Basic Representations - ISDA Provision
2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual™ ISDA Text: 3(a)
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Overview
The Section 3(a) Basic Representations survived intact, to the last punctuation mark, between the 1992 ISDA and the 2002 ISDA. They were that excellent.
Summary
An observant negotiator (is there any other kind?) handling a 1992 ISDA might wish to add a new agency rep as Section 3(a)(vi). In 2002, ISDA’s crack drafting squad™ obviously thought this was such a good idea that they added a brand-new “no-agency” rep to the 2002 ISDA, only they can’t have felt it was basic enough to go in the Basic Representations, so they put it in a new clause all by itself at Section 3(g).
But you don’t need a bespoke “no-agency” rep if you’re on a 2002 ISDA, if that’s what you’re wondering.
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- The JC’s famous Nutshell™ summary of this clause
- Subsection-by-subsection discussion of the Section 3(a) basic reps