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 one party (“'''{{isdaprov|Defaulting Party}}'''”) suffers an {{isdaprov|Event of Default}}, the other (the “'''{{isdaprov|Non-defaulting Party}}'''”) may designate an {{isdaprov|Early Termination Date}} for all outstanding {{isdaprov|Transactions}}. If {{isdaprov|Automatic Early Termination}} applies to the {{isdaprov|Defaulting Party}} and the {{isdaprov|Event of Default}} it is qualifying {{isdaprov|Bankruptcy}} event, the {{isdaprov|Early Termination Date}} will occur: | {{isdaprov|6(a)}} '''{{isdaprov|Right to Terminate following Event of Default}}'''. If one party (“'''{{isdaprov|Defaulting Party}}'''”) suffers an {{isdaprov|Event of Default}}, the other (the “'''{{isdaprov|Non-defaulting Party}}'''”) may, [[by not more than 20 days’ notice]], designate an {{isdaprov|Early Termination Date}} for all outstanding {{isdaprov|Transactions}}. If {{isdaprov|Automatic Early Termination}} applies to the {{isdaprov|Defaulting Party}} and the {{isdaprov|Event of Default}} it is qualifying {{isdaprov|Bankruptcy}} event, the {{isdaprov|Early Termination Date}} will occur: | ||
:(i) upon the {{isdaprov|Bankruptcy}} event, if under {{isdaprov|5(a)(vii)}}(1), (3), (5) or (6) or if analogous, (8); and | :(i) upon the {{isdaprov|Bankruptcy}} event, if under {{isdaprov|5(a)(vii)}}(1), (3), (5) or (6) or if analogous, (8); and | ||
:(ii) immediately before institution of the relevant proceeding, if under {{isdaprov|5(a)(vii)}}(4) or if analogous, (8). <br> | :(ii) immediately before institution of the relevant proceeding, if under {{isdaprov|5(a)(vii)}}(4) or if analogous, (8). <br> | ||
Revision as of 08:40, 30 July 2019
6(a) Right to Terminate following Event of Default. If one party (“Defaulting Party”) suffers an Event of Default, the other (the “Non-defaulting Party”) may, by not more than 20 days’ notice, designate an Early Termination Date for all outstanding Transactions. If Automatic Early Termination applies to the Defaulting Party and the Event of Default it is qualifying Bankruptcy event, the Early Termination Date will occur:
- (i) upon the Bankruptcy event, if under 5(a)(vii)(1), (3), (5) or (6) or if analogous, (8); and
- (ii) immediately before institution of the relevant proceeding, if under 5(a)(vii)(4) or if analogous, (8).