Specified Entity - ISDA Provision
2002 ISDA Master Agreement
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Specified Entity in all its glory
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And of course the Absence of Litigation representation. Let’s not forget that.
Each party designates its Specified Entities for each of these events in Part 1(a) of the Schedule, which gives the Schedule its familiar layout:
and in relation to Party B for the purpose of:―
Painstakingly set out, separately for Events of Default (namely DUST (Section 5(a)(v)), Cross Default (Section 5(a)(vi)) and Bankruptcy (Section 5(a)(vii)) and the one Termination Event (Credit Event Upon Merger (Section 5(b)(v) — as if you would want different Affiliates to trigger this event depending on precisely how they cork-screwed into the side of a hill), and jointly for the “Absence of Litigation” representation in Section 3(c) of the 2002 ISDA.
A Specified Entity is any affiliate (or, in theory at any rate, even a non-affiliate, if your risk officer is a total cretin) of a counterparty to an ISDA Master Agreement which is designated in the relevant Schedule.
- The JC’s famous Nutshell™ summary of this clause
- Specified Transaction
- Default under Specified Transaction
- Cross Default
- Absence of Litigation