Waiting Period - ISDA Provision

2002 ISDA Master Agreement A Jolly Contrarian owner’s manual Resources and navigation Resources Wikitext | Nutshell wikitext | 1992 ISDA wikitext | 2002 vs 1992 Showdown | 2006 ISDA Definitions | 2008 ISDA | JC’s ISDA code project Navigation Preamble | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 Events of Default: 5(a)(i) Failure to Pay or Deliver • 5(a)(ii) Breach of Agreement • 5(a)(iii) Credit Support Default • 5(a)(iv) Misrepresentation • 5(a)(v) Default Under Specified Transaction • 5(a)(vi) Cross Default • 5(a)(vii) Bankruptcy • 5(a)(viii) Merger without Assumption • Termination Events: 5(b)(i) Illegality • 5(b)(ii) Force Majeure Event • 5(b)(iii) Tax Event • 5(b)(iv) Tax Event Upon Merger • 5(b)(v) Credit Event Upon Merger • 5(b)(vi) Additional Termination Event Index — Click ᐅ to expand: ► 2002 ISDA ► 1992 ISDA Section Waiting Period in a Nutshell™ Use at your own risk, campers! “Waiting Period” means:― (a) for an Illegality (other than where performance under a Credit Support Document is required on the relevant day (here no Waiting Period will apply), three Local Business Days after the Illegality happened; and (b) for a Force Majeure Event (other than where performance under a Credit Support Document is required on the relevant day (here no Waiting Period will apply), eight Local Business Days after the Illegality happened. view template Full text of Section Waiting Period “Waiting Period” means:― (a) in respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or circumstance; and (b) in respect of an event or circumstance under Section 5(b)(ii), other than in the case of Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of eight Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or circumstance. view template Related agreements and comparisons Related Agreements Click here for the text of Section Waiting Period in the 1992 ISDA Comparisons There is no “Waiting Period” in the 1992 ISDA Get in touch Comments? Questions? Suggestions? Requests? Insults? We’d love to hear from you. Sign up for our newsletter

Content and comparisons

There is no “Waiting Period” in the 1992 ISDA.
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Summary

The Waiting Period for Illegality (Section 5(b)(i)) is three Local Business Days; for a Force Majeure Event (5(b)(ii) it is 8 Local Business Days.

There are no waiting periods in the 1992 ISDA.
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See also

• Section 5(d) and what to do if you have an Illegality or a Force Majeure Event
  

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