Template:Nutshell 2002 ISDA 5(b)(ii): Difference between revisions

← Older edit

Template:Nutshell 2002 ISDA 5(b)(ii) (view source)

Revision as of 13:58, 12 June 2018

76 bytes removed , 12 June 2018

no edit summary

Amwelladmin

Bureaucrats, Interface administrators, Administrators

82,883

edits

@@ Line 1: / Line 1: @@
-:'''{{isdaprov|5(b)(ii)}}'''  '''{{isdaprov|Force Majeure Event}}'''. By reason of [[force majeure]] occurring after any {{isdaprov|Transaction}} is executed:―
+:{{isdaprov|5(b)(ii)}}  '''{{isdaprov|Force Majeure Event}}'''. A [[force majeure]] occurring after any {{isdaprov|Transaction}} is executed means:―
-::(1) the {{isdaprov|Office}} through which the {{isdaprov|Affected Party}} performs the {{isdaprov|Transaction}} cannot perform any obligation under it (it is impossible or impracticable to do so); or <br>
+::(1) the {{isdaprov|Affected Party}}’s relevant {{isdaprov|Office}}  cannot practicably perform any obligation under the {{isdaprov|Transaction}}; or <br>
-::(2) the {{isdaprov|Affected Party}} or its {{isdaprov|Credit Support Provider}} cannot perform any obligation under it (or it is impossible or impracticable to do so;
+::(2) the {{isdaprov|Affected Party}} or its {{isdaprov|Credit Support Provider}} cannot practicably perform any obligation under the {{isdaprov|Transaction}};
-:if the [[force majeure]] is outside the {{isdaprov|Affected Party}}’s control and it could not, after using all [[reasonable efforts]] (not obliging it to incur a [[loss]], other than incidental expenses), overcome the necessary prevention; <br>
+:if the [[force majeure]] is outside the {{isdaprov|Affected Party}}’s control and it could not, using all [[reasonable efforts]] (without incurring more than incidental expenses by way of [[loss]]), overcome the necessary prevention; <br>