Template:Nutshell 2002 ISDA 5(a)(vi): Difference between revisions

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(Created page with "{{isdaprov|5(a)(vi)}} {{isdaprov|Cross-Default}}. If "Cross-Default" applies, a party commits:― (1) an event of default entitling its counterparty to accelerate ''any'' agr...")
 
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{{isdaprov|5(a)(vi)}} {{isdaprov|Cross-Default}}. If "Cross-Default" applies, a party commits:―
:{{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) an event of default entitling its counterparty to accelerate ''any'' agreements for {{isdaprov|Specified Indebtedness}} having an aggregate principal amount (including any amount in limb (2)) at least equal to the Threshold Amount; 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) a payment default by that party under any such agreements (after expiry of any grace period) in an aggregate amount, (including any amount in limb (1) at least equal to the Threshold Amount;
::(2) it (or its {{isdaprov|Credit Support Provider}}s or {{isdaprov|Specified Entities}}) defaults on any payment of {{isdaprov|Specified Indebtedness}} (and any [[grace period]] expires);
::And the total of the principal amounts in (1) and (2) exceeds the {{isdaprov|Threshold Amount}}. <br>

Latest revision as of 14:02, 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 on any payment of Specified Indebtedness (and any grace period expires);
And the total of the principal amounts in (1) and (2) exceeds the Threshold Amount.
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