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Template:M summ 2002 ISDA 5(b)(i): Difference between revisions
Template:M summ 2002 ISDA 5(b)(i) (view source)
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Like a {{isdaprov|Force Majeure Event}}, an {{isdaprov|Illegality}} may only be triggered after exhausting the fallbacks and remedies specified in the {{2002ma}}. | Like a {{isdaprov|Force Majeure Event}}, an {{isdaprov|Illegality}} may only be triggered after exhausting the fallbacks and remedies specified in the {{2002ma}}. | ||
Under the {{2002ma}}, {{isdaprov|Illegality}} trumps {{isdaprov|Force Majeure}}. Given that {{isdaprov|Illegality}} is no longer subject to the "two {{isdaprov|Affected Parties}}" delay on termination (as it was in the {{1992ma}}), this is significant. | ==={{isdaprov|Hierarchy of Events}}=== | ||
Under the {{2002ma}}, Section 5(c) intervenes to provide that (i) {{isdaprov|Illegality}} trumps {{isdaprov|Force Majeure}} and Illegality and {{isdaprov|Force Majeure}} trump {{isdaprov|Failure to Pay}} and {{isdaprov|Breach of Agreement}}. Given that {{isdaprov|Illegality}} is no longer subject to the "two {{isdaprov|Affected Parties}}" delay on termination (as it was in the {{1992ma}}), this is significant. | |||