Specified Entity - ISDA Provision: Difference between revisions
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{{isdasnap|Specified Entity}} | {{isdasnap|Specified Entity}} | ||
==== | ==Commentary== | ||
Note the reference in relation to (a) Section {{isdaprov|5(a)}} {{isdaprov|Termination Event}}s (like {{isdaprov|DUST}} for example), and (b) the "{{isdaprov|Absence of Litigation}}" representation in Section ''3(c)'' of the {{2002ma}}. | |||
{{ | A {{isdaprov|Specified Enity}} is any affiliate (or, in theory at any rate, even a non-affiliate) of a counterparty to an {{isdama}} which is designated in the relevant Schedule. | ||
It is relevant to the definition of {{isdaprov|Cross Default}} and {{isdaprov|Default under Specified Transaction}} in that it widens the effect of those provisions to include defaults by the parties specified. | It is relevant to the definition of {{isdaprov|Cross Default}} and {{isdaprov|Default under Specified Transaction}} in that it widens the effect of those provisions to include defaults by the parties specified. | ||
Revision as of 13:34, 9 October 2015
In gory detail
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1992 ISDA |
2002 ISDA |
Commentary
Note the reference in relation to (a) Section 5(a) Termination Events (like DUST for example), and (b) the "Absence of Litigation" representation in Section 3(c) of the 2002 ISDA.
A Specified Enity is any affiliate (or, in theory at any rate, even a non-affiliate) of a counterparty to an ISDA Master Agreement which is designated in the relevant Schedule.
It is relevant to the definition of Cross Default and Default under Specified Transaction in that it widens the effect of those provisions to include defaults by the parties specified.