Template:Nutshell 2002 ISDA 6(a): Difference between revisions

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-{{isdaprov|6(a)}} '''{{isdaprov|Right to Terminate following Event of Default}}'''. If a party (“'''{{isdaprov|Defaulting Party}}'''”) suffers an {{isdaprov|Event of Default}}  the other one (the “'''{{isdaprov|Non-defaulting Party}}'''”) may designate an {{isdaprov|Early Termination Date}} for all outstanding {{isdaprov|Transactions}}. If {{isdaprov|Automatic Early Termination}} applies to the {{isdaprov|Defaulting Party}} and the {{isdaprov|Event of Default}} it is qualifying {{isdaprov|Bankruptcy}} event<ref>This excludes limbs  {{isdaprov|5(a)(vii)}} (2), (4) or (7) of the definition of Bankruptcy</ref> the {{isdaprov|Early Termination Date}} will occur immediately before institution of the relevant proceeding. <br>
+{{isdaprov|6(a)}} '''{{isdaprov|Right to Terminate following Event of Default}}'''. If one party (“'''{{isdaprov|Defaulting Party}}'''”) suffers an {{isdaprov|Event of Default}}, the other (the “'''{{isdaprov|Non-defaulting Party}}'''”) may, [[by not more than 20 days’ notice]], designate an {{isdaprov|Early Termination Date}} for all outstanding {{isdaprov|Transactions}}. If {{isdaprov|Automatic Early Termination}} applies to the {{isdaprov|Defaulting Party}} and the {{isdaprov|Event of Default}} it is qualifying {{isdaprov|Bankruptcy}} event, the {{isdaprov|Early Termination Date}} will occur:
+:(i) upon the {{isdaprov|Bankruptcy}} event, if under {{isdaprov|5(a)(vii)}}(1), (3), (5) or (6) or if analogous, (8); and
+:(ii) immediately before institution of the relevant proceeding, if under {{isdaprov|5(a)(vii)}}(4) or if analogous, (8).
+<br>