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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	==={{isdaprov\|Hierarchy of Events}}===		==={{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.		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 {{isdaprov\|Illegality}} is no longer subject to the "two {{isdaprov\|Affected Parties}}" delay on termination (as it was in the {{1992ma}}), this is significant.