View source for Template:Isda 5(b) summ

====Triggering formalities in Section {{{{{1}}}|6(b)}}====
The {{{{{1}}}|Termination Events}} themselves are crafted as absolute events, without the need for notices or actions on the part of the Transaction Counterparties to activate them. 

But they do not go live automatically: they must be activated by the {{{{{1}}}|Non-affected Party}}.

The formal triggering process is set out in Section {{{{{1}}}|6(b)}} and there is an amount of pre-trigger faffery (since not all of them will be apparent to a {{{{{1}}}|Non-affected Party}}, the {{{{{1}}}|Affected Party}} must give notice and then efforts must be made to fix or avoid them before there is any question of termination) before one gets onto the actual process, which is set out in Section {{{{{1}}}|6(b)(iv)}}.

====Clause-by-clause====
===== Section 5(b)(i) Illegality=====
{{isda Illegality summ|{{{1}}}}}

=====Section 5(b)(ii) Force Majeure (2002 only) =====
{{isda Force Majeure summ|{{{1}}}}}

=====Section 5(b)(ii)/(iii) Tax Event=====
{{isda Tax Event summ|{{{1}}}}}

=====Section 5(b)(iii)/(iv) Tax Event Upon Merger =====
{{isda Tax Event Upon Merger summ|{{{1}}}}}

=====Section 5(b)(iv)/(v) Credit Event Upon Merger=====
{{isda Credit Event Upon Merger summ|{{{1}}}}}

=====Section 5(b)(v)/(vi) Additional Termination Events=====
{{isda Additional Termination Events summ|{{{1}}}}}