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Specified Entity - ISDA Provision: Difference between revisions
Specified Entity - ISDA Provision (view source)
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{{isdasnap|Specified Entity}} | {{isdasnap|Specified Entity}} | ||
==== | ==Commentary== | ||
Note the reference in relation to (a) Section {{isdaprov|5(a)}} {{isdaprov|Termination Event}}s (like {{isdaprov|DUST}} for example), and (b) the "{{isdaprov|Absence of Litigation}}" representation in Section ''3(c)'' of the {{2002ma}}. | |||
{{ | A {{isdaprov|Specified Enity}} is any affiliate (or, in theory at any rate, even a non-affiliate) of a counterparty to an {{isdama}} which is designated in the relevant Schedule. | ||
It is relevant to the definition of {{isdaprov|Cross Default}} and {{isdaprov|Default under Specified Transaction}} in that it widens the effect of those provisions to include defaults by the parties specified. | It is relevant to the definition of {{isdaprov|Cross Default}} and {{isdaprov|Default under Specified Transaction}} in that it widens the effect of those provisions to include defaults by the parties specified. | ||