Additional termination events i notwithstanding anything to the contrary in this confirmation if an event of default with respect to counterparty occurs under the terms of the convertible notes as set forth in section 601 of the indenture then such event of default shall constitute an additional termination event applicable to the transaction. Default means any event that with notice or passage of time or both would.
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If any Additional Termination Event is specified in the Schedule or any Confirmation as applying the occurrence of such event and in such event the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such Confirmation.
Additional termination event and event of default. Additional Events of Default Section 41 For purposes of this Supplemental Indenture and the Notes in addition to the Events of Default set forth in Section 501 of the Indenture it shall also constitute an Event of Default if a default under any bond debenture note or other evidence of indebtedness of the Company including a default with respect to any other series of. Event of DefaultTermination Event Applies to Party A Applies to Party B Section 5ai Payment Default No No Section 5aii Breach of Agreement No No Section 5aiii Credit Support Default No No Section 5aiv Misrepresentation No No Section 5av Default Under. Termination valuation and close-out provisions of the 1992 Agreement.
Otherwise constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event it will be treated as an Event of Default or such other Termination Event as the case may. Such events are triggered when a funds NAV declines below a specified level over a specified period. Vi Additional Termination Event.
Parties will elect whether Additional Termination Events ATE will or will not apply to each party. Provided that as long as no Event of Default in respect of Party B is then continuing with effect on the day prior to the Termination Date the Termination Date will automatically be extended by successive periods of one year unless no less than 120. Additional Termination Event ATE Under a swap transaction documented using an ISDA Master Agreement ISDA Master a termination event negotiated by the parties to the ISDA Master that is not specified in the ISDA Master a placeholder ATE termination event is designated in Section 5 b v of the 1992 ISDA Master Agreement and in section 5.
Termination Rate means a rate per annum equal to the arithmetic mean of the cost without proof or evidence of any actual cost to each party as certified by. Further the transactions under the agreement are subject to early termination when a tax event occurs AND the affected party serves a notice in respect. Termination Date unless earlier terminated in accordance with the provisions of this Agreement means July 1 2009.
Additional Termination Events i Notwithstanding anything to the contrary in this Confirmation if an event of default with respect to Counterparty occurs under the terms of the Convertible Notes as set forth in Section 601 of the Indenture then such event of default shall constitute an Additional Termination Event applicable to the Transaction and with respect to such. Termination triggers related to NAV are generally added as an Additional Termination Event in the Schedule to the ISDA Master Agreement and as an event of default in related prime brokerage documentation. C Additional Termination Events Part 1 h Section 5 of the ISDA Master Agreement provides a.
A Automatic Early Termination AET. It should be noted that additional events of default can be added by the parties by amending the schedule to the ISDA Master Agreement. There are also a range of other credit- related events that could lead to termination including.
The following Events of Default and Termination Events shall apply to Party A and Party B as set forth below. Look for any applicable conditions eg. The 2002 ISDA Master Agreement and the ISDA Illegality Force Majeure Protocol where that applies sets out a hierarchy of events specifying which should be the applicable event where events overlap.
If any Additional Termination Event is specified in the Schedule or any Confirmation as applying the occurrence of such event and in such event the Affected Party or Affected Parties will be as specified for such Additional. Additional Termination Events are meant to capture credit issues that a party may be having and allow its counterparty to take action whether or not the party is subject to an Event of Default under the Master Agreement. In short the difference between an Event of Default and a Termination Event is that in an Event of Default there is a party that can be blamed whereas generally in a Termination Event the event just happened or was outside a partys control.
Many agreements provide for both options. Next determine if any Event of Default or Termination Event is applicable s. Event of Default is straightforward enoughits defined to mean any of the sorts of bad things a bank wouldnt want to have happen to its borrowers.
The ISDA Master Agreement contains eight standard events of default see Figure 2. Usually default and event of default are used as defined terms. The receipt by Dealer from Counterparty of any Repayment Notice shall constitute an Additional Termination Event as provided in this Section 9 j ii.
5 and 6 of the ISDA contract as amended or supplemented. In broad terms an Event of Default is one where one party is to blame while a Termination Event. As for Default its given the following definition or some variation.
Even then the non-defaulting party may be required to grant the defaulting party additional time in which to remedy the default before the agreement may be terminated. The event of default provisions provide for a grace period after a default occurs to allow the defaulting party to remedy that default. In certain circumstances the occurrence of a particular event could in theory constitute both a Termination Event and an Event of Default or even two different Termination Events.
V Additional Termination Event. In the case of a fund the Threshold Amount may typically be set between 2 or 3 of the funds NAV. The transactions under the agreement are subject to early termination when an event of default occurs AND the non defaulting party serves a default notice to the defaulting party.
C Event of Default and Illegality. Occurrence of an event of default a party may elect to terminate all transactions under the ISDA Master Agreement. Grace periods to close out as well.
During a course of the negotiation of an ISDA Master Agreement you may be asked by your counterparty to define an event which could close out all Transactions under an Agreement as an Additional Termination Event ATE or Additional Event of Default AEoD. 4 Market Participation Termination Events Most events of default are likely to lead to eventual termination of the market participant unless the participant is able to remedy and bring itself back into good standing. Another group addressed the proposal to prepare standard force majeure and impossibility provisions for.
Termination Event means an Illegality a Tax Event or a Tax Event Upon Merger or if specified to be applicable a Credit Event Upon Merger or an Additional Termination Event. Insolvency is an Event of Default under s5avii of the ISDA Master Agreement.
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