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| {{isdaanat|5(a)(ii)}} | | {{manual|MI|2002|5(a)(ii)|Section|5(a)(ii)|medium}} |
| [[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.
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| A failure to perform any agreement, if not cured within 30 days, is an {{isdaprov|Event of Default}}, except for
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| :(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
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| :(ii) those that relate to tax, and which mean the party not complying will just get clipped for tax it rather would not.
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| ==={{isdaprov|Failure to Pay or Deliver}} carve-out===
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| Why is Section {{isdaprov|5(a)(i)}} specifically carved out? No good reason other than general [[ISDA]] neurosis/delight in over-communicating. Yes, it has its own separate {{isdaprov|Event of Default}}, with a much tighter timeline, so in practice one would never realistically trigger a [[failure to pay]] as a {{isdaprov|5(a)(ii)}} event, but it is still a bit fussy carving it out.
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| ''[[ISDA]]{{tm}}. Never knowingly outfussed.{{tm}}''
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| ===It is an {{isdaprov|Event of Default}} not to supply {{isdaprov|documents for delivery}}===
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| 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.
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| ===Differences===
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| Note the addition of {{isdaprov|Repudiation of Agreement}} to the {{2002ma}}. You don't really need to define repudiation as a breach justifying termination of a contract, because ''[[Repudiation|that’s what it is by definition]]'' but that has never stopped an [[ISDA]] drafting committee before.
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| {{sa}}
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| *{{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).
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| *Section {{isdaprov|3(d)}} representations.
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