Template:2002 ISDA Equity Derivatives Definitions Amended Change In Law: Difference between revisions

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Section {{eqderivprov|12.9(a)(ii)}} of the {{eqderivprov|Equity Definitions}} is replaced in its entirety by the words: <br><br>
Section {{eqderivprov|12.9(a)(ii)}} of the {{eqderivprov|Equity Definitions}} is replaced in its entirety by the words: <br>
   
   
{{eqderivprov|Change in Law}}” means that, on or after the {{eqderivprov|Trade Date}} of any {{eqderivprov|Covered Transaction}} (A) due to the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law), or (B) 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 or regulation (including any action taken by a taxing authority), the {{eqderivprov|Calculation Agent}} determines in good faith that it has become illegal for a party to that {{eqderivprov|Covered Transaction}} to hold, acquire or dispose of {{eqderivprov|Hedge Positions}} relating to such {{eqderivprov|Covered Transaction}}, provided that this Section {{eqderivprov|12.9(a)(ii)}} shall not apply if the {{eqderivprov|Calculation Agent}} determines that such party could have taken reasonable steps to avoid such illegality.
“'''{{eqderivprov|Change in Law}}'''” means that, on or after the {{eqderivprov|Trade Date}} of any {{eqderivprov|Transaction}}:
:(A) due to the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law), or  
:(B) 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 or regulation (including any action taken by a taxing authority),
the {{eqderivprov|Calculation Agent}} determines in good faith that it has become illegal for a party to that {{eqderivprov|Transaction}} to hold, acquire or dispose of {{eqderivprov|Hedge Positions}} relating to such {{eqderivprov|Transaction}}, provided that this Section {{eqderivprov|12.9(a)(ii)}} shall not apply if the {{eqderivprov|Calculation Agent}} determines that such party could have taken reasonable steps to avoid such illegality. <br>

Latest revision as of 17:15, 17 May 2022

Section 12.9(a)(ii) of the Equity Definitions is replaced in its entirety by the words:

“Change in Law” means that, on or after the Trade Date of any Transaction:

(A) due to the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law), or
(B) 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 or regulation (including any action taken by a taxing authority),

the Calculation Agent determines in good faith that it has become illegal for a party to that Transaction to hold, acquire or dispose of Hedge Positions relating to such Transaction, provided that this Section 12.9(a)(ii) shall not apply if the Calculation Agent determines that such party could have taken reasonable steps to avoid such illegality.

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