Template:GTMA Master Agreement 2004 12.7: Difference between revisions

Template:GTMA Master Agreement 2004 12.7 (view source)

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 {{gtmaprov|12.7}} If, due to the adoption of, or any change in, any applicable law after the date on which a {{gtmaprov|Transaction}} is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law after that date, it becomes unlawful (other than as a result of a breach by the relevant party of clause 3.2) for a {{gtmaprov|Party}} (the "'''{{gtmaprov|Affected Party}}'''"):<br>
 :{{gtmaprov|12.7.1}} to perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of that {{gtmaprov|Transaction}} or to comply with any other material provision of this {{gtmaprov|Agreement}} relating to that {{gtmaprov|Transaction}}; or<br>
-:{{gtmaprov|12.7.2}} to perform, or for any {{gtmaprov|Credit Support Provider}} of that {{gtmaprov|Party}} to perform, any contingent or other obligation which the Party (or that {{gtmaprov|Credit Support Provider}}) has under any {{gtmaprov|Credit Support Document}} relating to that {{gtmaprov|Transaction}}, (an "'''{{gtmaprov|Illegality}}'''") then, unless the Parties otherwise agree in writing, either Party may elect to terminate, liquidate and accelerate that {{gtmaprov|Transaction}} in accordance with clauses {{gtmaprov|12.3}}, {{gtmaprov|12.4}} and {{gtmaprov|12.5}}, except that, for the purposes of clause {{gtmaprov|12.3}}, either {{gtmaprov|Party}} may designate an {{gtmaprov|Early Termination Date}} and, for the purposes of clause {{gtmaprov|12.4}} and {{gtmaprov|12.5}}, references to the {{gtmaprov|Defaulting Party}} will be read as references to the {{gtmaprov|Affected Party}}, references to the {{gtmaprov|Non-Defaulting Party}} will be read as references to the {{gtmaprov|Party}} which is not the {{gtmaprov|Affected Party}}, references to "all Transactions" will be read as references to all Transactions affected by the {{gtmaprov|Illegality}}.  However, if both Parties are {{gtmaprov|Affected Parties}}, each Party shall determine the {{gtmaprov|Termination Payment}} in respect of the terminated {{gtmaprov|Transactions}} and the amount payable shall be the algebraic average of the two {{gtmaprov|Termination Payments}}.
+:{{gtmaprov|12.7.2}} to perform, or for any {{gtmaprov|Credit Support Provider}} of that {{gtmaprov|Party}} to perform, any contingent or other obligation which the Party (or that {{gtmaprov|Credit Support Provider}}) has under any {{gtmaprov|Credit Support Document}} relating to that {{gtmaprov|Transaction}}, (an "'''{{gtmaprov|Illegality}}'''") then, unless the Parties otherwise agree in writing, either Party may elect to terminate, liquidate and accelerate that {{gtmaprov|Transaction}} in accordance with clauses {{gtmaprov|12.3}}, {{gtmaprov|12.4}} and {{gtmaprov|12.5}}, except that, for the purposes of clause {{gtmaprov|12.3}}, either {{gtmaprov|Party}} may designate an {{gtmaprov|Early Termination Date}} and, for the purposes of clause {{gtmaprov|12.4}} and {{gtmaprov|12.5}}, references to the {{gtmaprov|Defaulting Party}} will be read as references to the {{gtmaprov|Affected Party}}, references to the {{gtmaprov|Non-Defaulting Party}} will be read as references to the {{gtmaprov|Party}} which is not the {{gtmaprov|Affected Party}}, references to "all Transactions” will be read as references to all Transactions affected by the {{gtmaprov|Illegality}}.  However, if both Parties are {{gtmaprov|Affected Parties}}, each Party shall determine the {{gtmaprov|Termination Payment}} in respect of the terminated {{gtmaprov|Transactions}} and the amount payable shall be the algebraic average of the two {{gtmaprov|Termination Payments}}.