Template:ISDA Master Agreement 2002 6(b)(ii): Difference between revisions

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{{isdaprov|6(b)(ii)}} '''{{isdaprov|Transfer to Avoid Termination Event}}'''. If a {{isdaprov|Tax Event}} occurs and there is only one {{isdaprov|Affected Party}}, <br>or if a {{isdaprov|Tax Event Upon Merger}} occurs and the {{isdaprov|Burdened Party}} is the {{isdaprov|Affected Party}}, the {{isdaprov|Affected Party}} will, <br>as a condition to its right to designate an {{isdaprov|Early Termination Date}} under Section {{isdaprov|6(b)(iv)}}, use all reasonable <br>efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses) to <br>transfer within 20 days after it gives notice under Section {{isdaprov|6(b)(i)}} all its rights and obligations under this <br>{{isdaprov|Agreement}} in respect of the {{isdaprov|Affected Transactions}} to another of its {{isdaprov|Offices}} or {{isdaprov|Affiliates}} so that such <br>{{isdaprov|Termination Event}} ceases to exist.<br>
:{{isdaprov|6(b)(ii)}} '''{{isdaprov|Transfer to Avoid Termination Event}}'''. If a {{isdaprov|Tax Event}} occurs and there is only one {{isdaprov|Affected Party}}, or if a {{isdaprov|Tax Event Upon Merger}} occurs and the {{isdaprov|Burdened Party}} is the {{isdaprov|Affected Party}}, the {{isdaprov|Affected Party}} will, as a condition to its right to designate an {{isdaprov|Early Termination Date}} under Section {{isdaprov|6(b)(iv)}}, use all reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section {{isdaprov|6(b)(i)}} all its rights and obligations under this {{isdaprov|Agreement}} in respect of the {{isdaprov|Affected Transactions}} to another of its {{isdaprov|Offices}} or {{isdaprov|Affiliates}} so that such {{isdaprov|Termination Event}} ceases to exist.
 
:If the {{isdaprov|Affected Party}} is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section {{isdaprov|6(b)(i)}}.
If the {{isdaprov|Affected Party}} is not able to make such a transfer it will give notice to the other party to that effect <br>within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the <br>notice is given under Section {{isdaprov|6(b)(i)}}.<br>
:Any such transfer by a party under this Section {{isdaprov|6(b)(ii)}} will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed.<br />
 
Any such transfer by a party under this Section {{isdaprov|6(b)(ii)}} will be subject to and conditional upon the prior <br>written consent of the other party, which consent will not be withheld if such other party’s policies in effect <br>at such time would permit it to enter into transactions with the transferee on the terms proposed.<br>

Latest revision as of 10:59, 12 July 2017

6(b)(ii) Transfer to Avoid Termination Event. If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist.
If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i).
Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed.