Template:Isda 4 summ

A hodge-podge of “state the bleeding obvious” rules, breach of some of which justifies (eventual) close-out as a “breach of agreement” — flagrantly breaking the law, carelessly losing one’s regulatory authorisations — and random tax provisions and indemnities, which by and large don’t justify close-out.

Section 4(a) Furnish Specified Information

“Specified information” is not actually a defined term under the ISDA Master Agreement but merely a capitalised heading. In the JC’s book, capitalising a heading is borderline illiteracy, but ISDA’s crack drafting squad™ feels differently about it and we have learned which battles to pick. At any rate, the “{{{{{1}}}|Specified Information}}”, so called, is that stuff set out in the {{{{{1}}}|Schedule}} at {{{{{1}}}|Part 3}}. These are the documents that the parties agree to deliver to each other at certain times. {{{{{1}}}|Part 3}} itemises what must be delivered, by whom, by when, and whether the {{{{{1}}}|Specified Information}} in question is covered by the Section {{{{{1}}}|3(d)}} representation as to its accuracy and completeness. (What good would any information be that was not covered by that representation? We will let you amble over to the article on Section {{{{{1}}}|3(d)}} to consider that.)

The {{{{{1}}}|Part 3}} table will also totally bugger up the formatting in your document: it is a well-known fact that no ISDA negotiator on the face of the earth knows how to format a table in Microsoft Word.

Then again, nor does anyone else.

Section 4(c) Comply with Laws

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Section 4(d) Tax Agreement

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