Template:Nutshell 2002 ISDA 6(a): Difference between revisions
Jump to navigation
Jump to search
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
Line 1: | Line 1: | ||
{{isdaprov|6(a)}} '''{{isdaprov|Right to Terminate following Event of Default}}'''. If there is an {{isdaprov|Event of Default}} with respect to a party (the “'''{{isdaprov|Defaulting Party}}'''”) the other one (the “'''{{isdaprov|Non-defaulting Party}}'''”) may designate an {{isdaprov|Early Termination Date}} for all outstanding {{isdaprov|Transactions}}.<ref>It happens automatically and immediately if {{isdaprov|Automatic Early Termination}} applies and the {{isdaprov|Event of Default}} is a Bankruptcy</ref>. <br> | {{isdaprov|6(a)}} '''{{isdaprov|Right to Terminate following Event of Default}}'''. If there is an {{isdaprov|Event of Default}} with respect to a party (the “'''{{isdaprov|Defaulting Party}}'''”) the other one (the “'''{{isdaprov|Non-defaulting Party}}'''”) may designate an {{isdaprov|Early Termination Date}} for all outstanding {{isdaprov|Transactions}}.<ref>It happens automatically and immediately if {{isdaprov|Automatic Early Termination}} applies and the {{isdaprov|Event of Default}} is a Bankruptcy</ref>. <br> | ||
If {{isdaprov|Automatic Early Termination}} applies to a {{isdaprov|Defaulting Party}} such an {{isdaprov|Early Termination Date}} will occur immediately upon a {{isdaprov|Bankruptcy}} {{isdaprov|Event of Default}} (other than {{isdaprov|5(a)(vii)}} (2), (4) or (7)) immediately before institution of the relevant proceeding. <br> |