Detailed clause-by-clause review (2002)
Single Agreement
Cherry Picking
Advanced Netting Legal Opinions
Governing law on insolvency
Conditions Precedent
Withholding tax
Representations
Undertakings
Events of Default
Termination Events
Early Termination
Transfer
Multi-branch Parties
Waiver of immunity
Arbitration clauses
A Comparison of ISDA 2002 Master Agreements and 1992 Master Agreements
Events of default provisions
Grace periods
Scope of the credit support default
Breach of agreement
Specified Transactions
Cross default provisions
Merger without assumption
Termination Events
Scope of Illegality
Force Majeure
Grace periods
Tax event upon merger
Methodology of calculating payments on early termination
First Method
Second Method
Market Quotation
Loss
Set-off
Unpaid amounts
Close-out amount
Parts 1 to 5 – Negotiating points
EMIR related amendments
Relevant EMIR Protocols:
2013 EMIR Non-Financial Counterparty Representation
2013 Reporting Protocol
2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol
Adherence Letters
Suggested EMIR Related Amendments
A process on how trades are done
EMIR reporting
2013 EMIR Reporting Protocol
Grey area
Legal opinions
English law deeds and annexes
New York law annexes
1995 ISDA Credit Support Annex – Paragraph 11
Close-out netting
Valuation agent
Eligible Credit Support
Haircuts and Valuation Percentages
Settlement Netting
Close-out Netting
Calculations
Mark to Market valuations – How Swaps are Valued
Steps to follow on Early Termination
Conditions Precedent
Timeline – summary of the process
Checklists
Contractual terms breach
Events of Default and Termination Events
Legal, commercial and operational considerations
Early Termination Procedures
Section 2(a)(iii)
Lomas and others v JFB Firth Rixson Inc. and others
ISDA Amendment
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