Hire Act Amendment - ISDA Provision

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2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual

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Navigation Preamble | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14
Events of Default: 5(a)(i) Failure to Pay or Deliver5(a)(ii) Breach of Agreement5(a)(iii) Credit Support Default5(a)(iv) Misrepresentation5(a)(v) Default Under Specified Transaction5(a)(vi) Cross Default5(a)(vii) Bankruptcy5(a)(viii) Merger without Assumption
Termination Events: 5(b)(i) Illegality5(b)(ii) Force Majeure Event5(b)(iii) Tax Event5(b)(iv) Tax Event Upon Merger5(b)(v) Credit Event Upon Merger5(b)(vi) Additional Termination Event

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Amendment Hire Act Amendment in a Nutshell
Use at your own risk, campers!

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Full text of Amendment Hire Act Amendment

HIRE Act:
1. The flush language at the end of Section 2(d)(ii) (Obligations - Deduction or Withholding for Tax – Liability) of this Agreement is replaced in its entirety with the following:

“then, except to the extent Y has satisfied (including by making a payment to X pursuant to Section 2(d)(iii)) or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).”

2. The following is added at the end of Section 2(d) as new section 2(d)(iii):

Additional Amendments related to Tax. The parties agree that solely as between Party A and Party B, the definitions and provisions contained in the ISDA 2010 Short Form HIRE Act Protocol published by the International Swaps and Derivatives Association, Inc. on November 30, 2010, including the Attachment thereto ("Short Form Protocol"), will be deemed to be incorporated herein, mutatis mutandis, as though such definitions and provisions were set out in full herein, with any such conforming changes as are necessary to deal with what would otherwise be inappropriate or incorrect cross references. The parties further agree that the Implementation Date (as such term is defined in the Short Form Protocol) shall be the date of execution of this Agreement.”

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Related agreements and comparisons

Related Agreements
Click here for the text of Section Hire Act Amendment in the 1992 ISDA
Comparisons
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Content and comparisons

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Summary

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General discussion

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See also

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References