Relevant Jurisdiction - ISDA Provision
2002 ISDA Master Agreement
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Relevant Jurisdiction in all its glory
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Relevant Jurisdiction is a special artefact in the ISDA canon because, insofar as the ISDA Master Agreement proper is concerned, it is the only piece of text that falls definitively below the Biggs threshold. It isn’t used in the ISDA Master Agreement itself at all.
HOLD YOUR LETTERS, PEDANTS. Yes, it is true, it does feature in the printed form in the Part 2 Payer Representations. But these are, by their terms, voluntary, optional and malleable commercial terms, that the parties may strike out or adjust, leaving the Relevant Jurisdiction dangling there behind the ISDA’s woolly posterior, like a dag that may not be shorn. The irony! Relevant to what?! Nothing!
You might ask why this definition — which is tedious, sure, but hardly a backbreaker — couldn’t have been wrapped into the text of the actual representation in Part 2
- The JC’s famous Nutshell™ summary of this clause