Template:ISDA English Law Credit Support Deed 2018 13(h): Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "(h) “'''{{imcsdprov|Secured Party Rights Event}}'''” means: :(i) an {{isdaprov|Early Termination Date}} in respect of all {{isdaprov|Transaction}}s has occurred or been de...") |
Amwelladmin (talk | contribs) m (Amwelladmin moved page Template:ISDA English Law Credit Support Deed 2018 Secured Party Rights Event to Template:ISDA English Law Credit Support Deed 2018 13(h)) |
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(h) “'''{{imcsdprov|Secured Party Rights Event}}'''” means: | {{imcsdprov|13(h)}} “'''{{imcsdprov|Secured Party Rights Event}}'''” means: | ||
:(i) an {{isdaprov|Early Termination Date}} in respect of all {{isdaprov|Transaction}}s has occurred or been designated as the result of an {{isdaprov|Event of Default}} or {{imcsdprov|Access Condition}} with respect to the {{imcsdprov|Chargor}} [and the {{imcsdprov|Chargor}} has not paid in full all of its {{isdaprov|Obligation}}s that are then due]; or<br> | :(i) an {{isdaprov|Early Termination Date}} in respect of all {{isdaprov|Transaction}}s has occurred or been designated as the result of an {{isdaprov|Event of Default}} or {{imcsdprov|Access Condition}} with respect to the {{imcsdprov|Chargor}} [and the {{imcsdprov|Chargor}} has not paid in full all of its {{isdaprov|Obligation}}s that are then due]; or<br> | ||
:(ii) if “{{ | :(ii) if “{{imcsdprov|Failure to Pay Early Termination Amount}}” is specified as applicable here, an {{isdaprov|Event of Default}} has occurred and is continuing with respect to the {{imcsdprov|Chargor}} and its obligation to pay an amount under Section {{isdaprov|6(e)}} of the {{isdaprov|Agreement}} relating to an {{isdaprov|Early Termination Date}} with respect to all {{isdaprov|Transaction}}s: {{imcsdprov|Failure to Pay Early Termination Amount}} is {{na}}. | ||
Notwithstanding the foregoing, if “'''{{imcsdprov|Control Agreement Secured Party Rights Event}}'''” is specified as applicable here with respect to a party as the {{imcsdprov|Chargor}}, a “{{imcsdprov|Secured Party Rights Event}}” will only occur upon the occurrence of [[one or more]] of the events that the {{imcsdprov|Chargor}} and the {{imcsdprov|Secured Party}} have agreed in the {{imcsdprov|Control Agreement}} or otherwise, will permit the {{imcsdprov|Secured Party}} to exercise sole and exclusive control of the {{imcsdprov|Posted Credit Support (IM)}} held under the {{imcsdprov|Control Agreement}}: | |||
:With respect to {{isdaprov|Party A}} acting in its capacity as the {{imcsdprov|Chargor}} and {{isdaprov|Party B}} acting in its capacity as the {{imcsdprov|Secured Party}}: {{imcsdprov|Control Agreement Secured Party Rights Event}} is: | :With respect to {{isdaprov|Party A}} acting in its capacity as the {{imcsdprov|Chargor}} and {{isdaprov|Party B}} acting in its capacity as the {{imcsdprov|Secured Party}}: {{imcsdprov|Control Agreement Secured Party Rights Event}} is: {{na}}. | ||
:With respect to {{isdaprov|Party B}} acting in its capacity as the {{imcsdprov|Chargor}} and {{isdaprov|Party A}} acting in its capacity as the {{imcsdprov|Secured Party}}: {{imcsdprov|Control Agreement Secured Party Rights Event}} is: | :With respect to {{isdaprov|Party B}} acting in its capacity as the {{imcsdprov|Chargor}} and {{isdaprov|Party A}} acting in its capacity as the {{imcsdprov|Secured Party}}: {{imcsdprov|Control Agreement Secured Party Rights Event}} is: {{na}}. | ||
Latest revision as of 15:40, 18 March 2022
13(h) “Secured Party Rights Event” means:
- (i) an Early Termination Date in respect of all Transactions has occurred or been designated as the result of an Event of Default or Access Condition with respect to the Chargor [and the Chargor has not paid in full all of its Obligations that are then due]; or
- (ii) if “Failure to Pay Early Termination Amount” is specified as applicable here, an Event of Default has occurred and is continuing with respect to the Chargor and its obligation to pay an amount under Section 6(e) of the Agreement relating to an Early Termination Date with respect to all Transactions: Failure to Pay Early Termination Amount is [Applicable/Not Applicable].
Notwithstanding the foregoing, if “Control Agreement Secured Party Rights Event” is specified as applicable here with respect to a party as the Chargor, a “Secured Party Rights Event” will only occur upon the occurrence of one or more of the events that the Chargor and the Secured Party have agreed in the Control Agreement or otherwise, will permit the Secured Party to exercise sole and exclusive control of the Posted Credit Support (IM) held under the Control Agreement:
- With respect to Party A acting in its capacity as the Chargor and Party B acting in its capacity as the Secured Party: Control Agreement Secured Party Rights Event is: [Applicable/Not Applicable].
- With respect to Party B acting in its capacity as the Chargor and Party A acting in its capacity as the Secured Party: Control Agreement Secured Party Rights Event is: [Applicable/Not Applicable].