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Template:Nutshell 2002 ISDA 5(c): Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{prov2|isda|5(c) (2002 ISDA)|5(c)}} '''{{isdaprov|Hierarchy of Events}}'''. <br> : {{isdaprov|5(c)(i)}} As long as an event counts as an {{isdaprov|Illegality}} or a {{isdapr...") |
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{{prov2|isda|5(c) (2002 ISDA)|5(c)}} '''{{isdaprov|Hierarchy of Events}}'''. <br> | {{prov2|isda|5(c) (2002 ISDA)|5(c)}} '''{{isdaprov|Hierarchy of Events}}'''. <br> | ||
: {{isdaprov|5(c)(i)}} As long as an event counts as an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}}, it will not count as an {{isdaprov|Failure to Pay or Deliver}} {{isdaprov|Breach of Agreement}} or the first limb of {{isdaprov|Credit Support Default}}. <br> | : {{isdaprov|5(c)(i)}} As long as an event counts as an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}}, it will not count as an {{isdaprov|Failure to Pay or Deliver}}, a {{isdaprov|Breach of Agreement}} or the first limb of {{isdaprov|Credit Support Default}}. <br> | ||
:{{isdaprov|5(c)(ii)}} In any other circumstances, an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} which also counts as an {{isdaprov|Event of Default}} or a {{isdaprov|Termination Event}}, will count as the relevant {{isdaprov|Event of Default}} or {{isdaprov|Termination Event}}, and not the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}}. <br> | :{{isdaprov|5(c)(ii)}} In any other circumstances, an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} which also counts as an {{isdaprov|Event of Default}} or a {{isdaprov|Termination Event}}, will count as the relevant {{isdaprov|Event of Default}} or {{isdaprov|Termination Event}}, and not the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}}. <br> | ||
:{{isdaprov|5(c)(iii)}} If a {{isdaprov|Force Majeure Event}} also counts as an {{isdaprov|Illegality}}, it will be treated as an {{isdaprov|Illegality}} and not a {{isdaprov|Force Majeure Event}} (unless covered by clause {{isdaprov|5(c)(ii)}} above). <br> | :{{isdaprov|5(c)(iii)}} If a {{isdaprov|Force Majeure Event}} also counts as an {{isdaprov|Illegality}}, it will be treated as an {{isdaprov|Illegality}} and not a {{isdaprov|Force Majeure Event}} (unless covered by clause {{isdaprov|5(c)(ii)}} above). <br> | ||