Template:Nutshell 2002 ISDA 6(b)(ii): Difference between revisions
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::If there is a {{isdaprov|Tax Event}} with only one {{isdaprov|Affected Party}} or a {{isdaprov|Tax Event Upon Merger}} where the {{isdaprov|Burdened Party}} is the {{isdaprov|Affected Party}}, before designating an {{isdaprov|Early Termination Date}} the {{isdaprov|Affected Party}} must use all reasonable efforts to transfer, within 20 days of giving notice of the {{isdaprov|Termination Event}}, all its rights and obligations under the {{isdaprov|Affected Transactions}} to one of its {{isdaprov|Offices}} or {{isdaprov|Affiliates}} so that the {{isdaprov|Termination Event}} ceases to exist. | ::If there is a {{isdaprov|Tax Event}} with only one {{isdaprov|Affected Party}} or a {{isdaprov|Tax Event Upon Merger}} where the {{isdaprov|Burdened Party}} is the {{isdaprov|Affected Party}}, before designating an {{isdaprov|Early Termination Date}} the {{isdaprov|Affected Party}} must use all reasonable efforts to transfer, within 20 days of giving notice of the {{isdaprov|Termination Event}}, all its rights and obligations under the {{isdaprov|Affected Transactions}} to one of its {{isdaprov|Offices}} or {{isdaprov|Affiliates}} so that the {{isdaprov|Termination Event}} ceases to exist. | ||
::If it cannot make such a transfer, it will advise the other party within the 20 day period, and the other party may effect such a transfer within 30 days after the original notice of {{isdaprov|Termination Event}}. | ::If it cannot make such a transfer, it will advise the other party within the 20 day period, and the other party may effect such a transfer within 30 days after the original notice of {{isdaprov|Termination Event}}. | ||
:Any such transfer by a party under this Section will require the of the other party’s prior written consent (not be withheld if the other party’s prevailing policies would permit it to enter into transactions on the terms proposed.<br> | ::Any such transfer by a party under this Section will require the of the other party’s prior written consent (which may not be withheld if the other party’s prevailing policies would permit it to enter into transactions on the terms proposed).<br> | ||
Latest revision as of 12:39, 6 August 2018
- 6(b)(ii) Transfer to Avoid Termination Event
- If there is a Tax Event with only one Affected Party or a Tax Event Upon Merger where the Burdened Party is the Affected Party, before designating an Early Termination Date the Affected Party must use all reasonable efforts to transfer, within 20 days of giving notice of the Termination Event, all its rights and obligations under the Affected Transactions to one of its Offices or Affiliates so that the Termination Event ceases to exist.
- If it cannot make such a transfer, it will advise the other party within the 20 day period, and the other party may effect such a transfer within 30 days after the original notice of Termination Event.
- Any such transfer by a party under this Section will require the of the other party’s prior written consent (which may not be withheld if the other party’s prevailing policies would permit it to enter into transactions on the terms proposed).