82,891
edits
Failure to Pay or Deliver - ISDA Provision: Difference between revisions
Failure to Pay or Deliver - ISDA Provision (view source)
Revision as of 15:19, 9 February 2015
, 9 February 2015no edit summary
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 4: | Line 4: | ||
*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) | *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 ({{2002ma}}) or three ({{1992ma}}) 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 ({{2002ma}}) or T+5 {{1992ma}}. | ||
{{isdaanatomy}} | {{isdaanatomy}} | ||