov|Event of Default}} (ie {{isdaprov|Failure to Pay or Deliver}}, under Section {{isdaprov|5(a)(i)}}) or those that relate to tax, and which mean the party not complying will just get clipped for tax it rather would not. | A failure to perform any agreement, if not cured within 30 days, is an {{isdaprov|Event of Default}}, except for (i) those failures who have their own special {{isdaprov|Event of Default}} (ie {{isdaprov|Failure to Pay or Deliver}}, under Section {{isdaprov|5(a)(i)}}) or those that relate to tax, and which mean the party not complying will just get clipped for tax it rather would not. | ||
===It is an {{isdaprov|Event of Default}} not to supply {{isdaprov|documents for delivery}}=== | |||
A failure to {{isdaprov|Furnish Specified Information}} — ie those {{isdaprov|documents for delivery}} specified in {{isdaprov|Part 3}} of the {{isdama}}, adverted to in Section {{isdaprov|4(a)(ii)}} ''will'' therefore be an {{isdaprov|Event of Default}}, although you have to navigate a needlessly tortured string of clause cross references and [[double negative|double negatives]] to settle upon this conclusion. | A failure to {{isdaprov|Furnish Specified Information}} — ie those {{isdaprov|documents for delivery}} specified in {{isdaprov|Part 3}} of the {{isdama}}, adverted to in Section {{isdaprov|4(a)(ii)}} ''will'' therefore be an {{isdaprov|Event of Default}}, although you have to navigate a needlessly tortured string of clause cross references and [[double negative|double negatives]] to settle upon this conclusion. | ||
===Differences=== | |||
Note the addition of [[repudiation]] to the {{2002ma}}. | |||
Note the addition of repudiation to the {{2002ma}}. | |||
{{seealso}} | {{seealso}} | ||
*{{isdaprov|Furnish Specified Information}} and sub-limb {{isdaprov|4(a)(ii)}} (documents for delivery) ''but not'' {{isdaprov|4(a)(i)}} or {{isdaprov|4(a)(iii)}} (which relate to tax documents). | *{{isdaprov|Furnish Specified Information}} and sub-limb {{isdaprov|4(a)(ii)}} (documents for delivery) ''but not'' {{isdaprov|4(a)(i)}} or {{isdaprov|4(a)(iii)}} (which relate to tax documents). | ||
*Section {{isdaprov|3(d)}} representations. | *Section {{isdaprov|3(d)}} representations. | ||