Template:ISDA Master Agreement 1987 6(a): Difference between revisions

{{isda87prov|6(a)}} '''{{isda87prov|Right to Terminate Following Event of Default}}'''. If at any time an {{isda87prov|Event of Default}} with respect to a party (the ‘‘'''{{isda87prov|Defaulting Party}}'''’’) has occurred and is then continuing, the other party may, [[by not more than 20 days notice]] to the {{isda87prov|Defaulting Party}} specifying the relevant {{isda87prov|Event of Default}}, designate a day not earlier than the day such notice is effective as an {{isda87prov|Early Termination Date}} in respect of all outstanding {{isda87prov|Swap Transactions}}. However, an {{isda87prov|Early Termination Date}} will be deemed to have occurred in respect of all {{isda87prov|Swap Transactions}} immediately upon the occurrence of any {{isda87prov|Event of Default}} specified in Section {{isda87prov|5(a)(vii)}}(1), (2), (3), (5), (6), (7) or (8) and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence of any {{isda87prov|Event of Default}} specified in Section {{isda87prov|5(a)(vii)}}(4). <br>