Miscellaneous (Schedule) - ISDA Provision

2002 ISDA Master Agreement A Jolly Contrarian owner’s manual™ Go premium Crosscheck: →’87 equivalent →’92 equivalent →’02 equivalent Schedule Part 4 in a Nutshell™ The JC’s Nutshell™ summary of this term has moved uptown to the subscription-only ninja tier. For the cost of ½ a weekly 🍺 you can get it here. Sign up at Substack. Original text: edit 4 Miscellaneous (a) Notices: Each party’s address for communications under Section 12(a) will be: Party A: [SPECIFY]. Party B: [SPECIFY]. (b) Process Agents: For Section 13(c): Party A: [None.][SPECIFY]. Party B: [None.][SPECIFY]. (c) Offices, Multi-branch Parties Party A: [SPECIFY]. Party B: [SPECIFY]. (d) Calculation Agent: [SPECIFY]. (e) Credit Support Documents Party A: [None.][SPECIFY]. Party B: [None.][SPECIFY]. (f) Credit Support Providers Party A: [None.][SPECIFY]. Party B: [None.][SPECIFY]. (g) Governing Law: [English law][New York law]. (h) Netting of Payments: Multiple Transaction Payment Netting will [not] apply. (i) Affiliate: [As defined in Section 14 of the Master Agreement.][SPECIFY] (j) Additional Representations: Each party represents on the date on which it enters into a Transaction that: (i) Non-Reliance: It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party’s investment advice or as a recommendation to enter into that Transaction, it being understood that information and explanations related to the terms and conditions of a Transaction will not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of that Transaction. (ii) Assessment and Understanding: It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction. (iii) Status of Parties: The other party is not acting as a fiduciary for or an advisor to it in respect of that Transaction. 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 Resources and Navigation Index: Click ᐅ to expand: ISDA

Overview

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Broadly the same as in the 1992 ISDA and the 2002 ISDA. The payment netting under 2(c) is slightly different thanks to the introduction of the Multiple Transaction Payment Netting concept.

Summary

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If you often get yourself into a fight on this section of the Schedule can we recommend anger management classes? This is all very much work-a-day, keeping the lights on material.

The Additional Representations are, yes, laborious, turgidly drafted and state much that really ought to go without saying, but they are, thirty-something years into the Swapassic Era, canon, a part of the furniture, and really just asking to be left alone, untouched and unremarked upon.

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• JC’s “nutshell” summary of the clause
• Background reading and long-form essays

See also

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