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| {{isdasnap|6(b)(ii)}} | | {{newisdamanual|6(b)(ii)}} |
| ====Commentary====
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| Note in the {{2002ma}} there is no reference here to {{isdaprov|Illegality}} (or for that matter {{isdaprov|Force Majeure}}, which did not exist under the {{1992ma}} but would have been included in this provision of the 1992 if it had.... if you see what I mean).
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| Once the Waiting Period expires, it will be a Termination Event entitling either party to terminate some or all Affected Transactions. Partial termination is permitted because the impact on an event on each Transaction may differ from case to case (eg transactions forming part of a structured financing like a repack or a CDO) might not be easily replaced, so the disadvantages of terminating may outweight the advantages.
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| Note though that if an Unaffected Party does elect partial termination, the Affected Party has the right to terminated some or all of the remaining Transactions - this prevents Unaffected Parties being opportunistic.
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| {{isdaanatomy}}
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