8010 Exam Dumps | Which of the following is not an event of default covered in the ISDA Master Agreement? I. failure to

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PRMIA.8010.v2022-06-27.q87
Question 73

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Question 73/87

Which of the following is not an event of default covered in the ISDA Master Agreement?
I. failure to pay or deliver
II. credit support default
III. merger without assumption
IV. Bankruptcy

A. All are considered events of default

B. II and III

C. I

D. IV

Correct Answer: C

Explanation
Note that events of default under the ISDA MA are caused by one of the parties that is considered 'atfault'. In contrast, "termination events" are events for which no one is at fault, for example changes in legislation, illegality etc that still justify termination of the transactions under the contract.
The ISDA MA describes the following 8 types of events of default:
1. failure of pay or deliver
2. breach of agreement
credit support default
4. misrepresentation
5. default under specified transaction
6. cross default
7. bankruptcy
8. merger without assumption
All of the options presented in the question are events of default.

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