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→Expected events and tail events
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{{isdaprov|Events of Default}} and {{isdaprov|Termination Events}} permit an innocent party to [[close out]] {{isdaprov|Transactions}} early, should the counterparty breach the agreement, or its creditworthiness deteriorate in more or less oblique ways contrived by the credit department. Some of the Termination Events are concerned with other externalities — change in law, force majeure, tax matters — that don’t directly affect either party’s credit position.) | {{isdaprov|Events of Default}} and {{isdaprov|Termination Events}} permit an innocent party to [[close out]] {{isdaprov|Transactions}} early, should the counterparty breach the agreement, or its creditworthiness deteriorate in more or less oblique ways contrived by the credit department. Some of the Termination Events are concerned with other externalities — change in law, force majeure, tax matters — that don’t directly affect either party’s credit position.) | ||
=====Expected events and tail events===== | ======Expected events and tail events====== | ||
We can, in any case, distinguish between welcome “expected events” and unwelcome “[[tail events]]”. | We can, in any case, distinguish between welcome “expected events” and unwelcome “[[tail events]]”. | ||