1992 ISDA Master Agreement
A Jolly Contrarian owner’s manual™
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Section 4(a) in a Nutshell™
Use at your own risk, campers!
Full text of Section 4(a)
|4(a) Furnish Specified Information
. It will deliver to the other party or, in certain cases under subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs:—
- (i) any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation;
- (ii) any other documents specified in the Schedule or any Confirmation; and
- (iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable.
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Section 4(a) of the 2002 ISDA is materially identical.
“Specified information” is not actually a defined term under the ISDA Master Agreement but merely a capitalised heading. In the JC’s book, capitalising a heading is borderline illiteracy, but ISDA’s crack drafting squad™ feels differently about it and we have learned which battles to pick. At any rate, the “Specified Information”, so called, is that stuff set out in the Schedule at Part 3. These are the documents that the parties agree to deliver to each other at certain times. Part 3 itemises what must be delivered, by whom, by when, and whether the Specified Information in question is covered by the Section 3(d) representation as to its accuracy and completeness. (What good would any information be that was not covered by that representation? We will let you amble over to the article on Section 3(d) to consider that.)
The Part 3 table will also totally bugger up the formatting in your document: it is a well-known fact that no ISDA negotiator on the face of the earth knows how to format a table in Microsoft Word.
Then again, nor does anyone else.
Template:M sa 1992 ISDA 4(a)