Template:Nutshell ISDA Master 6(a): Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{isdaprov|6(a)}} '''Right to Terminate Following {{isdaprov|Event of Default}}'''<br> If an {{isdaprov|Event of Default}} exists for a {{isdaprov|Defaulting Party}} the {{isd...") |
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{{isdaprov|6(a)}} '''Right to Terminate Following {{isdaprov|Event of Default}}'''<br> | {{isdaprov|6(a)}} '''Right to Terminate Following {{isdaprov|Event of Default}}'''<br> | ||
If an {{isdaprov|Event of Default}} exists for a {{isdaprov|Defaulting Party}} the {{isdaprov|Non-defaulting Party}} may designate a day on or after the notice date as an {{isdaprov|Early Termination Date}} for all outstanding Transactions. <br> | If an {{isdaprov|Event of Default}} exists for a {{isdaprov|Defaulting Party}} the {{isdaprov|Non-defaulting Party}} may designate a day on or after the notice date as an {{isdaprov|Early Termination Date}} for all outstanding Transactions. <br> | ||
If {{isdaprov|Automatic Early Termination}} applies to a {{isdaprov|Defaulting Party}} such an {{isdaprov|Early Termination Date}} will occur immediately upon a {{isdaprov|Bankruptcy}} {{isdaprov|Event of Default}} (other than {{isdaprov|5(a)(vii}} | If {{isdaprov|Automatic Early Termination}} applies to a {{isdaprov|Defaulting Party}} such an {{isdaprov|Early Termination Date}} will occur immediately upon a {{isdaprov|Bankruptcy}} {{isdaprov|Event of Default}} (other than {{isdaprov|5(a)(vii)}} (2), (4) or (7) immediately before institution of the relevant proceeding. <br> | ||
Revision as of 15:01, 17 September 2015
6(a) Right to Terminate Following Event of Default
If an Event of Default exists for a Defaulting Party the Non-defaulting Party may designate a day on or after the notice date as an Early Termination Date for all outstanding Transactions.
If Automatic Early Termination applies to a Defaulting Party such an Early Termination Date will occur immediately upon a Bankruptcy Event of Default (other than 5(a)(vii) (2), (4) or (7) immediately before institution of the relevant proceeding.