Template:M summ 2002 ISDA 6(b): Difference between revisions

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-[[6(b) - ISDA Provision|There]] is a difference between {{isdaprov|Termination Event}}s that are:
+[[6(b) - ISDA Provision|There]] is a difference between {{isdaprov|Termination Event}}s that are ''non''-catastrophic, and usually ''{{isdaprov|Transaction}}''-specific, and those that ''are'' catastrophic, which are usually ''counterparty'' specific.
-*'''Non-catastrophic''': that affect one, some, or just a subset of {{isdaprov|Transaction}}s under the {{isdama}} — these might be caused by, say, a {{isdaprov|Tax Event}} or a local {{isdaprov|Illegality}}, but in any weather they are not much about the [[solvency]], [[creditworthiness]] or mendacity of your counterparty (and might have nothing to do with your counterparty at all); and
-*'''Catastrophic''': that, by their nature affect — that is, “[[Affected Transaction - 1992 ISDA Provision|Affect]]” — '''''all''' {{isdaprov|Transactions}}''. These generally are the bespoke ones your [[credit department]] insisted on — or ''theirs'' did; they ''will'' have something to do with the naughtiness of lack of fibre of your counterparty (or you!), and these function for most respects a lot more like {{isdaprov|Events of Default}}.
+Non-catastrophic ones affecting just a subset of {{isdaprov|Transaction}}s might be caused by, say, a {{isdaprov|Tax Event}} or a local {{isdaprov|Illegality}}, but in any weather do not concern the [[solvency]], [[creditworthiness]] or basic mendacity of your counterparty. They generally won’t have much, directly, to do with your counterparty at all beyond the jurisdictions it inhabits and the laws it is subject to. These are generally the {{isdaprov|Termination Event}}s, but not {{euaprov|Additional Termination Event}}s.
+The catastrophic ones are by their nature affect — that is, “[[Affected Transaction - 1992 ISDA Provision|Affect]]” — '''''all''' {{isdaprov|Transactions}}''. These generally are the bespoke {{isdaprov|Additional Termination Event}}s your [[credit department]] insisted on — or ''theirs'' did; they ''will'' have something to do with the naughtiness of lack of fibre of your counterparty (or you!), and these function for most respects a lot more like {{isdaprov|Events of Default}}.
 Thus, in the drafting of ISDA Schedules, CSAs and so on, you will often find laboured reference to {{isdaprov|Events of Default}} [[and/or]] {{isdaprov|Termination Events}} which lead to {{isdaprov|Early Termination Date}}s ''with respect to all outstanding {{isdaprov|Transaction}}s'' as some kind of special, hyper-exciting, class of {{isdaprov|Termination Event}}.