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Template:Nutshell 2002 ISDA 6(b)(iv): Difference between revisions
Template:Nutshell 2002 ISDA 6(b)(iv) (view source)
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Amwelladmin (talk | contribs) (Created page with ":{{isdaprov|6(b)(iv)}} '''{{isdaprov|Right to Terminate}}'''. :(1) If:― ::(A) a neither party has managed to avoid a {{isdaprov|Tax Event}} or {{isdaprov|Tax Event Upon Merg...") |
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:{{isdaprov|6(b)(iv)}} '''{{isdaprov|Right to Terminate}}'''. | :{{isdaprov|6(b)(iv)}} '''{{isdaprov|Right to Terminate}}'''. | ||
:(1) If:― | :(1) '''{{isdaprov|Termination Event}}s other than {{isdaprov|Illegality}} and {{isdaprov|Force Majeure Event}}s''': If:― | ||
::(A) a neither party has managed to avoid a {{isdaprov|Tax Event}} or {{isdaprov|Tax Event Upon Merger}} as contemplated in Section {{isdaprov|6(b)(ii)}} or {{isdaprov|6(b)(iii)}} within 30 days | ::(A) a neither party has managed to avoid a {{isdaprov|Tax Event}} or {{isdaprov|Tax Event Upon Merger}} as contemplated in Section {{isdaprov|6(b)(ii)}} or {{isdaprov|6(b)(iii)}} within 30 days of a {{isdaprov|Notice of Termination Event}}; or | ||
::(B) there is a {{isdaprov|Credit Event Upon Merger}}, an {{isdaprov|Additional Termination Event}}, or a {{isdaprov|Tax Event Upon Merger}} | ::(B) there is a {{isdaprov|Credit Event Upon Merger}}, an {{isdaprov|Additional Termination Event}}, or a {{isdaprov|Tax Event Upon Merger}} where the {{isdaprov|Burdened Party}} is not the {{isdaprov|Affected Party}}, | ||
:if the {{isdaprov|Termination Event}} still exists the {{isdaprov|Burdened Party}} (if a {{isdaprov|Tax Event Upon Merger}}), either party (if both are {{isdaprov|Affected Parties}}) or the {{isdaprov|Unaffected Party}} in any other case may, | :if the {{isdaprov|Termination Event}} still exists the {{isdaprov|Burdened Party}} (if a {{isdaprov|Tax Event Upon Merger}}), either party (if both are {{isdaprov|Affected Parties}}) or the {{isdaprov|Unaffected Party}} (in any other case) may, on not more than 20 days’ notice, designate an {{isdaprov|Early Termination Date}} on or after the date in its {{isdaprov|Notice of Termination Event}} for ''all'' {{isdaprov|Affected Transactions}}. | ||
:(2) If an {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}} still exists when its {{isdaprov|Waiting Period}} has expired:― | :(2) '''{{isdaprov|Illegality}} and {{isdaprov|Force Majeure Event}}s''': If an {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}} still exists when its {{isdaprov|Waiting Period}} has expired:― | ||
::(A) Subject to clause (B) below, {{isdaprov|either}} party may, on not more than 20 days’ notice, designate an {{isdaprov|Early Termination Date}}: | ::(A) Subject to clause (B) below, {{isdaprov|either}} party may, on not more than 20 days’ notice, designate an {{isdaprov|Early Termination Date}}: | ||
:::(I) for ''all'' {{isdaprov|Affected Transactions}}, no earlier than the effective date of its notice,or | :::(I) for ''all'' {{isdaprov|Affected Transactions}}, no earlier than the effective date of its notice,or | ||
:::(II) for ''fewer than all'' {{isdaprov|Affected Transactions}} by specifying which {{isdaprov|Affected Transactions}} it wishes to terminate, effective no earlier than two {{isdaprov|Local Business Days}} following the effective day of its notice, as an {{isdaprov|Early Termination Date}} for those designated {{isdaprov|Affected Transactions}} only. In this case the other party may, by notice, terminate any of the outstanding {{isdaprov|Affected Transactions}} as of the same {{isdaprov|Early Termination Date}}. | :::(II) for ''fewer than all'' {{isdaprov|Affected Transactions}} by specifying which {{isdaprov|Affected Transactions}} it wishes to terminate, effective no earlier than two {{isdaprov|Local Business Days}} following the effective day of its notice, as an {{isdaprov|Early Termination Date}} for those designated {{isdaprov|Affected Transactions}} only. In this case the other party may, by notice, terminate any of the outstanding {{isdaprov|Affected Transactions}} as of the same {{isdaprov|Early Termination Date}}. | ||
::(B) Where the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}} relates to performance under a {{isdaprov|Credit Support Document}}, an {{isdaprov|Affected Party}} may only designate an {{isdaprov|Early Termination Date}} following designation by the other party of an {{isdaprov|Early Termination Date}}, for fewer than all {{isdaprov|Affected Transactions}} under this Section. <br/> | ::(B) Where the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}} relates to performance under a {{isdaprov|Credit Support Document}}, an {{isdaprov|Affected Party}} may only designate an {{isdaprov|Early Termination Date}} following designation by the other party of an {{isdaprov|Early Termination Date}}, for fewer than all {{isdaprov|Affected Transactions}} under this Section. <br/> | ||