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Template:Isda Illegality summ: Difference between revisions
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'''{{isdaprov|Illegality}} vs. {{isdaprov|Force Majeure}} smackdown''': Like a {{isdaprov|Force Majeure Event}}, an {{isdaprov|Illegality}} may only be triggered after exhausting the fallbacks and remedies specified in the {{2002ma}}. | '''{{isdaprov|Illegality}} vs. {{isdaprov|Force Majeure}} smackdown''': Like a {{isdaprov|Force Majeure Event}}, an {{isdaprov|Illegality}} may only be triggered after exhausting the fallbacks and remedies specified in the {{2002ma}}. | ||
'''Waiting period''': There is a {{isdaprov|Waiting Period}} before you can terminate for {{isdaprov|Illegality}} the {{2002ma}}. Note the effect of section {{isdaprov|6(b)(iv)}}(2) in the {{2002ma}} is to impose a {{isdaprov|Waiting Period}} of three {{isdaprov|Local Business Day}}s before one acquires the right to terminate on account of an {{isdaprov|Illegality}}. There is no such waiting period in the {{1992ma}}. | |||
Note the effect of section {{isdaprov|6(b)(iv)}}(2) in the {{2002ma}} is to impose a {{isdaprov|Waiting Period}} of three {{isdaprov|Local Business Day}}s before one acquires the right to terminate on account of an {{isdaprov|Illegality}}. There is no such waiting period in the {{1992ma}}. | |||
'''{{isdaprov|Hierarchy of Events}}''': Under the {{2002ma}}, Section {{isdaprov|5(c)}} (''{{isdaprov|Hierarchy of Events}}'') intervenes to provide that (i) {{isdaprov|Illegality}} trumps {{isdaprov|Force Majeure}} and (ii) {{isdaprov|Illegality}} and {{isdaprov|Force Majeure}} both trump the {{isdaprov|Failure to Pay}} and {{isdaprov|Breach of Agreement}} {{isdaprov|Events of Default}}. | |||
Under the {{2002ma}}, Section {{isdaprov|5(c)}} (''{{isdaprov|Hierarchy of Events}}'') intervenes to provide that (i) {{isdaprov|Illegality}} trumps {{isdaprov|Force Majeure}} and (ii) {{isdaprov|Illegality}} and {{isdaprov|Force Majeure}} both trump the {{isdaprov|Failure to Pay}} and {{isdaprov|Breach of Agreement}} {{isdaprov|Events of Default}}. | |||
Given that {{{{{1}}}|Illegality}} is no longer subject to the “two {{{{{1}}}|Affected Parties}}” delay on termination (as it was in the {{1992ma}}), this is significant. | Given that {{{{{1}}}|Illegality}} is no longer subject to the “two {{{{{1}}}|Affected Parties}}” delay on termination (as it was in the {{1992ma}}), this is significant. | ||