Template:ISDA Master Agreement 2002 6(b)(iv): Difference between revisions
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:(2) If at any time an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} has occurred and is then continuing and any applicable {{isdaprov|Waiting Period}} has expired:― | :(2) If at any time an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} has occurred and is then continuing and any applicable {{isdaprov|Waiting Period}} has expired:― | ||
::(A) Subject to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (I) a day not earlier than the day on which such notice becomes effective as an {{isdaprov|Early Termination Date}} in respect of all {{isdaprov|Affected Transactions}} or (II) by specifying in that notice the {{isdaprov|Affected Transactions}} in respect of which it is designating the relevant day as an {{isdaprov|Early Termination Date}}, a day not earlier than two {{isdaprov|Local Business Days}} following the day on which such notice becomes effective as an {{isdaprov|Early Termination Date}} in respect of [[less than]] all {{isdaprov|Affected Transactions}}. Upon receipt of a notice designating an {{isdaprov|Early Termination Date}} in respect of [[less than]] all {{isdaprov|Affected Transactions}}, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated, designate that same day as an {{isdaprov|Early Termination Date}} in respect of any or all other {{isdaprov|Affected Transactions}}. | ::(A) Subject to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (I) a day not earlier than the day on which such notice becomes effective as an {{isdaprov|Early Termination Date}} in respect of all {{isdaprov|Affected Transactions}} or (II) by specifying in that notice the {{isdaprov|Affected Transactions}} in respect of which it is designating the relevant day as an {{isdaprov|Early Termination Date}}, a day not earlier than two {{isdaprov|Local Business Days}} following the day on which such notice becomes effective as an {{isdaprov|Early Termination Date}} in respect of [[less than]] all {{isdaprov|Affected Transactions}}. Upon receipt of a notice designating an {{isdaprov|Early Termination Date}} in respect of [[less than]] all {{isdaprov|Affected Transactions}}, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated, designate that same day as an {{isdaprov|Early Termination Date}} in respect of any or all other {{isdaprov|Affected Transactions}}. | ||
::(B) An {{isdaprov|Affected Party}} (if the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}} relates to performance by such party or any {{isdaprov|Credit Support Provider}} of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant {{isdaprov|Credit Support Document}}) will only have the right to designate an Early Termination Date under Section {{isdaprov|6(b)(iv)(2)(A)}} as a result of an {{isdaprov|Illegality}} under Section {{isdaprov|5(b)(i)(2)}} or a {{isdaprov|Force Majeure Event}} under Section {{isdaprov|5(b)(ii)(2)}} following the prior designation by the other party of an {{isdaprov|Early Termination Date}}, pursuant to Section {{isdaprov|6(b)(iv)(2)(A)}}, in respect of [[less than]] all {{isdaprov|Affected Transactions}}. <br /> | ::(B) An {{isdaprov|Affected Party}} (if the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}} relates to performance by such party or any {{isdaprov|Credit Support Provider}} of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the [[relevant]] {{isdaprov|Credit Support Document}}) will only have the right to designate an {{isdaprov|Early Termination Date}} under Section {{isdaprov|6(b)(iv)(2)(A)}} as a result of an {{isdaprov|Illegality}} under Section {{isdaprov|5(b)(i)(2)}} or a {{isdaprov|Force Majeure Event}} under Section {{isdaprov|5(b)(ii)(2)}} following the prior designation by the other party of an {{isdaprov|Early Termination Date}}, pursuant to Section {{isdaprov|6(b)(iv)(2)(A)}}, in respect of [[less than]] all {{isdaprov|Affected Transactions}}. <br /> | ||