Template:ISDA Master Agreement 2002 5(a)(v): Difference between revisions

{{isdaprov|5(a)(v)}} '''{{isdaprov|Default Under Specified Transaction}}'''. The party, any [[Credit Support Provider]] of such party or any applicable {{isdaprov|Specified Entity}} of such party:― <br>

:(1) defaults (other than by failing to make a delivery) under a {{isdaprov|Specified Transaction}} or any [[credit support arrangement]] relating to a {{isdaprov|Specified Transaction}} and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, that {{isdaprov|Specified Transaction}};  <br>

:(2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment due on the last payment or exchange date of, or any payment on early termination of, a {{isdaprov|Specified Transaction}} (or, if there is no applicable notice requirement or [[grace period]], such default continues for at least one {{isdaprov|Local Business Day}});  <br>

:(3) defaults in making any delivery due under (including any delivery due on the last delivery or exchange date of) a {{isdaprov|Specified Transaction}} or any [[credit support arrangement]] relating to a {{isdaprov|Specified Transaction}} and, after giving effect to any [[applicable]] notice requirement or [[grace period]], such default results in a liquidation of, an acceleration of obligations under, or an early termination of, all transactions outstanding under the documentation applicable to that {{isdaprov|Specified Transaction}}; or <br>  

:(4) disaffirms, disclaims, repudiates or rejects, [[in whole or in part]], or challenges the validity of, a {{isdaprov|Specified Transaction}} or any [[credit support arrangement]] relating to a {{isdaprov|Specified Transaction}} that is, in either case, confirmed or evidenced by a document or other confirming evidence executed and delivered by that party, {{isdaprov|Credit Support Provider}} or {{isdaprov|Specified Entity}} (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); <br>