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| {{isdaprov|Failure to Pay}} under Section {{isdaprov|5(a)(i)}} of the {{isdama}}: where a party fails to pay or deliver on time and does not remedy before the [[grace period]] expires. The [[grace period]] for a {{2002ma}} is one {{isdaprov|Local Business Day}}; shorter than the three Local Business Days in the {{1992ma}}. This fact alone has kept a number of market counterparties on the 1992 form, nearly thirty years after it was upgraded. | | {{isda 5(a)(i) summ|isdaprov}} |
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| ===CSAs===
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| There’s a technical funny due to the American habit of insisting on a pledge-only {{nycsa}} and then designating it as a {{isdaprov|Credit Support Document}} (against the hopes and dreams of {{icds}} when it drafted the Users’ Guide, but still), and that is a failure to pay under an English law CSA is a Section {{isdaprov|5(a)(i)}} {{isdaprov|Failure to Pay or Deliver}}, whereas a failure to pay under a New York Law CSA is a Section {{isdaprov|5(a)(iii)}} {{isdaprov|Credit Support Default}}. Doth any difference it maketh? None, so far as we can see.
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| Funny old world we live in.
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