The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
The 1992 and 2002 ISDA Master Agreements (the Master Agreements) are standard form documents produced by the International Swaps and Derivatives Association, Inc (ISDA).
In this Practice Note, references to Sections of a Master Agreement and Parts of a Schedule are references to the 2002 ISDA Master Agreement and Schedule unless otherwise stated.
For general information about negotiating ISDA Master Agreements, see: Introduction to negotiating ISDA documents.
'Agreements' are essentially covenants. Covenants (or undertakings as they are sometimes called) are promises given by one party to another to perform or not perform certain actions.
Breach of a covenant will normally trigger an event of default.
For information about the purpose of covenants in commercial finance transactions (primarily loan transactions, although the same principles apply to ISDA agreements), see Practice Note: Covenants.
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