English law - ISDA Provision

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2002 ISDA Master Agreement

A Jolly Contrarian owner’s manual™

English law in a Nutshell

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Original text

English law” means the law of England and Wales, and “English” will be construed accordingly.

See ISDA Comparison for a comparison between the 1992 ISDA and the 2002 ISDA.
The Varieties of ISDA Experience
Subject 2002 (wikitext) 1992 (wikitext) 1987 (wikitext)
Preamble Pre Pre Pre
Interpretation 1 1 1
Obligns/Payment 2 2 2
Representations 3 3 3
Agreements 4 4 4
EODs & Term Events 5 Events of Default: FTPDBreachCSDMisrepDUSTCross DefaultBankruptcyMWA Termination Events: IllegalityFMTax EventTEUMCEUMATE 5 Events of Default: FTPDBreachCSDMisrepDUSTCross DefaultBankruptcyMWA Termination Events: IllegalityTax EventTEUMCEUMATE 5 Events of Default: FTPDBreachCSDMisrepDUSSCross DefaultBankruptcyMWA Termination Events: IllegalityTax EventTEUMCEUM
Early Termination 6 Early Termination: ET right on EODET right on TEEffect of DesignationCalculations; Payment DatePayments on ETSet-off 6 Early Termination: ET right on EODET right on TEEffect of DesignationCalculationsPayments on ETSet-off 6 Early Termination: ET right on EODET right on TEEffect of DesignationCalculationsPayments on ET
Transfer 7 7 7
Contractual Currency 8 8 8
Miscellaneous 9 9 9
Offices; Multibranch Parties 10 10 10
Expenses 11 11 11
Notices 12 12 12
Governing Law 13 13 13
Definitions 14 14 14
Schedule Schedule Schedule Schedule
Termination Provisions Part 1 Part 1 Part 1
Tax Representations Part 2 Part 2 Part 2
Documents for Delivery Part 3 Part 3 Part 3
Miscellaneous Part 4 Part 4 Part 4
Other Provisions Part 5 Part 5 Part 5

Resources and Navigation

Index: Click to expand:

Comparisons

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.

Basics

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

References