Template:M premium 2002 ISDA 5(a)

Bankruptcy and Failure to Pay

Cashflow insolvency

Beware AET

Non-Bankruptcy close-out monkey business

Differences between a CDS Failure to Pay and an ISDA Section 5(a)(i) Failure to Pay or Deliver

Payments satisfied other ways Failure to Pay or Deliver carve-out

It is an Event of Default not to supply documents for delivery Paranoia alert: the unusually, and unwantedly, long reach this Event of Default gives to your Cross Default provision. How material is “material”?

Representations by agents on agent’s own behalf: the curious Mœbius loop of agency representing, on behalf of its principal, that it is not acting as agent.

Things you could ask an agent to represent

Due appointment, authority etc.

Loss of manager’s regulatory status, good standing etc Acceleration, not default

Default under any Specified Transaction, and the question of overreach

Final payments

Differences between Cross Default and DUST

Payment acceleration versus delivery acceleration — mini close-out

What if I “jump the gun”?

DUST as the quintessential negotiation oubliette The arguments for Cross Default

Cross Default against banks

The famous snowball effect

Comparison with DUST

Cross Acceleration: Cross Default for nice guys

Changes to the Threshold Amount over the years

Initial margin failure?

Could we just remove Cross Default? Mind your Automatic Early Termination

If you are in a hurry

In full And “all or substantially all” means what exactly?

Bankruptcy vs MWA