Template:GTMA Master Agreement 2004 12.3: Difference between revisions
Jump to navigation
Jump to search
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) m (Text replace - " "" to " “") |
||
| Line 1: | Line 1: | ||
{{gtmaprov|12.3}} '''{{gtmaprov|Termination Right}}'''<br> | {{gtmaprov|12.3}} '''{{gtmaprov|Termination Right}}'''<br> | ||
{{gtmaprov|12.3.1}} If, at any time, an {{gtmaprov|Event of Default}} has occurred and is continuing, the {{gtmaprov|Non-Defaulting Party}} may, designate a day as an early termination date (the | {{gtmaprov|12.3.1}} If, at any time, an {{gtmaprov|Event of Default}} has occurred and is continuing, the {{gtmaprov|Non-Defaulting Party}} may, designate a day as an early termination date (the “'''{{gtmaprov|Early Termination Date}}'''") in respect of all outstanding {{gtmaprov|Transactions}} between the {{gtmaprov|Parties}} by giving not more than 20 days' notice to the {{gtmaprov|Defaulting Party}}. This notice shall specify the relevant {{gtmaprov|Event of Default}}. The {{gtmaprov|Early Termination Date}} may not be earlier than the day the notice is effective. <br> | ||
{{gtmaprov|12.3.2}} The right under clause {{gtmaprov|12.3.1}} is in addition to any other remedies available under this {{gtmaprov|Agreement}} or at law.<br> | {{gtmaprov|12.3.2}} The right under clause {{gtmaprov|12.3.1}} is in addition to any other remedies available under this {{gtmaprov|Agreement}} or at law.<br> | ||
{{gtmaprov|12.3.3}} The notice of the {{gtmaprov|Early Termination Date}} may be made by telephone if that notice is confirmed in writing within 2 {{gtmaprov|Banking Day}}s.<br> | {{gtmaprov|12.3.3}} The notice of the {{gtmaprov|Early Termination Date}} may be made by telephone if that notice is confirmed in writing within 2 {{gtmaprov|Banking Day}}s.<br> | ||
Latest revision as of 07:34, 16 September 2016
12.3 Termination Right
12.3.1 If, at any time, an Event of Default has occurred and is continuing, the Non-Defaulting Party may, designate a day as an early termination date (the “Early Termination Date") in respect of all outstanding Transactions between the Parties by giving not more than 20 days' notice to the Defaulting Party. This notice shall specify the relevant Event of Default. The Early Termination Date may not be earlier than the day the notice is effective.
12.3.2 The right under clause 12.3.1 is in addition to any other remedies available under this Agreement or at law.
12.3.3 The notice of the Early Termination Date may be made by telephone if that notice is confirmed in writing within 2 Banking Days.