The Credit Swap Agreement serves as a critical risk management tool in Austrian financial markets, allowing institutions to manage and transfer credit risk exposure. This document type is primarily used when parties wish to establish a framework for credit default swap transactions under Austrian jurisdiction. The agreement must comply with both Austrian financial regulations (including the BWG and FMABG) and relevant EU directives, particularly concerning derivatives trading and financial market infrastructure. It typically includes comprehensive terms covering credit events, settlement mechanisms, payment obligations, and regulatory compliance requirements. The document is essential for financial institutions operating in Austria who seek to manage credit risk exposure through derivative instruments while ensuring compliance with local and EU regulatory frameworks.
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1. Parties: Identification of the contracting parties and their legal status
2. Background: Context of the agreement and general purpose of the credit swap arrangement
3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and interpretation rules
4. Transaction Terms: Core economic terms including credit events, reference obligations, and payment obligations
5. Payment Provisions: Details of payment mechanics, calculation periods, and payment dates
6. Credit Events: Comprehensive list of triggering events and their specific conditions
7. Settlement Terms: Procedures for settlement following a credit event
8. Representations and Warranties: Standard and transaction-specific representations by both parties
9. Obligations and Undertakings: Ongoing obligations of the parties during the agreement term
10. Events of Default: Circumstances constituting default and consequences
11. Termination Events: Circumstances allowing early termination and procedures
12. Transfer and Assignment: Rules regarding transfer of rights and obligations
13. Notices: Communication procedures between parties
14. Governing Law and Jurisdiction: Specification of Austrian law and jurisdiction provisions
15. Miscellaneous: Standard boilerplate provisions including severability and amendments
1. Credit Support Arrangements: Include when collateral or other credit support is required
2. Third Party Rights: Include when rights are granted to non-parties
3. Additional Tax Provisions: Include when specific tax considerations need to be addressed
4. Market Disruption Events: Include for transactions dependent on market quotations
5. Multiple Reference Entities: Include when the swap references multiple entities
6. Data Protection: Include when personal data processing is involved
7. Special Termination Rights: Include when specific termination scenarios need to be addressed
1. Schedule 1: Transaction Terms: Detailed economic terms including rates, amounts, and dates
2. Schedule 2: Reference Entity Information: Details of the reference entity and obligations
3. Schedule 3: Notice Details: Contact information and communication procedures
4. Schedule 4: Credit Support Terms: Specific terms relating to any credit support arrangements
5. Schedule 5: Calculation Agent Provisions: Detailed procedures for calculations and determinations
6. Appendix A: Form of Confirmation: Template for transaction confirmations
7. Appendix B: Settlement Forms: Standard forms for settlement procedures
8. Appendix C: Credit Event Notice Form: Template for credit event notifications
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