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 "Cross-Default" applies to a party:
(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 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 defaults (after expiry of any grace period) on a payment of {{isdaprov|Specified Indebtedness}};
And the total of the principal amounts in (1) and the payment amounts in (2) exceeds the {{isdaprov|Threshold Amount}}.

Revision as of 16:45, 4 December 2015

5(a)(vi) Cross-Default. If "Cross-Default" applies to a party:

(1) any agreements it has for Specified Indebtedness become capable of acceleration; or

(2) it defaults (after expiry of any grace period) on a payment of Specified Indebtedness; And the total of the principal amounts in (1) and the payment amounts in (2) exceeds the Threshold Amount.

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