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| {{isdasnap|6(b)(i)}} | | {{isdasnap|6(b)(i)}} |
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| (i) Notice. If a {{isdaprov|Termination Event}} occurs, an {{isdaprov|Affected Party}} will, promptly upon becoming aware of
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| it, notify the other party, specifying the nature of that Termination Event and each {{isdaprov|Affected Transaction}}
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| and will also give such other information about that Termination Event as the other party may reasonably
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| require.
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| ===Analysis=== | | ===Analysis=== |
| Note the difficulty of practical compliance with this provision, given the size of the ISDA portfolio within BBPLC, and tghe requirement for actively monitoring not only standard Termination Events, but also Additional Termination Events, which may be counterparty or even transaction specific. | | Note the difficulty of practical compliance with this provision, given a sizeable ISDA portfolio, and the requirement for actively monitoring not only standard {{isdaprov|Termination Events}}, but also {{isdaprov|Additional Termination Events}}, which may be counterparty or even {{isdaprov|Transaction}}-specific. |
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| {{isdaanatomy}} | | {{isdaanatomy}} |
Revision as of 09:50, 22 August 2012
Section 6(b) of the 1992 ISDA
In gory detail
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1992 ISDA
- 6(b)(i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as the other party may reasonably require.
(view template)
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2002 ISDA
- 6(b)(i) Notice. If a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party such other information about that Termination Event as the other party may reasonably require. If a Force Majeure Event occurs, each party will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party, specifying the nature of that Force Majeure Event, and will also give the other party such other information about that Force Majeure Event as the other party may reasonably require.
(view template)
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Analysis
Note the difficulty of practical compliance with this provision, given a sizeable ISDA portfolio, and the requirement for actively monitoring not only standard Termination Events, but also Additional Termination Events, which may be counterparty or even Transaction-specific.