83,492
edits
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
Line 2: | Line 2: | ||
{{isdasnap2|5(b)(v)|5(b)(vi)}} | {{isdasnap2|5(b)(v)|5(b)(vi)}} | ||
==Tricks for the Young Players== | ==Tricks for the Young Players== | ||
{{isdaprov|Termination Event}} is defined as "an {{isdaprov|Illegality}}, a {{isdaprov|Tax Event}} or a {{isdaprov|Tax Event Upon Merger}} or, if specified to be applicable, a {{isdaprov|Credit Event Upon Merger}} or an {{isdaprov|Additional Termination Event}}'''". | {{isdaprov|Termination Event}} is defined as "an {{isdaprov|Illegality}}, a {{isdaprov|Tax Event}} or a {{isdaprov|Tax Event Upon Merger}} or, if specified to be applicable, a {{isdaprov|Credit Event Upon Merger}} or an {{isdaprov|Additional Termination Event}}'''". | ||
'''Best Practice Note''': Therefore adding any new Termination Event must ALWAYS be achieved by labelling it a new "'''{{isdaprov|Additional Termination Event}} under Section 5(b)(v), and not a separate event under a new Section 5(b)(vi) etc. | '''Best Practice Note''': Therefore adding any new {{isdaprov|Termination Event}} must ALWAYS be achieved by labelling it a new "'''{{isdaprov|Additional Termination Event}} under Section {{isdaprov|5(b)(v)}}, and not a separate event under a new Section {{isdaprov|5(b)(vi)}} etc. | ||
If, instead of being expressed as an | If, instead of being expressed as an “{{isdaprov|Additional Termination Event}}” under section {{isdaprov|5(b)(v)}}, which is how the ISDA Mechanism is intended to operate, it is set out as a new “{{isdaprov|5(b)(vi)}}” it is not designated therefore as any of an “{{isdaprov|Illegality}}”, “{{isdaprov|Tax Event}}”, “{{isdaprov|Tax Event Upon Merger}}”, “{{isdaprov|Credit Event Upon Merger}}” or “{{isdaprov|Additional Termination Event}}”, so therefore, read literally, is not caught by the definition of “{{isdaprov|Termination Event}}” and none of the Termination provisions bite on it. | ||
I mention this because | I mention this because Ihave seen it happen. Yes,you can take a "fair, large and liberal view" that what the parties intended was to create an {{isdaprov|ATE}}, but why suffer that anxiety? | ||
{{isdaanatomy}} |