Status - ISDA Provision

ISDA Anatomy™ incorporating our exclusive ISDA in a Nutshell™ Go Premium In a Nutshell™ Section 3(a)(i): 3(a)(i) Status. It is duly organised and validly existing under the laws of its jurisdiction and is, where relevant, in good standing; view template 2002 ISDA full text of Section 3(a)(i): 3(a)(i) Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; view template Click here for the text of Section 3(a)(i) in the 1992 ISDA Index: Click ᐅ to expand: ISDA Navigation 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 Comments? Questions? Suggestions? Requests? Insults? We’d love to 📧 hear from you. Sign up for our newsletter.

That basic, resting-state level of confidence we all want to have that the legal entity we are hoping to trade with is not, actually a figment of our imagination, has not sneakily been dissolved or somehow transmogrified into a non-material projection on an astral plane, and is up to date with its bills, audits financial statements and annual regulatory filings.

Some of these, nowadays, ought to be moderated by the existence of universal unique legal entity identifiers — to quote pub philosopher Des Carter, I have an LEI, therefore I am — though most, you would think would be better coming from your satisfaction that the folk in onboarding have actually done their job.

However you look at it, there remains a bit of an existential question afoot here. It quickly gets rather Cartesian. For if you are not sure whether the person to whom you are speaking is really there, then how will asking that person to confirm it help?

“Could you please tell me you exist?” sounds to these old ears like a cry for the kind of help the representations and warranties section of a legal contract is not, realistically, well positioned to provide.

And if they do, but it turns out they don’t, then what?

See also

• Representations and Warranties Anatomy