The Credit Default Swap Agreement is essential for parties seeking to manage credit risk exposure in financial transactions under U.S. jurisdiction. This document is used when one party (the protection buyer) wishes to transfer the credit risk of a reference entity to another party (the protection seller) in exchange for regular premium payments. The agreement must comply with comprehensive U.S. regulatory requirements, including the Dodd-Frank Act, CFTC regulations, and applicable SEC rules. It typically follows ISDA standard documentation while incorporating jurisdiction-specific provisions for U.S. law compliance, reporting obligations, and clearing requirements. The document is crucial for financial institutions, investment firms, and corporations engaging in credit risk management strategies.
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1. Parties: Identification of the contracting parties, including registration status and regulatory classifications
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Key terms used in the agreement, incorporating ISDA definitions by reference
4. Transaction Terms: Core economic terms including reference entity, obligations, credit events, and settlement methods
5. Payment Obligations: Premium payments, calculation methods, and payment dates
6. Credit Events: Detailed specifications of triggering events and determination process
7. Settlement: Physical or cash settlement procedures, valuation methods, and delivery requirements
8. Representations and Warranties: Standard and regulatory-required representations from both parties
9. Covenants: Ongoing obligations including reporting, clearing, and regulatory compliance
10. Events of Default: Circumstances constituting default and corresponding remedies
11. Term and Termination: Duration, early termination rights, and close-out procedures
12. Governing Law and Jurisdiction: Choice of law and dispute resolution provisions
1. Clearing Requirements: Required if the CDS is subject to mandatory clearing under Dodd-Frank
2. Special Entity Provisions: Required when dealing with government entities or pension plans
3. Additional Tax Provisions: Required for cross-border transactions or special tax situations
4. Break Clauses: Optional provisions allowing periodic termination rights
5. Credit Support Requirements: Optional collateral and margin provisions if not covered by separate CSA
6. Third-Party Rights: Required if certain terms are enforceable by non-parties
7. Agent Provisions: Required when either party acts through an agent
1. Transaction Confirmation: Detailed economic terms of the specific CDS transaction
2. Reference Entity Description: Detailed information about the reference entity and reference obligations
3. Credit Support Annex: Collateral and margin requirements if not covered by existing CSA
4. Calculation Agent Provisions: Detailed procedures for calculations and determinations
5. Standard Settlement Terms: ISDA standard terms for settlement procedures
6. Form of Notices: Templates for credit event notices, physical settlement notices, etc.
7. Eligible Transferee Provisions: Requirements for permitted assignments and transfers
8. Regulatory Reporting Requirements: Specific reporting obligations and procedures
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