Events of Default (Early Termination Payments) - ISDA Provision: Difference between revisions
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{{isdasnap|6(e)(i)}} | |||
==Section 6(e)(i) {{1992ma}}== | ==Section 6(e)(i) {{1992ma}}== | ||
==Section 6(e)(i) {{2002ma}}== | ==Section 6(e)(i) {{2002ma}}== | ||
Revision as of 09:34, 22 August 2012
In gory detail
1992 ISDA
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Section 6(e)(i) 1992 ISDA
Section 6(e)(i) 2002 ISDA
Commentary
Note the effect of this is that all transactions are terminated and the recourse is to a net sum under Section 6(e) of the master agreement - NOT under the transations. Therefore, if your credit support (particularly guarantees or letters of credit) explicitly references the Transaction, you may lose any credit support at precisely the point you want to rely on it. Further commentary on the Guarantee page.