Agreement - ISDA Provision: Difference between revisions

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{{manual|MI|2002|Agreement|Section|Agreement|comp}}
{{manual|MI|2002|Agreement|Section|Agreement|short}}

Revision as of 10:35, 14 April 2020

2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual™

Resources and navigation

[[{{{1}}} - 1992 ISDA Provision|This provision in the 1992]]

Resources Wikitext | Nutshell wikitext | 1992 ISDA wikitext | 2002 vs 1992 Showdown | 2006 ISDA Definitions | 2008 ISDA | JC’s ISDA code project
Navigation Preamble | 1 • (a) (b) (c) | 2 • (a) (b) (c) (d) | 3 • (a) (b) (c) (d) (e) (f) (g) | 4 • (a) (b) (c) (d) (e) | 5 • 5(a) Events of Default: 5(a)(i) Failure to Pay or Deliver 5(a)(ii) Breach of Agreement 5(a)(iii) Credit Support Default 5(a)(iv) Misrepresentation 5(a)(v) Default Under Specified Transaction 5(a)(vi) Cross Default 5(a)(vii) Bankruptcy 5(a)(viii) Merger Without Assumption 5(b) Termination Events: 5(b)(i) Illegality 5(b)(ii) Force Majeure Event 5(b)(iii) Tax Event 5(b)(iv) Tax Event Upon Merger 5(b)(v) Credit Event Upon Merger 5(b)(vi) Additional Termination Event (c) (d) (e) | 6 • (a) (b) (c) (d) (e) (f) | 7 | 8 • (a) (b) (c) (d) | 9 • (a) (b) (c) (d) (e) (f) (g) (h) | 10 | 11 | 12 • (a) (b) | 13 • (a) (b) (c) (d) | 14 |

Index: Click ᐅ to expand:
2002 ISDA
1992 ISDA

Section Agreement in a Nutshell™

Use at your own risk, campers!
“Agreement” is defined in Section 1(c).

Full text of Section Agreement

“Agreement” has the meaning specified in Section 1(c).

Related agreements and comparisons

Click here for the text of Section Agreement in the 1992 ISDA
Template:Isdadiff Agreement

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Content and comparisons

The “Agreement” is, broadly, the ISDA Master Agreement, the Schedule, any 1995 CSA and, in the context of any Transaction, its Confirmation. It generally would not include a Credit Support Document (except to the extent you treat your 1995 CSA, rightly or wrongly,[1] as a Credit Support Document.

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Summary

The ISDA Master Agreement

The ISDA Master Agreement is the basic framework which applies to anyone who touches down on planet ISDA. There are three existing versions:

  • the state-of-the-art 2002 ISDA;[2]
  • the still-popular-with-traditionalists-and-Americans 1992 ISDA, and
  • the all-but-retired-but-don’t-forget-there-are-still-soldiers-in-the-Burmese-jungle 1987 ISDA[3]
  • the interesting-only-for-its-place-in-the-fossil-record-and-witty-acrostic 1985 ISDA Code; and
  • there isn’t a 2008 ISDA. That’s a little running JC in-joke.[4]

All three versions have a tri-partite form: Pre-printed Master, Schedule and — well, this is controversial: for is it, or is it not, part of the ISDA Master Agreement? — Credit Support Annex. {{isda 1(c) summ {{{1}}}|{{{1}}}}}

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See also

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References

  1. ↑ Rightly, if it is a 1994 NY CSA or a 2016 NY Law VM CSA; wrongly if it is a 1995 CSA or a 2016 VM CSA.
  2. ↑ There is no such thing as a 2008 ISDA. That was a joke on our part.
  3. ↑ Seriously: proceed with caution with one of these. 1987 ISDAs don’t have a lot of safety features a modern derivatives counterparty relies on, so only for real specialists and weirdos. Think of it like flying a spitfire rather than a 737 Max. Um, okay, bad metaphor.
  4. ↑ Talking to yourself might not be the first sign of madness, but having in-jokes with yourself might be.
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