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A similar state to the one you get in when you sign an ISDA Master Agreement, because there is no no-fault termination right under it. So you can check out (not trade, let your exposures roll off) but you can never leave (unless your counterparty commits an Event of Default or Termination Event — and even then you are terminating all transactions and not the agreement itself. Your undead ISDA remains, undead, the immortal seed of the Dark Lord of the Swaps, gestating into the infinite blackness.
See also