2001 ISDA Cross-Agreement Bridge Anatomy
2001 ISDA Cross-Agreement Bridge
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A master netting agreement published by ISDA just before the 2002 ISDA. It is only three pages long, but that didn't stop ISDA delivering some of the most contorted constructions seen in the English language.
1 Transactions under Bridged Agreements
2 Amendment to Definition of this Unpaid Amounts
See also
References
- ↑ Include bracketed language if the first alternative identified in footnote 5 is to be used.
- ↑ If the bracketed language is omitted, the occurrence of any Event of Default may constitute a Bridging Event Specify “Section S(a)(vii) of’ if the only potential Bridging Event is to be the occurrence of a Bankruptcy Event of Default.
- ↑ Include the first bracketed alternative if Automatic Early Termination has been specified to apply in respect of one or both parties and the automatic occurrence of an Early Termination Date should trigger the operation of these bridging provisions. Include the second bracketed alternative if Automatic Early Termination has been specified to apply in respect of one or both parties and the automatic occurrence of an Early Termination Date should not trigger the operation of these bridging provisions. Note that, if this second alternative is selected, the Non-defaulting Party will not be able to rely on the bridging provisions where one of the Bankruptcy events to which Automatic Early Termination applies has occurred.
- ↑ If the bracketed language is omitted, the occurrence of any Event of Default may constitute a Bridging Event Specify “Section S(a)(vii) of’ if the only potential Bridging Event is to be the occurrence of a Bankruptcy Event of Default
- ↑ Include bracketed comma if sub-paragraphs (y) and (z) are not to apply.
- ↑ Include bracketed language if sub-paragraphs (y) and (z) are to apply.
- ↑ If the parties have agreed to apply the Bankruptcy definition contained in Attachment 4 to the Form of Amendment to the ISDA Master Agreements published by ISDA in October 2001, specify instead “5(a)(vii)(4)(A)”.
- ↑ Include bracketed language if Automatic Early Termination has been specified to apply in respect of one or both parties and these bridging provisions should apply automatically upon the occurrence of the specified Bankruptcy events.
- ↑ Include bracketed language if Automatic Early Termination has been specified to apply in respect of one or both parties and these bridging provisions should apply automatically upon the occurrence of the specified Bankruptcy events.
- ↑ If the parties have agreed that “Replacement Value” is the applicable payment measure, the following should be included in place of this sentence: “The Replacement Value determined under Section 6(e) in relation to the Terminated Transaction constituted by a Bridged Agreement will be deemed to be zero.”
- ↑ Specify “14” if these bridging provisions are being included in an lSDA Master Agreement (Multicurrency – Cross Border), and “12” if these bridging provisions are being included in an ISDA Master Agreement (Local Currency - Single Jurisdiction).