English law - ISDA Provision

2002 ISDA Master Agreement A Jolly Contrarian owner’s manual™ English law in a Nutshell™ The JC’s Nutshell™ summary of this term has moved uptown to the subscription-only ninja tier. For the cost of ½ a weekly 🍺 you can get it here. Sign up at Substack. You can even ask questions! Ask about it here. English law in all its glory “English law” means the law of England and Wales, and “English” will be construed accordingly. edit Related agreements and comparisons Click here for the text of Section English law in the 1992 ISDA Template:Isdadiff English law Resources and Navigation 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 Premium version of this page

Overview

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The expression “English law” is used, but not defined in the 1992 ISDA. It is defined in the 2002 ISDA, though curiously with a lower case “l” for “law”, and is useful as a toggle in the Governing Law clause, and to default to a Termination Currency if you have forgotten to provide one (for English law, the default Termination Currency is ... euro ... ouch ouch ouch can you imagine how UKIP must feel about that?), but not necessarily something that is going to move the world, even if the political and juridical subdivisions of what they used to call Albion are an utter Zodiac Mindwarp if you are careless enough to investigate them for a while. And no, Brexit means Brexit did not help.

Summary

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Though there are some British Isles, seeing as they include the Republic of Ireland, there is no British law. Though there is a Great Britain — being the largest of the British Isles: the one with England, Scotland and Wales on it — there is no law of Great Britain. Though the political entity is the United Kingdom of Great Britain and Northern Ireland, there is no UK law. The Scots do their own thing. And let us not get into how the Anglo memeplex is represented in the world’s sporting tournaments.

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See also

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