Audited financial statements

ISDA Anatomy™
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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 FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events Illegality • Tax Event • TEUM • CEUM • ATE •	5 Events of Default FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events Illegality • Tax Event • TEUM • CEUM • ATE •	5 Events of Default FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events Illegality • FM • Tax Event • TEUM • CEUM • ATE •
Early Termination	6 Early Termination ET right on EOD • ET right on TE • Effect of Designation • Calculations	6 Early Termination ET right on EOD • ET right on TE • Effect of Designation • Calculations • Set-off	6 Early Termination ET right on EOD • ET right on TE • Effect of Designation • Calculations • Set-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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Of interest to Credit officers and those having trouble sleeping at night. Often mentioned in Part 3 documents, and the concomitant representations as the Accuracy of Specified Information.

If you agree to provide audited financial statements, are you, by dint of your Section 3(d) representations as to the Accuracy of Specified Information, underwriting their impeachable truth, accuracy and completeness in a way that not even the auditor who wrote them would be seen dead doing?

In this writer’s opinion, no.

Audited financial statements

See also