Template:ISDA Master Agreement 2002 6(a): Difference between revisions
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{{isdaprov|6(a)}} {{isdaprov|Right to Terminate Following Event of Default}}. If at any time an {{isdaprov|Event of Default}} with respect to a party <br>(the “{{isdaprov|Defaulting Party}}”) has occurred and is then continuing, the other party (the “{{isdaprov|Non-defaulting Party}}”) may, by not <br>more than 20 days notice to the {{isdaprov|Defaulting Party}} specifying the relevant {{isdaprov|Event of Default}}, designate a day not earlier <br>than the day such notice is effective as an {{isdaprov|Early Termination Date}} in respect of all outstanding {{isdaprov|Transactions}}. If, <br>however, “{{isdaprov|Automatic Early Termination}}” is specified in the Schedule as applying to a party, then an Early <br>Termination Date in respect of all outstanding {{isdaprov|Transactions}} will occur immediately upon the occurrence with respect <br>to such party of an {{isdaprov|Event of Default}} specified in Section {{isdaprov|5(a)(vii)}}(1), (3), (5), (6) or, to the extent analogous thereto, <br>(8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the <br>relevant petition upon the occurrence with respect to such party of an {{isdaprov|Event of Default}} specified in <br>Section {{isdaprov|5(a)(vii)}}(4) or, to the extent analogous thereto, (8). | {{isdaprov|6(a)}} '''{{isdaprov|Right to Terminate Following Event of Default}}'''. If at any time an {{isdaprov|Event of Default}} with respect to a party <br>(the “{{isdaprov|Defaulting Party}}”) has occurred and is then continuing, the other party (the “{{isdaprov|Non-defaulting Party}}”) may, by not <br>more than 20 days notice to the {{isdaprov|Defaulting Party}} specifying the relevant {{isdaprov|Event of Default}}, designate a day not earlier <br>than the day such notice is effective as an {{isdaprov|Early Termination Date}} in respect of all outstanding {{isdaprov|Transactions}}. If, <br>however, “{{isdaprov|Automatic Early Termination}}” is specified in the Schedule as applying to a party, then an Early <br>Termination Date in respect of all outstanding {{isdaprov|Transactions}} will occur immediately upon the occurrence with respect <br>to such party of an {{isdaprov|Event of Default}} specified in Section {{isdaprov|5(a)(vii)}}(1), (3), (5), (6) or, to the extent analogous thereto, <br>(8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the <br>relevant petition upon the occurrence with respect to such party of an {{isdaprov|Event of Default}} specified in <br>Section {{isdaprov|5(a)(vii)}}(4) or, to the extent analogous thereto, (8). | ||
Revision as of 12:25, 10 August 2012
6(a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party
(the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not
more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier
than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If,
however, “Automatic Early Termination” is specified in the Schedule as applying to a party, then an Early
Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect
to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto,
(8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the
relevant petition upon the occurrence with respect to such party of an Event of Default specified in
Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).