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| ==Termination Events and Events of Default==
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| {{isdaprov|Termination Events}} and {{isdaprov|Events of Default}} under an {{isdama}} are similar in that when they occur to one party (the {{isdaprov|Affected Party}} or {{isdaprov|Defaulting Party}}) the other may terminate outstanding trades under the agreement. A crucial difference between them is that events of default may give rise to third-party default rights (where the relevant {{isdaprov|Cross Default}} extends to derivatives and trading documents) but generally termination events under an ISDA Master Agreement with another dealer will not. | |
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| Termination events are less likely (although sometimes they do) to trigger third-party defaults; however, they often will trigger termination rights that cut across all agreements with one dealer (i.e., {{isdaprov|Default Under Specified Transaction}}).
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| ==Section 5(b) [[2002 ISDA Master]]==
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| (b) '''Termination Events'''. The occurrence at any time with respect to a party or, if applicable, any {{isdaprov|Credit Support Provider}}
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| of such party or any {{isdaprov|Specified Entity}} of such party of any event specified below constitutes (subject to Section 5(c))
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| an {{isdaprov|Illegality}} if the event is specified in clause (i) below, a {{isdaprov|Force Majeure Event}} if the event is specified in clause
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| (ii) below, a {{isdaprov|Tax Event}} if the event is specified in clause (iii) below, a {{isdaprov|Tax Event Upon Merger}} if the event is
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| specified in clause (iv) below, and, if specified to be applicable, a {{isdaprov|Credit Event Upon Merger}} if the event is specified
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| pursuant to clause (vi) below:
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| ==Subsections to Section 5(b) {{isdama}}==
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| :(b) {{isdaprov|Termination Events}}
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| ::(i) {{isdaprov|Illegality}}
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| ::(ii) {{isdaprov|Tax Event}}
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| ::(ii) {{isdaprov|Force Majeure Event}} ([[2002 ISDA Master]] only)
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| ::(iii) {{isdaprov|Tax Event Upon Merger}}
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| ::(iv) {{isdaprov|Credit Event Upon Merger}}
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| ::(v) {{isdaprov|Additional Termination Event}}
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| :(c) {{isdaprov|Event of Default and Illegality}}
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| {{isdaanatomy}}
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