View source for Template:M summ 1992 ISDA 5(b)(i)

==1992 User Guide==
Section {{isda92prov|5(b)(i)}} provides that a {{isda92prov|Termination Event}} will occur if it becomes unlawful for a party (or if relevant its {{isda92prov|Credit Support Provider}}) to:
*make or receive a payment or delivery 
*comply with any material provision of a {{1992ma}} or 
*perform under a {{isda92prov|Credit Support Document}}. 

The party to whom the {{isda92prov|Illegality}} has occurred will be the “{{isda92prov|Affected Party}}”. This {{isda92prov|Termination Event}} excludes breach by a party of its Section {{eqderivprov|4(b)}} obligation to maintain authorizations necessary under a {{1992ma}} or any {{isda92prov|Credit Support Document}}. Any such breach thus will be treated as an {{isda92prov|Event of Default}} and not an {{isda92prov|Illegality}}.

This {{isda92prov|Termination Event}} has been modified from the {{1987ma}} to refer to physically-settled transactions and to replace the reference to “{{isda92prov|Specified Entity}}” in the corresponding provision of the {{1987ma}} with “{{isda92prov|Credit Support Provider}}” because clause (2) of {{isda92prov|Illegality}} relates to {{isda92prov|Credit Support Document}}s.

Section {{isda92prov|5(c)}} of the {{1992ma}} addresses where an {{isda92prov|Event of Default}} also constitutes an {{isda92prov|Illegality}} by providing that such it will be treated as an {{isda92prov|Illegality}}.