Template:Nutshell 1992 ISDA 6(b)

6(b) Right to Terminate Following Termination Event

6(b)(i) Notice. Upon becoming aware of a Termination Event the Affected Party will promptly give the other party with reasonable details of it and each Affected Transaction.

6(b)(ii) Transfer to Avoid Termination Event

If there is an Illegality or a Tax Event with only one Affected Party or a Tax Event Upon Merger where the Burdened Party is the Affected Party, before designating an Early Termination Date the Affected Party must use all reasonable efforts to transfer, within 20 days of giving notice of the Termination Event, all its rights and obligations under the Affected Transactions to one of its Offices or Affiliates so that the Termination Event ceases to exist.

If it cannot make such a transfer, it will advise the other party within the 20 day period, and the other party may effect such a transfer within 30 days after the original notice of Termination Event.

Any such transfer will require the other party’s prior written consent (which may not be withheld if the other party’s prevailing policies would permit it to enter into transactions on the terms proposed).

6(b)(iii) Two Affected Parties. If there is an Illegality or a Tax Event with two Affected Parties, each must use all reasonable efforts agree within 30 days after the Termination Event Notice to avoid it.

6(b)(iv) Right to Terminate: If the Termination Event still exists but:―

(1) Illegality and Tax Termination Events: neither party has managed to avoid an Illegality, Tax Event or Tax Event Upon Merger as contemplated in Sections 6(b)(ii) or 6(b)(iii) within 30 days of a Termination Event Notice; or

(2) Other Termination Events: there is an Illegality relating to a Credit Support Document, a Credit Event Upon Merger, an Additional Termination Event or a Tax Event Upon Merger where the Burdened Party is not the Affected Party:

either party (if both are Affected Parties) or the Non-Affected Party (in any other case) may, on not more than 20 days’ notice, designate an Early Termination Date for all Affected Transactions.