Template:ISDA Master Agreement 2002 6(b)(iv): Difference between revisions
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::(B) a {{isdaprov|Credit Event Upon Merger}} or an {{isdaprov|Additional Termination Event}} occurs, or a Tax <br> | ::(B) a {{isdaprov|Credit Event Upon Merger}} or an {{isdaprov|Additional Termination Event}} occurs, or a Tax <br> | ||
Event Upon Merger occurs and the {{isdaprov|Burdened Party}} is not the {{isdaprov|Affected Party}}, <br> | Event Upon Merger occurs and the {{isdaprov|Burdened Party}} is not the {{isdaprov|Affected Party}}, <br> | ||
the {{isdaprov|Burdened Party}} in the case of a {{isdaprov|Tax Event Upon Merger}}, any {{isdaprov|Affected Party}} in the case of a <br>Tax Event or an {{isdaprov|Additional Termination Event}} if there are two {{isdaprov|Affected Parties}}, or the Nonaffected <br>Party in the case of a {{isdaprov|Credit Event Upon Merger}} or an {{isdaprov|Additional Termination Event}} if <br>there is only one {{isdaprov|Affected Party}} may, if the relevant {{isdaprov|Termination Event}} is then continuing, by not <br>more than 20 days notice to the other party, designate a day not earlier than the day such notice is <br>effective as an {{isdaprov|Early Termination Date}} in respect of all Affected Transactions. <br> | :the {{isdaprov|Burdened Party}} in the case of a {{isdaprov|Tax Event Upon Merger}}, any {{isdaprov|Affected Party}} in the case of a <br>Tax Event or an {{isdaprov|Additional Termination Event}} if there are two {{isdaprov|Affected Parties}}, or the Nonaffected <br>Party in the case of a {{isdaprov|Credit Event Upon Merger}} or an {{isdaprov|Additional Termination Event}} if <br>there is only one {{isdaprov|Affected Party}} may, if the relevant {{isdaprov|Termination Event}} is then continuing, by not <br>more than 20 days notice to the other party, designate a day not earlier than the day such notice is <br>effective as an {{isdaprov|Early Termination Date}} in respect of all Affected Transactions. <br> | ||
:(2) If at any time an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} has occurred and is then continuing <br>and any applicable {{isdaprov|Waiting Period}} has expired:― <br> | :(2) If at any time an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure Event}} has occurred and is then continuing <br>and any applicable {{isdaprov|Waiting Period}} has expired:― <br> | ||
:(A) Subject to clause (B) below, either party may, by not more than 20 days notice to <br>the other party, designate (I) a day not earlier than the day on which such notice becomes <br>effective as an {{isdaprov|Early Termination Date}} in respect of all {{isdaprov|Affected Transactions}} or (II) by <br>specifying in that notice the {{isdaprov|Affected Transactions}} in respect of which it is designating the <br>relevant day as an {{isdaprov|Early Termination Date}}, a day not earlier than two {{isdaprov|Local Business Days}} <br>following the day on which such notice becomes effective as an {{isdaprov|Early Termination Date}} in <br>respect of less than all {{isdaprov|Affected Transactions}}. Upon receipt of a notice designating an <br>{{isdaprov|Early Termination Date}} in respect of less than all {{isdaprov|Affected Transactions}}, the other party <br>may, by notice to the designating party, if such notice is effective on or before the day so <br>designated, designate that same day as an {{isdaprov|Early Termination Date}} in respect of any or all <br>other {{isdaprov|Affected Transactions}}. <br> | :(A) Subject to clause (B) below, either party may, by not more than 20 days notice to <br>the other party, designate (I) a day not earlier than the day on which such notice becomes <br>effective as an {{isdaprov|Early Termination Date}} in respect of all {{isdaprov|Affected Transactions}} or (II) by <br>specifying in that notice the {{isdaprov|Affected Transactions}} in respect of which it is designating the <br>relevant day as an {{isdaprov|Early Termination Date}}, a day not earlier than two {{isdaprov|Local Business Days}} <br>following the day on which such notice becomes effective as an {{isdaprov|Early Termination Date}} in <br>respect of less than all {{isdaprov|Affected Transactions}}. Upon receipt of a notice designating an <br>{{isdaprov|Early Termination Date}} in respect of less than all {{isdaprov|Affected Transactions}}, the other party <br>may, by notice to the designating party, if such notice is effective on or before the day so <br>designated, designate that same day as an {{isdaprov|Early Termination Date}} in respect of any or all <br>other {{isdaprov|Affected Transactions}}. <br> | ||
:(B) An {{isdaprov|Affected Party}} (if the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}} relates to performance <br>by such party or any {{isdaprov|Credit Support Provider}} of such party of an obligation to make any <br>payment or delivery under, or to compliance with any other material provision of, the <br>relevant {{isdaprov|Credit Support Document}}) will only have the right to designate an Early <br>Termination Date under Section {{isdaprov|6(b)(iv)(2)(A)}} as a result of an {{isdaprov|Illegality}} under <br>Section {{isdaprov|5(b)(i)(2)}} or a {{isdaprov|Force Majeure Event}} under Section {{isdaprov|5(b)(ii)(2)}} following the prior <br>designation by the other party of an {{isdaprov|Early Termination Date}}, pursuant to <br>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 <br>by such party or any {{isdaprov|Credit Support Provider}} of such party of an obligation to make any <br>payment or delivery under, or to compliance with any other material provision of, the <br>relevant {{isdaprov|Credit Support Document}}) will only have the right to designate an Early <br>Termination Date under Section {{isdaprov|6(b)(iv)(2)(A)}} as a result of an {{isdaprov|Illegality}} under <br>Section {{isdaprov|5(b)(i)(2)}} or a {{isdaprov|Force Majeure Event}} under Section {{isdaprov|5(b)(ii)(2)}} following the prior <br>designation by the other party of an {{isdaprov|Early Termination Date}}, pursuant to <br>Section {{isdaprov|6(b)(iv)(2)(A)}}, in respect of less than all {{isdaprov|Affected Transactions}}. <br> |
Revision as of 16:44, 8 May 2013
- (1) If:―
- (A) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the
case may be, has not been effected with respect to all Affected Transactions within 30 days
after an Affected Party gives notice under Section 6(b)(i); or - (B) a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax
- (A) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the
Event Upon Merger occurs and the Burdened Party is not the Affected Party,
- the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a
Tax Event or an Additional Termination Event if there are two Affected Parties, or the Nonaffected
Party in the case of a Credit Event Upon Merger or an Additional Termination Event if
there is only one Affected Party may, if the relevant Termination Event is then continuing, by not
more than 20 days notice to the other party, designate a day not earlier than the day such notice is
effective as an Early Termination Date in respect of all Affected Transactions. - (2) If at any time an Illegality or a Force Majeure Event has occurred and is then continuing
and any applicable 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 Early Termination Date in respect of all Affected Transactions or (II) by
specifying in that notice the Affected Transactions in respect of which it is designating the
relevant day as an Early Termination Date, a day not earlier than two Local Business Days
following the day on which such notice becomes effective as an Early Termination Date in
respect of less than all Affected Transactions. Upon receipt of a notice designating an
Early Termination Date in respect of less than all 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 Early Termination Date in respect of any or all
other Affected Transactions. - (B) An Affected Party (if the Illegality or Force Majeure Event relates to performance
by such party or any 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 Credit Support Document) will only have the right to designate an Early
Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under
Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior
designation by the other party of an Early Termination Date, pursuant to
Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions.