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

{{isdaprov|6(b)(iv)}} '''{{isdaprov|Right to Terminate}}'''.

:(1) If:―<br>

::(A) a transfer under Section {{isdaprov|6(b)(ii)}} or an agreement under Section {{isdaprov|6(b)(iii)}}, as the <br>case may be, has not been effected with respect to all {{isdaprov|Affected Transactions}} within 30 days <br>after an {{isdaprov|Affected Party}} gives notice under Section {{isdaprov|6(b)(i)}}; or <br>

::(B) a {{isdaprov|Credit Event Upon Merger}} or an {{isdaprov|Additional Termination Event}} occurs, or a Tax <br>Event Upon Merger occurs and the {{isdaprov|Burdened Party}} is not the {{isdaprov|Affected Party}}, <br>

:the {{isdaprov|Burdened Party}} in the case of a {{isdaprov|Tax Event Upon Merger}}, any {{isdaprov|Affected Party}} in the case of a <br>Tax Event or an {{isdaprov|Additional Termination Event}} if there are two {{isdaprov|Affected Parties}}, or the Nonaffected <br>Party in the case of a {{isdaprov|Credit Event Upon Merger}} or an {{isdaprov|Additional Termination Event}} if <br>there is only one {{isdaprov|Affected Party}} may, if the relevant {{isdaprov|Termination Event}} is then continuing, by not <br>more than 20 days notice to the other party, designate a day not earlier than the day such notice is <br>effective as an {{isdaprov|Early Termination Date}} in respect of all Affected Transactions. <br>

:(2) If at any time an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} has occurred and is then continuing <br>and any applicable {{isdaprov|Waiting Period}} has expired:― <br>

:(A) Subject to clause (B) below, either party may, by not more than 20 days notice to <br>the other party, designate (I) a day not earlier than the day on which such notice becomes <br>effective as an {{isdaprov|Early Termination Date}} in respect of all {{isdaprov|Affected Transactions}} or (II) by <br>specifying in that notice the {{isdaprov|Affected Transactions}} in respect of which it is designating the <br>relevant day as an {{isdaprov|Early Termination Date}}, a day not earlier than two {{isdaprov|Local Business Days}} <br>following the day on which such notice becomes effective as an {{isdaprov|Early Termination Date}} in <br>respect of less than all {{isdaprov|Affected Transactions}}. Upon receipt of a notice designating an <br>{{isdaprov|Early Termination Date}} in respect of less than all {{isdaprov|Affected Transactions}}, the other party <br>may, by notice to the designating party, if such notice is effective on or before the day so <br>designated, designate that same day as an {{isdaprov|Early Termination Date}} in respect of any or all <br>other {{isdaprov|Affected Transactions}}. <br>

:(B) An {{isdaprov|Affected Party}} (if the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}} relates to performance <br>by such party or any {{isdaprov|Credit Support Provider}} of such party of an obligation to make any <br>payment or delivery under, or to compliance with any other material provision of, the <br>relevant {{isdaprov|Credit Support Document}}) will only have the right to designate an Early <br>Termination Date under Section {{isdaprov|6(b)(iv)(2)(A)}} as a result of an {{isdaprov|Illegality}} under <br>Section {{isdaprov|5(b)(i)(2)}} or a {{isdaprov|Force Majeure Event}} under Section {{isdaprov|5(b)(ii)(2)}} following the prior <br>designation by the other party of an {{isdaprov|Early Termination Date}}, pursuant to <br>Section {{isdaprov|6(b)(iv)(2)(A)}}, in respect of less than all {{isdaprov|Affected Transactions}}. <br>