Course Outline
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One day course
Morning: The 2002 ISDA® Master Agreement: How it works and its credit implications
1. Introduction.
2. ISDA documentation structure.
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Definitions
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Confirmations
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Master Agreements
3. Need to know highlights of the 2002 ISDA Master Agreement.
4. Matters for credit approval.
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Specified Entity
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Specified Transaction
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Specified Indebtedness
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Cross Default/cross acceleration
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Threshold Amount
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Requests for the unilateral disapplication of Credit Event Upon Merger
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Additional Termination Events
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Transfers
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Section 10(a) and political risk
5. How to use the ISDA Master Agreement to enhance credit protection.
6. What happens if a deal is done and the Master Agreement is not signed?
7. Main differences between the 1992 ISDA Master Agreement and the 2002 ISDA Master Agreement.
8. Question and answer session.
Afternoon: Collateral and the ISDA® Credit Support Annex under English Law
1. Credit input in collateral arrangements
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Eligible Credit Support
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The need for initial margin
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Thresholds.
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Minimum Transfer Amounts.
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Haircuts
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Use of Ratings
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Bilateral or unilateral CSA
2. The ISDA Credit Support Annex (English law)
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Need to know analysis of provisions.
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Commonly made amendments with examples.
3. Question and answer session
Training is charged at an agreed rate plus Value Added Tax
Delegates are required to bring their own copies of the 2002 ISDA® Master Agreement and 1995 ISDA® Credit Support Annex under English Law.