2002 ISDA Master Agreement

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ISDA Anatomy™
incorporating our exclusive ISDA in a Nutshell™

Index: Click to expand:Navigation
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
IllegalityTax EventTEUMCEUMATE


Events of Default
FTPDBreachCSDMisrepDUSTCross DefaultBankruptcyMWA
Termination Events
IllegalityTax EventTEUMCEUMATE


Events of Default
FTPDBreachCSDMisrepDUSTCross DefaultBankruptcyMWA
Termination Events
IllegalityFMTax EventTEUMCEUMATE

Early Termination 6

Early Termination
ET right on EODET right on TEEffect of DesignationCalculations


Early Termination
ET right on EODET right on TEEffect of DesignationCalculationsSet-off


Early Termination
ET right on EODET right on TEEffect of DesignationCalculationsSet-off

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

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The 2002 ISDA is the current version of the ISDA Master Agreement and successor to the 1992 ISDA. Both agreement versions are still in use for existing and new business in the market. You really should go see our ISDA Anatomy which breaks it down, clause by clause, and even gives you a nice and easy plain English version of each provision.

1 Interpretation

1(a) Definitions
1(b) Inconsistency
1(c) Single Agreement

2 Obligations

2(a) General Conditions (incl Section 2(a)(iii))
2(b) Change of Account
2(c) Netting
2(d) Deduction or Withholding for Tax

3 Representations

3(a) Basic Representations
3(b) Absence of certain events
3(c) Absence of litigation
3(d) Accuracy of Specified Information
3(e) Payer Tax Representations
3(f) Payee Tax Representations
3(g) No Agency (2002 ISDA only)

4 Agreements

4(a) Furnish Specified Information
4(b) Maintain Authorisations
4(c) Comply with Laws
4(d) Tax Agreement
4(e) Payment of Stamp Tax

5 Events of Default and Termination Events
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
5(c) Hierarchy of Events
5(d) Deferral of Payments and Deliveries During Waiting Period
5(e) Inability of Head or Home Office to Perform Obligations of Branch
6 Early Termination
6(a) Right to Terminate following Event of Default
6(b) Right to Terminate following Termination Event
6(b)(i) Notice (of Termination Event)
6(b)(ii) Transfer to Avoid Termination Event
6(b)(iii) Two Affected Parties
6(b)(iv) Right to Terminate
6(c) Effect of Designation
6(d) Calculations
6(e) Payments on Early Termination
6(e)(i) Events of Default (Early Termination Payments)
6(e)(ii) Termination Events (Early Termination Payments)
6(e)(iii) Adjustment for Bankruptcy (Early Termination Payments)
6(e)(iv) Adjustment for Illegality or Force Majeure Event
6(e)(v) Pre-Estimate (Early Termination Payments)
6(f) Set Off
7 Transfer
8 Contractual Currency

8(a) Payment in Contractual Currency
8(b) Judgments
8(c) Separate Indemnities
8(d) Evidence of Loss

9 Miscellaneous

9(a) Entire Agreement
9(b) Amendments
9(c) Survival of Obligations
9(d) Remedies Cumulative
9(e) Counterparts and Confirmations
9(f) No Waiver of Rights
9(g) Headings
9(h) Interest and Compensation (2002 ISDA only)

10 Offices; Multibranch Parties
11 Expenses
12 Notices

12(a) Effectiveness
12(b) Change of Addresses

13 Governing Law and Jurisdiction

13(a) Governing Law
13(b) Jurisdiction
13(c) Service of Process
13(d) Waiver of immunities

14 Definitions

Additional Representation
Additional Termination Event
Affected Party
Affected Transactions
Applicable Close-out Rate
Applicable Deferral Rate
Automatic Early Termination
Burdened Party
Change in Tax Law
Close-out Amount
Contractual Currency
Convention Court
Credit Event Upon Merger
Credit Support Document
Credit Support Provider
Defaulting Party
Designated Event
Determining Party
Early Termination Amount
Early Termination Date
electronic messages
English law
Event of Default
Force Majeure Event
General Business Day
Indemnifiable Tax
Local Business Day
Local Delivery Day
Master Agreement
Merger Without Assumption
Multiple Transaction Payment Netting
Non-affected Party
Non-default Rate
Non-defaulting Party
Other Amounts
Potential Event of Default
Process Agent
rate of exchange
Relevant Jurisdiction
Scheduled Settlement Date
Specified Entity
Specified Indebtedness
Specified Transaction
Stamp Tax
Stamp Tax Jurisdiction
Tax Event
Tax Event Upon Merger
Terminated Transactions
Termination Currency
Termination Currency Equivalent
Termination Event
Termination Rate
Threshold Amount
Unpaid Amounts
Waiting Period

Part 1 - Termination Provisions

(a) Specified Entity
(b) Specified Transaction
(c) Cross Default
(d) Credit Event Upon Merger
(e) Automatic Early Termination
(f) Termination Currency
(g) Additional Termination Event

Part 2 - Tax Representations

(a) Payer Tax Representations
(b) Payee Tax Representations

Part 3 - Agreement to Deliver Documents

(a) Tax forms, documents or certificates to be devlivered
(b) Other documents to be delivered

Part 4 - Miscellaneous

(a) Addresses for Notices
(b) Process Agent
(c) Offices
(d) Multibranch Party
(e) Calculation Agent
(f) Credit Support Document
(g) Credit Support Provider
(h) Governing Law
(i) Netting of Payments
(j) Affiliate

Part 5 - Other Provisions

See also