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| {{isdaanat|Specified Indebtedness}} | | {{manual|MI|2002|Specified Indebtedness|Definition of|Specified Indebtedness|medium}} |
| A simple and innocuous enough provision. Almost redundant — why go to the trouble of defining borrowed money as another term? (because some firms, in their infinite wisdom, will wish to change the definition of [[borrowed money]] to include derivatives, other trading exposures, or even any payment obligations of any kind, and {{isdaprov|Specified Indebtedness}} is a (somewhat) less loaded label than “borrowed money”)<ref>By the way, the [[JC]]’s personal view is that one should ''not'' widen the definition beyond the normal conception of “[[borrowed money]]”, and if one is a [[Bank/Credit Institution|bank]], may wish to ''narrow'' it, to exclude [[Deposit|deposits]]. See the article on ISDA’s {{isdaprov|Cross Default}} {{gmslaprov|Event of Default}} for more information.</ref>.
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| In any case, what should one make of “[[borrowed money]]”? Could it include [[repo]] and stock loan]] obligations? Amounts owed to trade creditors? (In each case no, according to Simon Firth - see [[borrowed money|here]])
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| Of particular interest in the debate on {{isdaprov|Cross Default}}. Please refer to that section for a fuller discussion. see also the somewhat clumsier (but materially similar) definition of {{efetprov|Specified Indebtedness}} in the {{efetma}}.
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| {{sa}}
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| *{{isdaprov|Cross Default}} ({{isdama}})
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| *[[cross default]] (generally)
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| {{ref}}
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2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual™
Resources and navigation
Definition of Specified Indebtedness in a Nutshell™
Use at your own risk, campers!
Full text of Definition of Specified Indebtedness
Related agreements and comparisons
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Content and comparisons
No change to this definition between the 1992 ISDA and the 2002 ISDA. This clause is only really relatable in the context of Cross Default Event of Default, of which it is a component.
Summary
See the Cross Default page which discusses Specified Indebtedness in detail — gory detail, if you are a premium subscriber — in the only context in which it appears: as the type of contract to which a Cross Default applies.
General discussion
Template:M gen 2002 ISDA Specified Indebtedness
See also
References