Schedule Document - ISDA Provision

2002 ISDA Master Agreement A Jolly Contrarian owner’s manual™ Schedule Document 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. Schedule Document in all its glory ISDA® International Swaps and Derivatives Association, Inc. SCHEDULE to the 2002 Master Agreement dated as of ..................................................................... between ............... and ............... (“Party A”) (“Party B”) [established as a [COUNTERPARTY TYPE]] [established as a [COUNTERPARTY TYPE]] [with company number [NUMBER]] [with company number [NUMBER]] [under the laws of [JURISDICTION]] [under the laws of [JURISDICTION]] [acting through its [BRANCH]] [acting through its [BRANCH]] Part 1. Termination Provisions. (a) “Specified Entity” means in relation to Party A for the purpose of:― Section 5(a)(v), [SPECIFY]. Section 5(a)(vi), [SPECIFY]. Section 5(a)(vii), [SPECIFY]. Section 5(b)(v), [SPECIFY]. and in relation to Party B for the purpose of:― Section 5(a)(v), [SPECIFY]. Section 5(a)(vi), [SPECIFY]. Section 5(a)(vii), [SPECIFY]. Section 5(b)(v), [SPECIFY]. (b) “Specified Transaction” [will have the meaning specified in Section 14 of this Agreement.][means [SPECIFY].] (c) The “Cross-Default” provisions of Section 5(a)(vi) [will][will not]* apply to Party A and [will][will not]* apply to Party B. [“Specified Indebtedness” [will have the meaning specified in Section 14 of this Agreement.][means [SPECIFY].] “Threshold Amount” means [SPECIFY].] (d) The “Credit Event Upon Merger” provisions of Section 5(a)(v) [will][will not]* apply to Party A and [will][will not]* apply to Party B. (e) The “Automatic Early Termination” provisions of Section 6(a) [will][will not]* apply to Party A and [will][will not]* apply to Party B. (f) “Termination Currency” [will have the meaning specified in Section 14 of this Agreement.][means [SPECIFY].] (g) Additional Termination Event [will][will not]* apply. [The following will constitute an Additional Termination Event:― [SPECIFY] For the purpose of the foregoing Termination Event, the Affected Party or Affected Parties will be:― [SPECIFY]. ] Template:ISDA Master Agreement 2002 Schedule Part 2 Part 3. Agreement to Deliver Documents. For the purpose of Sections 4(a)(i) and 4(a)(ii) of this Agreement, each party agrees to deliver the following documents, as applicable:― (a) Tax forms, documents or certificates to be delivered are[: none][:― Party required to deliver document Form/Document/Certificate Date by which to be delivered .......... .......... .......... .......... .......... .......... .......... .......... .......... (b) Other documents to be delivered are[: none][:― Party required to deliver document Form/Document/Certificate Date by which to be delivered Covered by Section 3(d) Representation .......... .......... .......... [Yes][No] .......... .......... .......... [Yes][No] .......... .......... .......... [Yes][No] Template:ISDA Master Agreement 2002 Schedule Part 4 Template:ISDA Master Agreement 2002 Schedule Part 5 edit Related agreements and comparisons Click here for the text of Section Schedule Document in the 1992 ISDA Template:Isdadiff Schedule Document 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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This is the business end of the negotiation. Well, it’s the only end of the negotiation. This is where you make your elections, advise your name and address details, and make any amendments and augmentations to the pre-printed standard form. It would be nice to think that it would be a matter of filling out name and address, making some standardised tax representations and everyone would be underway and ready to trade, but usually it is a 3-6 month process of haggling about contingencies that are highly unlikely ever to arise.

And if it were that easy, this whole web site wouldn’t have been necessary. You decide whether or not that is a good thing.

Summary

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The Schedule is where the parties make their elections, customised representations, and any other amendments to the form of the ISDA that they want to apply across the board. Thus the Schedule is the heart of the ISDA negotiation. It is famously divided into five parts, of which you will spend most of your time in Parts 1 and 5.

Part 1 - Termination Provisions
Part 2 - Tax Representations (Schedule)
Part 3 - Agreement to Deliver Documents
Part 4 - Miscellaneous (Schedule)
Part 5 - Other Provisions

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

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See also

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