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| One who is subject to a Section {{isdaprov|5(b)}} {{isdaprov|Termination Event}}, but not a Section {{isdaprov|5(a)}} {{isdaprov|Event of Default}} — thus one of a marginally less opprobrious character, seeing as {{isdaprov|Termination Event}}s are generally not considered to be one’s ''fault'' as such, but just sad things that happen that no-one expected, or wanted, but bring what was once a beautiful relationship to an end. It’s not you, it’s — well, it’s not me either, it’s just that confounded [[Tax Event Upon Merger - ISDA Provision|tax event that occurred upon your recent merger]].
| | {{isda Affected Party summ|isdaprov}} |
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| Note that, in its wisdom, {{icds}} chose not to have a generic term for the sort of person who is subject to ''either'' a {{isdaprov|Termination Event}} ''or'' an {{isdaprov|Event of Default}}, so there is much “{{isdaprov|Defaulting Party}} [[and/or]] {{isdaprov|Affected Party}}, [[as the case may be]]” sort of malarkey. This depresses we prose stylists, but {{icds}} has ''never'' cared about us, so we should hardly be surprised.
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| And given its relentless quest for infinitesimal particularity — and accepting for a moment it is ''warranted''<ref>~''Grimaces''~ Right. Moment over.</ref> — perhaps {{icds}} has a point, for “{{isdaprov|Affected Party}}” appears in subtly different guises in each of the {{isdaprov|Termination Events}}. Sometimes there is one {{isdaprov|Affected Party}}; sometimes there are two. Where there are two {{isdaprov|Affected Parties}} there is not a “victim” and a “perpetrator” as such, but you are in this odd new millennial world where everyone’s a victim, either party may trigger the {{isdaprov|Termination Event}}, both may estimate replacement prices on termination and they have to split the difference.
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| Where there is one {{isdaprov|Affected Party}}, only the {{isdaprov|Unaffected Party}} can terminate, and it is responsible for obtaining the valuation.
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