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Termination - ISDA Give-Up provision: Difference between revisions
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Termination - ISDA Give-Up provision (view source)
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''The [[2005 ISDA Master Give-Up Agreement]]'' | ''The [[2005 ISDA Master Give-Up Agreement]]'' | ||
You may terminate a give-up by giving notice. Terminating won’t affect live transactions. If {{isdaprov|AET}} applies to ''either'' party in your {{isdama}}, give-ups will terminate automatically on an {{isdaprov|Event of Default}} causing [[automatic early termination]]. Termination is effective, depending on what you've elected in {{prov|{{igu}}|Part 5}} of the {{prov|{{igu}}|Schedule}} to the {{prov|{{igu}}|Agreement}}, a given number of hours after ''receipt'' of notice. | You may terminate a give-up by giving notice. Terminating won’t affect live transactions. If {{isdaprov|AET}} applies to ''either'' party in your {{isdama}}, give-ups will terminate automatically on an {{isdaprov|Event of Default}} causing [[automatic early termination]]. Termination is effective, depending on what you've elected in {{prov|{{igu}}|Part 5}} of the {{prov|{{igu}}|Schedule}} to the {{prov|{{igu}}|Agreement}}, a given number of hours after ''receipt'' of notice. Exactly what constitutes “receipt” is covered by Section {{prov|{{igu}}|5(a)}} of the {{prov|{{igu}}|Agreement}}. This may do your head in, be warned. So: | ||
*''When'', and with how much notice you may terminate: Section {{prov|{{igu}}|4}} ({{prov|{{igu}}|Termination}}). | |||
*''How'' you may notify termination, and when the ''termination notice'' is deemed effective: Section {{prov|{{igu}}|5(a)}}. | |||
*''How long'' after your notice is effective, the termination of the Agreement is effective: {{prov|{{igu}}|Part 5}} of the {{prov|{{igu}}|Schedule}}. | |||
But enough from me - why don't you hear about it in gory detail, direct from the super-brow of {{isda}}: | But enough from me - why don't you hear about it in gory detail, direct from the super-brow of {{isda}}: | ||