Template:M summ 2002 ISDA 5(a)(ii): Difference between revisions

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[[Double negative]] heaven in {{isdaprov|5(a)(ii)}}(1): '''not''' complying with an obligation that is '''not''' (''[[inter alia]]'') a payment obligation if '''not''' remedied within a month.  
A failure to perform any agreement, if not cured within 30 days, is an {{isdaprov|Event of Default}}, except for:
:(i) those failures which already have their own special {{isdaprov|Event of Default}} (i.e., {{isdaprov|Failure to Pay or Deliver}} under Section {{isdaprov|5(a)(i)}}) or
:(ii) those that relate to tax, and which mean the party not complying will just get clipped for [[tax]] it rather would not.


A failure to perform any agreement, if not cured within 30 days, is an {{isdaprov|Event of Default}}, except for
These are the ''boring'' breaches of agreement: those of a not immediately existential consequence to a derivative relationship (like {{isdaprov|Failure to Pay or Deliver}}, or a party’s outright {{isdaprov|Bankruptcy}}) but which, if not [[promptly]] sorted out, justify shutting things down with extreme prejudice.
:(i) those failures who have their own special {{isdaprov|Event of Default}} (ie {{isdaprov|Failure to Pay or Deliver}} under Section {{isdaprov|5(a)(i)}}) or
 
:(ii) those that relate to tax, and which mean the party not complying will just get clipped for [[tax]] it rather would not.
All rendered in {{icds}}’s lovingly tortured prose, of course: note a [[double negative]] extragvaganza in {{isdaprov|5(a)(ii)}}(1): '''not''' complying with an obligation that is '''not''' (''[[inter alia]]'') a payment obligation if '''not''' remedied within a month. High five, team ISDA.

Revision as of 09:15, 25 February 2020

A failure to perform any agreement, if not cured within 30 days, is an Event of Default, except for:

(i) those failures which already have their own special Event of Default (i.e., Failure to Pay or Deliver under Section 5(a)(i)) or
(ii) those that relate to tax, and which mean the party not complying will just get clipped for tax it rather would not.

These are the boring breaches of agreement: those of a not immediately existential consequence to a derivative relationship (like Failure to Pay or Deliver, or a party’s outright Bankruptcy) but which, if not promptly sorted out, justify shutting things down with extreme prejudice.

All rendered in ISDA’s crack drafting squad™’s lovingly tortured prose, of course: note a double negative extragvaganza in 5(a)(ii)(1): not complying with an obligation that is not (inter alia) a payment obligation if not remedied within a month. High five, team ISDA.

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