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Template:Nutshell 2002 ISDA 6(a)

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6(a) Right to Terminate following Event of Default. If there is an Event of Default with respect to a party (the “Defaulting Party”) the other one (the “Non-defaulting Party”) may designate an Early Termination Date for all outstanding Transactions.[1].

If Automatic Early Termination applies to a Defaulting Party such an Early Termination Date will occur immediately upon a Bankruptcy Event of Default (other than 5(a)(vii) (2), (4) or (7)) immediately before institution of the relevant proceeding.

  1. ↑ It happens automatically and immediately if Automatic Early Termination applies and the Event of Default is a Bankruptcy
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