Template:Nutshell 2002 ISDA 6(a): Difference between revisions

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	{{isdaprov\|6(a)}} '''{{isdaprov\|Right to Terminate following Event of Default}}'''. If there is an {{isdaprov\|Event of Default}} with respect to a party (the “'''{{isdaprov\|Defaulting Party}}'''”) the other one (the “'''{{isdaprov\|Non-defaulting Party}}'''”) may designate an {{isdaprov\|Early Termination Date}} for all outstanding {{isdaprov\|Transactions}}.<ref>It happens automatically and immediately if {{isdaprov\|Automatic Early Termination}} applies and the {{isdaprov\|Event of Default}} is a Bankruptcy</ref>. <br>		{{isdaprov\|6(a)}} '''{{isdaprov\|Right to Terminate following Event of Default}}'''. If there is an {{isdaprov\|Event of Default}} with respect to a party (the “'''{{isdaprov\|Defaulting Party}}'''”) the other one (the “'''{{isdaprov\|Non-defaulting Party}}'''”) may designate an {{isdaprov\|Early Termination Date}} for all outstanding {{isdaprov\|Transactions}}.<ref>It happens automatically and immediately if {{isdaprov\|Automatic Early Termination}} applies and the {{isdaprov\|Event of Default}} is a Bankruptcy</ref>. <br>

			If {{isdaprov\|Automatic Early Termination}} applies to a {{isdaprov\|Defaulting Party}} such an {{isdaprov\|Early Termination Date}} will occur immediately upon a {{isdaprov\|Bankruptcy}} {{isdaprov\|Event of Default}} (other than {{isdaprov\|5(a)(vii)}} (2), (4) or (7)) immediately before institution of the relevant proceeding. <br>