Template:Nutshell 1992 ISDA 6(b)(iv): Difference between revisions
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:{{isda92prov|6(b)(iv)}} '''{{isda92prov|Right to Terminate}}''': If the {{isda92prov|Termination Event}} still exists but:― | :{{isda92prov|6(b)(iv)}} '''{{isda92prov|Right to Terminate}}''': If the {{isda92prov|Termination Event}} still exists but:― | ||
::(1) '''Tax {{isda92prov|Termination Event}}s''': | ::(1) '''{{isda92prov|Illegality}} and Tax {{isda92prov|Termination Event}}s''': neither party has managed to avoid an {{isda92prov|Illegality}}, {{isda92prov|Tax Event}} or {{isda92prov|Tax Event Upon Merger}} as contemplated in Sections {{isda92prov|6(b)(ii)}} or {{isda92prov|6(b)(iii)}} within 30 days of a {{isda92prov|Termination Event Notice}}; or | ||
::(2) '''Other {{isda92prov|Termination Event}}s''': there is an {{isda92prov|Illegality}}, a {{isda92prov|Credit Event Upon Merger}}, an {{isda92prov|Additional Termination Event}} or a {{isda92prov|Tax Event Upon Merger}} where the {{isda92prov|Burdened Party}} is not the {{isda92prov|Affected Party}}: | ::(2) '''Other {{isda92prov|Termination Event}}s''': there is an {{isda92prov|Illegality}} relating to a {{isda92prov|Credit Support Document}}, a {{isda92prov|Credit Event Upon Merger}}, an {{isda92prov|Additional Termination Event}} or a {{isda92prov|Tax Event Upon Merger}} where the {{isda92prov|Burdened Party}} is not the {{isda92prov|Affected Party}}: | ||
:either party (if both are {{isda92prov|Affected Parties}}) or the {{isda92prov|Non-Affected Party}} (in any other case) may, on not more than 20 days’ notice, designate an {{isda92prov|Early Termination Date}} for ''all'' {{isda92prov|Affected Transactions}}. | :either party (if both are {{isda92prov|Affected Parties}}) or the {{isda92prov|Non-Affected Party}} (in any other case) may, on not more than 20 days’ notice, designate an {{isda92prov|Early Termination Date}} for ''all'' {{isda92prov|Affected Transactions}}. | ||
Latest revision as of 16:57, 12 April 2020
- 6(b)(iv) Right to Terminate: If the Termination Event still exists but:―
- (1) Illegality and Tax Termination Events: neither party has managed to avoid an Illegality, Tax Event or Tax Event Upon Merger as contemplated in Sections 6(b)(ii) or 6(b)(iii) within 30 days of a Termination Event Notice; or
- (2) Other Termination Events: there is an Illegality relating to a Credit Support Document, a Credit Event Upon Merger, an Additional Termination Event or a Tax Event Upon Merger where the Burdened Party is not the Affected Party:
- either party (if both are Affected Parties) or the Non-Affected Party (in any other case) may, on not more than 20 days’ notice, designate an Early Termination Date for all Affected Transactions.