Transaction - 1992 ISDA Provision

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1992 ISDA Master Agreement
A Jolly Contrarian owner’s manual

Section preamble in a Nutshell
Use at your own risk, campers!

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Section preamble in full

(Multicurrency — Cross Border)

ISDA

International Swap Dealers Association, Inc.



MASTER AGREEMENT

dated as of ......................................


[SPECIFY] and [SPECIFY]

have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions.
Accordingly, the parties agree as follows: —
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Related agreements and comparisons

Related Agreements
Click here for the text of Section preamble in the 2002 ISDA
Comparisons
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Resources and navigation

Resources Wikitext | Nutshell wikitext | 2002 ISDA wikitext | 2002 vs 1992 Showdown | 2006 ISDA Definitions | 2008 ISDA
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 Deliver5(a)(ii) Breach of Agreement5(a)(iii) Credit Support Default5(a)(iv) Misrepresentation5(a)(v) Default Under Specified Transaction5(a)(vi) Cross Default5(a)(vii) Bankruptcy5(a)(viii) Merger Without Assumption
Termination Events: 5(b)(i) Illegality5(b)(ii) Tax Event5(b)(iii) Tax Event Upon Merger5(b)(iv) Credit Event Upon Merger5(b)(v) Additional Termination Event

Index — Click ᐅ to expand:

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Content and comparisons

Little material difference between the 1992 ISDA and the 2002 ISDA here. ISDA’s crack drafting squad™ being, by 2002, a more world-weary, battle-hardened combat unit than it was in 1992, was more alive in the 2002 ISDA to the idea that one might confirm Transactions other than via a full-blown Confirmation: those with master confirmation agreements and who match commoditised swap transactions through online trade matching systems may appreciate this acknowledgement, but it still falls in the circular “goes without saying” filing cabinet in this commentator’s opinion.
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Summary

The preamble, which talks in somewhat laboured terms about the architecture of the ISDA contract, is the only place in the ISDA Master Agreement where the concept of the “Transaction” — being the actual swaps you put on under one of these confounded agreements — is defined.
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General discussion

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See also

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References