1(c) - ISDA Bridge Provision

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2001 ISDA Cross-Agreement Bridge

2001 ISDA Cross-Agreement Bridge

1(c) For purposes of this provision, a Bridging Event will occur:
(i) if there are one or more outstanding Transactions, [(A)] [1] immediately upon the designation of an Early Termination Date as a result of the occurrence of an Event of Default under [Section 5(a)(vii) of][2] this Agreement[, or (B) if Automatic Early Termination applies, immediately upon the· deemed occurrence of an Early Termination Date][, and, if Automatic Early Termination applies, the deemed occurrence of an Early Termination Date will not constitute a Bridging Event][3]; or
(ii) if there is not an outstanding Transaction, following the occurrence of an Event of Default under [Section 5(a)(vii) of] [4] this Agreement[,][5] [:
(x) ] [6] immediately upon the Non-defaulting Party designating, by not more than 20 days’ notice to the Defaulting Party specifying the relevant Event of Default, a day not earlier than the date such notice is effective as a day on which, pursuant to these provisions, the parties’ delivery and payment obligations (and any other obligations they have under the relevant Bridged Agreement) in respect of any Bridged Transactions will be accelerated, terminated or cancelled, as the case may be, in accordance with the provisions of the relevant Bridged Agreement[; or
(y) immediately upon the occurrence of the Event of Default if “Automatic Early Termination” is specified in the Schedule as applying to the Defaulting Party and the relevant Event of Default is specified in Section 5(a)(vii)(l), (3), (5), (6) or, to the extent analogous thereto, (8); or
(z) as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition if “Automatic Early Termination” is specified in the Schedule as applying to the Defaulting Party and the relevant Event of Default is specified in Section [[[5(a)(vii) - ISDA Provision|5(a)(vii)]](4)] [7] or, to the extent analogous thereto, (8),] [8]
and the day designated [(under subparagraph (x)) or on which the Bridging Event is deemed to occur (under subparagraph (y) or (z)), as appropriate,] [9]9 will be deemed to be an Early Termination Date for purposes of this Agreement.

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  1. Include bracketed language if the first alternative identified in footnote 5 is to be used.
  2. If the bracketed language is omitted, the occurrence of any Event of Default may constitute a Bridging Event Specify “Section S(a)(vii) of’ if the only potential Bridging Event is to be the occurrence of a Bankruptcy Event of Default.
  3. Include the first bracketed alternative if Automatic Early Termination has been specified to apply in respect of one or both parties and the automatic occurrence of an Early Termination Date should trigger the operation of these bridging provisions. Include the second bracketed alternative if Automatic Early Termination has been specified to apply in respect of one or both parties and the automatic occurrence of an Early Termination Date should not trigger the operation of these bridging provisions. Note that, if this second alternative is selected, the Non-defaulting Party will not be able to rely on the bridging provisions where one of the Bankruptcy events to which Automatic Early Termination applies has occurred.
  4. If the bracketed language is omitted, the occurrence of any Event of Default may constitute a Bridging Event Specify “Section S(a)(vii) of’ if the only potential Bridging Event is to be the occurrence of a Bankruptcy Event of Default
  5. Include bracketed comma if sub-paragraphs (y) and (z) are not to apply.
  6. Include bracketed language if sub-paragraphs (y) and (z) are to apply.
  7. If the parties have agreed to apply the Bankruptcy definition contained in Attachment 4 to the Form of Amendment to the ISDA Master Agreements published by ISDA in October 2001, specify instead “5(a)(vii)(4)(A)”.
  8. Include bracketed language if Automatic Early Termination has been specified to apply in respect of one or both parties and these bridging provisions should apply automatically upon the occurrence of the specified Bankruptcy events.
  9. Include bracketed language if Automatic Early Termination has been specified to apply in respect of one or both parties and these bridging provisions should apply automatically upon the occurrence of the specified Bankruptcy events.