Template:Isda Defaulting Party and Affected Party comp

Defaulting Party and Non-defaulting Party

A “{{{{{1}}}|Defaulting Party}}” is one who has committed or suffered, and a “{{{{{1}}}|Non-defaulting Party}}” is one who is not implicated in the commission or sufferance of, an {{{{{1}}}|Event of Default}}. There is something judgmental and contemptuous about a defaulter, that there isn’t about one who is merely affected.

Affected Party and Non-Affected Party

Not even ISDA’s crack drafting squad™ could confect something worthwhile to say which might improve this Spartan piece of text. But note the concept of {{{{{1}}}|Affected Party}} is sprayed liberally throughout Section {{{{{1}}}|5(b)}}, and it means something different in almost every context so you’re guaranteed to have fun there.

Elsewhere there is much monkeying around as regards the concept of {{{{{1}}}|Illegality}}, particularly insofar as it relates to {{{{{1}}}|Credit Support Document}}s, and the newly introduced Force Majeure.