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

Latest revision as of 13:06, 18 October 2022

(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).

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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>.
+{{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
+:(ii) immediately before institution of the relevant proceeding, if under {{isdaprov|5(a)(vii)}}(4) or if analogous, (8).
+<br>