Professional Documents
Culture Documents
ISDA ® 2003
1996 1997 1998 1999
- 1996 Equity Derivatives Definitions - 1997 Government - 1998 FX and - User’s Guide to Credit
- Credit Support Annex Bond Option Currency Option Support Documents
(Japanese law) Definitions Definitions under English Law
- User’s Guide to Credit Support - EMU Continuity - 1998 Supplement to - User’s Guide to 1998
Annex (Japanese law) Provision 1991 Definitions FX and Currency
- Chinese Character Translation - 1997 Bullion - 1998 Euro Option Definitions
(Traditional and Simplified) of User’s Definitions (long form Definitions - 1999 Credit Derivatives
Guide to 1992 Master Agreements and short form) - EMU Protocol Definitions
- 1996 Representation Regarding - OTC Credit Swap - EMU Guidebook - Y2K Review
Relationship between Parties Confirmation - Guidelines for - 1999 Collateral Review
- ISDA/BBAIRS Bridge Collateral
- ISDA/FRABBA Bridge Practitioners
2000 2001
- 2000 Definitions - Restructuring Supplement to 1999 Credit Derivatives Definitions
- Supplement to 1993 - 2001 Margin Provisions
Commodity Derivatives - User’s Guide to 2001 Margin Provisions
Definitions - 2001 Credit Support Protocol
- Revised Annex A to 1998 - 2001 Euro Protocol
FX and Currency Option - Form of Amendment to 1992 Master Agreements
Definitions - U.S. Payee Tax Representations
- EMU Protocol (Greece) - Supplement to 1999 Credit Derivatives Definitions Relating to Convertible, Exchangeable or
Accreting Obligations
- Supplement to 1999 Credit Derivatives Definitions Relating to Successor and Credit Events
- 2001 Cross-Agreement Bridge
- Chinese Character Translation of 1992 Master Agreement
ISDA ® 2003
2002 and 2003
2002
- 2002 Energy Agreement Bridge
- 2002 Equity Derivatives Definitions
- 2002 Master Agreement
2003
- 2003 Credit Derivatives Definitions
ISDA ® 2003
2002 Master Agreement
ISDA ® 2003
Master Agreements
Master Agreement
ISDA ® 2003
Basic ISDA Agreement Structure
Definitions
Contain standard terms and definitions for
documenting particular types of Transactions
Preserved:
“dated as of”
“Transactions”
“Confirmations”
Section 1 - Interpretation
Definitions
Inconsistency
Single Agreement
Conditions Precedent
Party Party
A Net: $75 B
Gross: $25
Basic Representations
Absence of Certain Events
Absence of Litigation (Specified Entities replace Affiliates)
Accuracy of Specified Information
Tax Representations
No Agency (elective)
Additional Representations (specified in Schedule/
Confirmation). See Schedule for “Relationship Between
Parties” representation
Section 4 - Agreements
Limitations:
z only available after giving effect to other
provisions
z must try to overcome force majeure
Tax
No change, except:
z Tax Event Upon Merger broadened
z standard US payee tax representations included
in Schedule
Early Termination - How
Section 6(e)(iv):
z failure to pay Early Termination Amount due to
Illegality or Force Majeure Event does not
constitute an Event of Default under Section
5(a)(i) or 5(a)(iii)(1)
z if all outstanding Transactions subsequently
terminated, treated as an Unpaid Amount
Section 6(f) - Set-Off
Section 7 - Transfer
Section 8 - Contractual Currency
Section 9 - Miscellaneous
Section 10 - Offices; Multibranch Parties
Section 11 - Expenses
Section 12 - Notices
Section 13 - Governing Law and Jurisdiction
Section 9(h) - Interest and Compensation
Example 1
Example 2
Party B
Swap 1 (London
Head Office)
Party A
(Frankfurt)
Swap 2 Party B
(Paris Branch)
Section 10 - Offices; Multibranch Parties
Consolidated
Helpful definitions included, e.g.:
z Early Termination Amount
z General Business Day
z Non-affected Party
z Termination Currency
Schedule