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| ==Sharepoint Reference==
| | {{isdasnap|5(a)(v)}} |
| {{isdasplink4|Default|Under|Specified|Transaction}} | |
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| ==Section 5(a)(v) {{1992ma}}==
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| (v) '''''Default under {{isdaprov|Specified Transaction}}.''''' The party, any {{isdaprov|Credit Support Provider}} of such party or
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| any applicable {{isdaprov|Specified Entity}} of such party
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|
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| (1) defaults under a {{isdaprov|Specified Transaction}} and, after giving effect to any applicable notice requirement
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| or [[grace period]], there occurs a liquidation of, an acceleration of obligations under, or an early termination
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| of, that {{isdaprov|Specified Transaction}},
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|
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| (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment
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| or delivery due on the last payment, delivery or exchange date of, or any payment on early termination
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| of, a {{isdaprov|Specified Transaction}} (or such default continues for at least three Local Business Days if there
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| is no applicable notice requirement or grace period) or
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|
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| (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a {{isdaprov|Specified Transaction}} (or such
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| action is taken by any person or entity appointed or empowered to operate it or act on its behalf);
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| ==Section 5(v) {{2002ma}}==
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| (v) ''Default Under Specified Transaction''. The party, any [[Credit Support Provider]] of such party or any applicable
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| Specified Entity of such party:―
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|
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| (l) defaults (other than by failing to make a delivery) under a [[Specified Transaction]] or any credit support arrangement
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| relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such
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| default results in a liquidation of, an acceleration of obligations under, or an early termination of, that Specified
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| Transaction;
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|
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| (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment due on the
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| last payment or exchange date of, or any payment on early termination of, a Specified Transaction (or, if there is no
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| applicable notice requirement or [[grace period]], such default continues for at least one Local [[Business Day]]);
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|
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| (3) defaults in making any delivery due under (including any delivery due on the last delivery or exchange date of) a
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| Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to
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| any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations
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| under, or an early termination of, all transactions outstanding under the documentation applicable to that Specified
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| Transaction; or
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|
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| (4) disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, a Specified
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| Transaction or any credit support arrangement relating to a Specified Transaction that is, in either case, confirmed or
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| evidenced by a document or other confirming evidence executed and delivered by that party, Credit Support Provider or
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| Specified Entity (or such action is taken by any person or entity appointed or empowered to operate it or act on its
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| behalf);
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| ==Commentary== | | ==Commentary== |