The Jolly Contrarian

ISDA Anatomy

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1 Interpretation

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

2 Obligations

2(a) General Conditions (incl Section 2(a)(iii))
2(b) Change of Account
2(c) Netting
2(d) Deduction or Withholding for Tax

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
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
5(c) Hierarchy of Events
5(d) Deferral of Payments and Deliveries During Waiting Period
5(e) Inability of Head or Home Office to Perform Obligations of Branch
6 Early Termination
6(a) Right to Terminate following Event of Default
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) Adjustment for Illegality or Force Majeure Event
6(e)(v) Pre-Estimate (Early Termination Payments)
6(f) Set Off
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 only)

10 Offices; Multibranch Parties
11 Expenses
12 Notices

12(a) Effectiveness
12(b) Change of Addresses

13 Governing Law and Jurisdiction

13(a) Governing Law
13(b) Jurisdiction
13(c) Service of Process
13(d) Waiver of immunities

14 Definitions

Additional Representation
Additional Termination Event
Affected Party
Affected Transactions
Affiliate
Agreement
Applicable Close-out Rate
Applicable Deferral Rate
Automatic Early Termination
Burdened Party
Change in Tax Law
Close-out Amount
Confirmation
consent
Contractual Currency
Convention Court
Credit Event Upon Merger
Credit Support Document
Credit Support Provider
Cross-Default
Defaulting Party
Designated Event
Determining Party
Early Termination Amount
Early Termination Date
electronic messages
English law
Event of Default
Force Majeure Event
General Business Day
Illegality
Indemnifiable Tax
law
Local Business Day
Local Delivery Day
Master Agreement
Merger Without Assumption
Multiple Transaction Payment Netting
Non-affected Party
Non-default Rate
Non-defaulting Party
Office
Other Amounts
Payee
Payer
Potential Event of Default
Proceedings
Process Agent
rate of exchange
Relevant Jurisdiction
Schedule
Scheduled Settlement Date
Set-off
Specified Entity
Specified Indebtedness
Specified Transaction
Stamp Tax
Stamp Tax Jurisdiction
Tax
Tax Event
Tax Event Upon Merger
Terminated Transactions
Termination Currency
Termination Currency Equivalent
Termination Event
Termination Rate
Threshold Amount
Transaction
Unpaid Amounts
Waiting Period


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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