Template:Nutshell 2002 ISDA 6(e)(iv): Difference between revisions

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:{{isdaprov|6(e)(iv)}} '''{{isdaprov|Adjustment for Illegality or Force Majeure Event}}'''. The failure by a party or its {{isdaprov|Credit Support Provider}} to pay an {{isdaprov|Early Termination Amount}} when due will not be a {{isdaprov|Failure to Pay or Deliver}} or a {{isdaprov|Credit Support Default}} if caused by an event or circumstance which amount to an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} under a {{isdaprov|Transaction}}. Such a failure will:
:{{isdaprov|6(e)(iv)}} '''{{isdaprov|Adjustment for Illegality or Force Majeure Event}}'''. The failure by a party or its {{isdaprov|Credit Support Provider}} to pay an {{isdaprov|Early Termination Amount}} when due will not be a {{isdaprov|Failure to Pay or Deliver}} or a {{isdaprov|Credit Support Default}} if caused by an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}}. The unpaid amount will:
:(1) accrue [[interest]] and will be treated as an {{isdaprov|Unpaid Amount}} for a subsequent {{isdaprov|Early Termination Date}} resulting from an {{isdaprov|Event of Default}}, a {{isdaprov|Credit Event Upon Merger}} or an {{isdaprov|Additional Termination Event}} affecting all outstanding {{isdaprov|Transactions}}; and  
::(1) be treated as an {{isdaprov|Unpaid Amount}} for a subsequent {{isdaprov|Early Termination Date}} resulting from an {{isdaprov|Event of Default}}, a {{isdaprov|Credit Event Upon Merger}} or an {{isdaprov|Additional Termination Event}} affecting all outstanding {{isdaprov|Transactions}}; and  
:(2) otherwise accrue interest in accordance with Section {{isdaprov|9(h)}}(ii)(2). <br>
::(2) otherwise accrue interest in accordance with Section {{isdaprov|9(h)}}(ii)(2). <br>

Latest revision as of 10:15, 18 April 2018

6(e)(iv) Adjustment for Illegality or Force Majeure Event. The failure by a party or its Credit Support Provider to pay an Early Termination Amount when due will not be a Failure to Pay or Deliver or a Credit Support Default if caused by an Illegality or a Force Majeure Event. The unpaid amount will:
(1) be treated as an Unpaid Amount for a subsequent Early Termination Date resulting from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event affecting all outstanding Transactions; and
(2) otherwise accrue interest in accordance with Section 9(h)(ii)(2).
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