• Section-by-section discussion of the 2002 ISDA Master Agreement
• Events of Default and Termination Events
• Close-out mechanics and methodologies
• Counterparty default management

This session will focus on key issues that firms typically focus on as when negotiating the Schedule to the 2002 Master Agreement including:

• Specified Entities for 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(iv)
• Expansions and contractions of defined terms (e.g., Specified Transactions, Specified Indebtedness)
• Cross Default vs cross-acceleration and Threshold Amounts Credit Event Upon Merger
• Automatic Early Termination
• Additional Termination Events – what are these events and why do parties include these? (e.g., ratings downgrades, Net Asset Value triggers, Keyman clauses, financing transaction events)
• Limitations on rights to designate an Early Termination Date or suspend payments
• Payer and Payee Tax Representations
• Agreement to Deliver Documents
• What types of documents do parties request?
• The timing of delivery
• Notice provisions
• Process Agent; Multibranch Party; Offices
• Calculation Agent - Possible inclusion of dispute rights
• Guarantees
• Credit Support Documents and Credit Support Providers
• Elections (e.g., Governing Law, Termination Currency)
• Netting of Payments
• Other Provisions (e.g., Recording of Conversations)
• Section 2(a)(iii) – conditions precedent to payment and performance
• ISDA Clause Library

The speakers will also highlight negotiation points to be considered for buy-side users of the ISDA Master Agreement and firms dealing with them.

In this session, the speaker will provide an introduction to the netting opinions that ISDA publishes in relation to the ISDA Master Agreements and consider the key issues that they address.