Template:Nutshell 2002 ISDA 5(a)(vi): Difference between revisions
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:{{isdaprov|5(a)(vi)}} '''{{isdaprov|Cross-Default}}'''. If “{{isdaprov|Cross-Default}}” applies to a party, it will be an {{isdaprov|Event of Default}} if: | :{{isdaprov|5(a)(vi)}} '''{{isdaprov|Cross-Default}}'''. If “{{isdaprov|Cross-Default}}” applies to a party, it will be an {{isdaprov|Event of Default}} if: | ||
::(1) any agreements it has for {{isdaprov|Specified Indebtedness}} become capable of acceleration; or | ::(1) any agreements it (or its {{isdaprov|Credit Support Provider}}s or {{isdaprov|Specified Entities}}) has for {{isdaprov|Specified Indebtedness}} become capable of acceleration; or | ||
::(2) it defaults (and any [[grace period]] expires) on any payment of {{isdaprov|Specified Indebtedness}} ; | ::(2) it (or its {{isdaprov|Credit Support Provider}}s or {{isdaprov|Specified Entities}}) defaults (and any [[grace period]] expires) on any payment of {{isdaprov|Specified Indebtedness}}; | ||
::And the total of the principal amounts in (1) and (2) exceeds the {{isdaprov|Threshold Amount}}. <br> | ::And the total of the principal amounts in (1) and (2) exceeds the {{isdaprov|Threshold Amount}}. <br> | ||
Revision as of 14:01, 3 October 2017
- 5(a)(vi) Cross-Default. If “Cross-Default” applies to a party, it will be an Event of Default if:
- (1) any agreements it (or its Credit Support Providers or Specified Entities) has for Specified Indebtedness become capable of acceleration; or
- (2) it (or its Credit Support Providers or Specified Entities) defaults (and any grace period expires) on any payment of Specified Indebtedness;
- And the total of the principal amounts in (1) and (2) exceeds the Threshold Amount.