Determining Party - ISDA Provision

2002 ISDA Master Agreement A Jolly Contrarian owner’s manual™ Determining Party in a Nutshell™ The JC’s Nutshell™ summaries are moving to the subscription-only ninja tier. For the cost of ½ a weekly 🍺 you can get them here. Sign up at Substack. Determining Party in all its glory “Determining Party” means the party determining a Close-out Amount. edit Related agreements and comparisons Click here for the text of Section Determining Party in the 1992 ISDA Template:Isdadiff Determining Party Resources and Navigation This provision in the 1992 Resources Wikitext | Nutshell wikitext | 1992 ISDA wikitext | 2002 vs 1992 Showdown | 2006 ISDA Definitions | 2008 ISDA | JC’s ISDA code project Navigation Preamble | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 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 • 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 Index: Click ᐅ to expand: 2002 ISDA - Premium 1992 ISDA - Premium Premium version of this page

Overview

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You want to spend your time looking at Close-out Amount, and, by way of comparison, the magnificent contrivance that was the 1992 ISDA’s equivalent, Loss or Market Quotation. There was no “Determining Party” concept in the 1992 ISDA.

Summary

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Not to be confused with a Determining Party for the purposes of the Equity Derivatives definitions, of course. Right?

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• The JC’s famous Nutshell™ summary of this clause

• On dealer polls (still germane, even in 2002) and their utter forlornity, as evidenced in the Lehman litigation
• What about penalties suffered as a result of failures by a party to perform its obligations? The strange case of Emissions Allowances

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See also

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• Hedging Disruption under the 2002 ISDA Equity Derivatives Definitions
• The famous triple cocktail of protections against hedging disruption for an Hedging Party