Part 5 - ISDA Give-Up provision

A termination notice is one that is sent pursuant to Section 4 (Termination) of the 2005 ISDA Give-Up Agreement.

Effectiveness of a termination notice is handled, irritatingly, by Part 5 of the Schedule.

To cut a long story short, that provides as follows:

Part 5. Termination notice. For the purpose of Section 4 of this Agreement, the termination notice shall be effective:

[X] one hour after receipt of such termination notice; or

[ ] as of the Modification Time.

“Modification Time” means [[ ] hour[s] after receipt of such termination notice][as of the opening of business on the Business Day in the recipient’s location following the date of receipt of such termination notice].

See also

Section 4 (Termination) of the ISDA Give-Up Agreement