|
|
(7 intermediate revisions by the same user not shown) |
Line 1: |
Line 1: |
| {{isdasnap|6(b)(ii)}} | | {{newisdamanual|6(b)(ii)}} |
| ====Commentary====
| |
| Note in the {{2002ma}} there is no reference here to {{isdaprov|Illegality}} (or for that matter {{isdaprov|Force Majeure}}, which did not exist under the {{1992ma}} but would have been included in this provision of the 1992 if it had.... if you see what I mean).
| |
| | |
| Once the {{isdaprov|Waiting Period}} expires, it will be a {{isdaprov|Termination Event}} entitling either party to terminate some or all {{isdaprov|Affected Transactions}}. Partial termination is permitted because the impact on an event on each {{isdaprov|Transaction}} may differ from case to case (eg transactions forming part of a structured financing like a repack or a CDO) might not be easily replaced, so the disadvantages of terminating may outweight the advantages.
| |
| | |
| Note though that if an {{isdaprov|Unaffected Party}} does elect partial termination, the {{isdaprov|Affected Party}} has the right to terminate some or all of the remaining {{isdaprov|Transactions}} - this prevents {{isdaprov|Unaffected Parties}} being opportunistic.
| |
| | |
| {{isdaanatomy}}
| |