ISDA Anatomy

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1. Interpretation

1(a) Interpretation - Definitions
1(b) Inconsistency
1(c) Single Agreement

2. Obligations

2(a) General Conditions
2(a)(iii) Section 2(a)(iii)
2(b) Change of Account
2(c) Netting
2(d) Deduction of Witholding for Tax
2(e) Default Interest (1992 ISDA Master only)

3. Representations

3(a) Basic Representations
3(b) Absence of certain events
3(c) Absence of litigation
3(d) Accuracy of Specified Information
3(e) Payer Tax Representations
3(f) Payee Tax Representations
3(g) No Agency (2002 ISDA only)

4. Agreements

4(a) Furnish Specified Information
4(b) Maintain Authorisations
4(c) Comply with Laws
4(d) Tax Agreement
4(e) Payment of Stamp Tax

5. Events of Default and Termination Events

Note that the numbering of Section 5b and beyond differs between the 1992 ISDA and the 2002 ISDA.

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

1992 ISDA

5(b) Termination Events

5(b)(i) Illegality
5(b)(ii) Tax Event
5(b)(iii) Tax Event Upon Merger
5(b)(iv) Credit Event Upon Merger
5(b)(v) Additional Termination Event

5(c) Event of Default and Illegality

2002 ISDA

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

5(c) Hierarchy of Events
5(c) Deferral of Payments and Deliveries During Waiting Period
5(c) Inability of Head or Home Office to Perform Obligations of Branch

6. Early Termination

6(a) Right to Terminate following Event of Default
Automatic Early Termination
6(b) Right to Terminate following Termination Event
6(b)(i) Notice (of Termination Event)
6(b)(ii) Transfer to Avoid Termination Event
6(b)(iii) Two Affected Parties
6(b)(iv) Right to Terminate
6(c) Effect of Designation
6(d) Calculations
6(e) Payments on Early Termination
6(e)(i) Events of Default (Early Termination Payments)
6(e)(ii) Termination Events (Early Termination Payments)
6(e)(iii) Adjustment for Bankruptcy (Early Termination Payments)
6(e)(iv) (Pre-Estimate (Early Termination Payments)
6(f) Set Off (2002 ISDA Master Agreement Only)

7. Transfer

8. Contractual Currency

8(a) Payment in Contractual Currency
8(b) Judgments
8(c) Separate Indemnities
8(d) Evidence of Loss

9. Miscellaneous

9(a) Entire Agreement
9(b) Amendments
9(c) Survival of Obligations
9(d) Remedies Cumulative
9(e) Counterparts and Confirmations
9(f) No Waiver of Rights
9(g) Headings
9(h) Interest and Compensation (2002 ISDA Master only)

10. Offices; Multi-Branch Parties

11. Expenses

12. Notices

13. Governing Law and Jurisdiction

14. Definitions


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