Template:Nutshell ISDA Give-Up Termination: Difference between revisions

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Section {{prov|{{igu}}|4}} . '''{{prov|{{igu}}|Termination}}'''. This {{prov|{{igu}}|Agreement}} or any {{prov|{{igu}}|Designation Notice}} remains in effect unless terminated by {{prov|{{igu}}|Prime Broker}} or {{prov|{{igu}}|Dealer}} on notice delivered under Section {{prov|{{igu}}|5(a)}} of this {{prov|{{igu}}|Agreement}}. Notwithstanding the provisions of Section {{prov|{{igu}}|5}} of this {{prov|{{igu}}|Agreement}}, such termination notice shall be effective in accordance with the period of time specified in Part {{prov|{{igu}}|5}} of the {{prov|{{igu}}|Schedule}}; provided, however, that no such termination shall be effective in respect of either: (a) an outstanding {{prov|{{igu}}|Accepted Transaction}}; or (b) a {{prov|{{igu}}|Counterparty Transaction}} that would not be a {{prov|{{igu}}|Problem Transaction}} and that was entered into prior to the effectiveness of such termination and as to which the {{prov|{{igu}}|Dealer Notice}} has been promptly sent to {{prov|{{igu}}|Prime Broker}}.  This {{prov|{{igu}}|Agreement}} shall terminate immediately upon the occurrence of an {{isdaprov|Early Termination Date}} in respect of the [[ISDA Master Agreement]] between the parties if the parties have specified {{isdaprov|Automatic Early Termination}} as applying to either of the parties
Section {{prov|{{igu}}|4}} . '''{{prov|{{igu}}|Termination}}'''. This {{prov|{{igu}}|Agreement}} or any {{prov|{{igu}}|Designation Notice}} remains in effect until terminated by {{prov|{{igu}}|Prime Broker}} or {{prov|{{igu}}|Dealer}} on notice delivered under Section {{prov|{{igu}}|5(a)}}.
 
Termination takes effect:
:'''On notice''': at the end of the notice period in Part {{prov|{{igu}}|5}} of the {{prov|{{igu}}|Schedule}}; but will not affect:
::(a) an outstanding {{prov|{{igu}}|Accepted Transaction}}; or
::(b) a {{prov|{{igu}}|Counterparty Transaction}} that would not be a {{prov|{{igu}}|Problem Transaction}} and was entered into before termination and as to which the {{prov|{{igu}}|Dealer Notice}} has been promptly sent to {{prov|{{igu}}|Prime Broker}}.   
 
:'''Immediately on default''': immediately if there is an {{isdaprov|Early Termination Date}} {{isdaprov|Automatic Early Termination}} applies to either party

Revision as of 14:45, 21 October 2016

Section 4 . Termination. This Agreement or any Designation Notice remains in effect until terminated by Prime Broker or Dealer on notice delivered under Section 5(a).

Termination takes effect:

On notice: at the end of the notice period in Part 5 of the Schedule; but will not affect:
(a) an outstanding Accepted Transaction; or
(b) a Counterparty Transaction that would not be a Problem Transaction and was entered into before termination and as to which the Dealer Notice has been promptly sent to Prime Broker.
Immediately on default: immediately if there is an Early Termination Date Automatic Early Termination applies to either party
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