Amendments to Master Agreement Event Provisions
Amendments to the Notices, Illegality, and Force Majeure Event Provisions of the ISDA Master Agreement
These amendments enable parties to agree to certain changes to the ISDA Master Agreement, including the following:
- Adding email as a means of delivering notice of Default;
- Amending the cutoff for delivery of notices, described in the ISDA Master Agreement generically as “close of business” (in the location of the recipient), to a “Notice Delivery Cut-off” with a specific time (to be agreed by the parties, but with a default of 5pm in the location of the recipient); and
- Incorporating changes to conform the treatment of the English law Credit Support Annex (CSA) to that of the New York law CSA in the event of an Illegality or Force Majeure circumstance, including, in the case of the English law CSA, disapplying the current “Waiting Period” of three or eight business days for an Illegality or Force Majeure, respectively, before a party could close out and specifying that the party that is unable to deliver collateral due to the Illegality/Force Majeure would not be able to trigger close out.