Template:ISDA Hierarchy of Events

Under Section 5(c) an Illegality or a Forece Majeure Event "trumps" a Failure to Pay, Breach of Agreement or Credit Support Default Event of Default occasioned by the same circumstances (e.g. a Failure to Pay or Deliver occasioned by an act of God is a Force Majeure Event and not an Event of Default). this doesn't apply with respect to other Events of Default though (such as Bankruptcy or Cross Default).