Template:ISDA Master Agreement 2002 5(b)(i): Difference between revisions

{{isdaprov|5(b)(i)}} '''{{isdaprov|Illegality}}'''. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant {{isdaprov|Confirmation}} or elsewhere in this {{isdaprov|Agreement}}, due to an event or circumstance (other than any action taken by a party or, if applicable, any {{isdaprov|Credit Support Provider}} of such party) occurring after a {{isdaprov|Transaction}} is entered into, it becomes unlawful under any applicable law (including without limitation the laws of any country in which payment, delivery or compliance is required by either party or any {{isdaprov|Credit Support Provider}}, as the case may be), on any day, or it would be unlawful if the relevant payment, delivery or compliance were required on that day (in each case, other than as a result of a breach by the party of Section {{isdaprov|4}}(b)):―  

:{{isdaprov|5(b)(i)(1)}} for the Office through which such party (which will be the {{isdaprov|Affected Party}}) makes and receives payments or deliveries with respect to such {{isdaprov|Transaction}} to perform any absolute or contingent obligation to make a payment or delivery in respect of such {{isdaprov|Transaction}}, to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this {{isdaprov|Agreement}} relating to such {{isdaprov|Transaction}}; or  

:{{isdaprov|5(b)(i)(2)}} for such party or any {{isdaprov|Credit Support Provider}} of such party (which will be the Affected Party) to perform any absolute or contingent obligation to make a payment or delivery which such party or {{isdaprov|Credit Support Provider}} has under any {{isdaprov|Credit Support Document}} relating to such {{isdaprov|Transaction}}, to receive a payment or delivery under such {{isdaprov|Credit Support Document}} or to comply with any other material provision of such {{isdaprov|Credit Support Document}}; <br>