With a growing collection of standard industry forms and agreements, CLEG members save valuable time and energy when negotiating and finalizing documents. In addition, regular commentary and discussion provides members with a fresh perspective on industry developments.
- Master Netting Agreement & Enforceability Opinions
- IECA Irrevocable Standby Letter of Credit Form (see below for additional documents)
- Credit Support Agreement Gap Risk Table
- Master Agreement Gap Risk Table
- IECA Canadian Derivatives Trade Reporting Designation and Amending Agreement
- IECA Canadian Representation Letter
IECA Announces Irrevocable Standby Letter of Credit Form and Supporting Documentation
Click on links to access document:
- IECA Irrevocable Standby Letter of Credit Form
- IECA Letter of Credit Practice Tips for Standby Letters of Credit Subject to ISP98
- IECA Irrevocable Standby Letter of Credit Provisions to Paragraph 13 of the ISDA ® 1994 Credit Support Annex
- IECA Irrevocable Standby Letter of Credit Provisions to Paragraph 13 of the ISDA ® 2016 Credit Support Annex for Variation Margin (VM)
This tool is a standardized irrevocable standby Letter of Credit form for industry wide use. The supporting documentation includes some practice tips for using standby Letters of Credit and some recommended provisions for Paragraph 13 of the 1994 ISDA® Credit Support Annex and Paragraph 13 of the 2016 ISDA ® Credit Support Annex for Variation Margin (VM).
Any company that uses and/or accepts Letters of Credit as a form of collateral would benefit from using the IECA documentation. The IECA Letter of Credit form was drafted and prepared by a diverse group of experienced energy professionals including some of the industry’s top lawyers, credit and finance professionals. The IECA Letter of Credit form was prepared specifically for energy companies and the way Letters of Credit are used in the energy industry.
The people that deserve special thanks are Doug Lanzo, Chair of the IECA Letter of Credit Working Group, Ginger Price, Geoffrey Heffernan, Jeremy Weinstein, KC Hairston, John Evenstad, Mark Sherrill, Craig Enochs, Ryan Evans, CJ Lee, Delia White, Karen Scott, Kari Olesen, Todd Rodgers, Joseph Yu and Phil Lookadoo.
Credit Support Agreement Gap Risk Table
This tool is an in-depth analysis of industry-standard credit support agreements, and the differences between those contracts. Individuals in commercial, credit and legal roles will find this a helpful resource in identifying which credit support agreement provides your company with the most protection, and which contract aligns most closely with the credit needs of your business.
The people that deserve special thanks are Craig Enochs, Chair of the Working Group, Alan Babp, Ryan Evans, Geoffrey Heffernan, Michelle Owens, Tara Liscombe, Kevin Page, James Pappenfus, Ginger Price, Lacey Sedlacek, and Chris York. The other members of the group were Nicole Rigueira, Zackary Starbird, Jeremy Weinstein and K.C. Hairston.
Master Agreement Gap Risk Table
Are there hidden risks exclusively related with your choice of contract? Which master agreement provides your company with the most protection, and which agreement aligns most closely with the commercial/credit/legal needs of your business? Find out why choice of contract really does matter with an in-depth analysis of industry-standard master agreements, and the disparities between those contracts, in the easy-to-use IECA Gap Risk Table. This table, prepared by the IECA Gap Risk Working Group, is sure to be a valuable tool for anyone looking to manage contract risk.
The people who deserve special thanks are Craig Enochs, Chair of the Working Group, Michelle Owens, Kari Olesen, Tara Liscombe, Chris York, Ginger Price, and Kevin Page. The other members of the group were Jeremy Weinstein, Paul Breme, K.C. Hairston, Doug Lanzo, and Joe Yu.
IECA Canadian Derivatives Trade Reporting Designation and Amending Agreement
Section 25(1)(d) of Trade Reporting Rules and proposed multilateral instrument in certain Canadian provinces, in Quebec - Autorité des marchés financiers (AMF) Regulation 91-507 ; in Manitoba- the Manitoba Securities Commission’s (MSC) Rule 91-507 and in Alberta, British Columbia, Nova Scotia, New Brunswick and Saskatchewan, the proposed Canadian Securities Administrators (CSA) multilateral instrument 96-101 respectively provide that “if none of paragraphs (a) to (c) apply to the transaction and the counterparties have, at the time the transaction occurs, agreed in writing that one of them will be the reporting counterparty, the counterparty determined to be the reporting counterparty under the terms of that agreement”…[Emphasis added]
Pursuant to this subsection, the IECA CLEG Canadian Derivatives Drafting sub-working group has prepared the IECA Canadian Derivatives Trade Reporting Designation and amending agreement for usage by market participants to determine who the reporting counterparty to a derivative transaction would be in certain circumstances as provided in the subsection.
The people who deserve special thanks are Kari Olesen; Phil Lookadoo; Zoltan Nagy-Kovacs and Priscilla Bunke, Chair of the IECA CLEG Canadian Working Group. Other members of the drafting team are Kara Levis and Jerry Jeske.
Letter of Credit Agreement & CFTC Filings
Do you have issues implementing Dodd-Frank?
Share Your Dodd-Frank Implementation Issues--Click Here!
IECA is collecting feedback on issues related to Dodd-Frank implementation for purposes of identifying potential areas of common concern. The association may seek clarification from the CFTC on these common issues and will not respond to individual comments. Please note you may remain anonymous when sharing your feedback.
Do you have provisions you would like the Contract Provisions Review (CPR) Working Group to review?
Share your contract provisions for review--Click Here!
Do you have provisions that you would like the Contract Provision Review (''CPR") Working Group to review or discuss? Submit them by clicking the link above to be considered for potential inclusion on the agenda for a future CPR conference call. For more information about the CPR Working Group, click here.
With a growing collection of industry tools, standard industry forms and agreements, CLEG members save valuable time and energy when negotiating and finalizing documents. In addition, regular commentary and discussion provides members with fresh perspective on industry developments. To learn more about joining the premier organization for contract and legal personnel working in the energy sector, visit CLEG’s membership page today!
- Dodd Frank Reporting Rule Summary Feb 2012
- Dodd Frank Record Keeping & Reporting Rule Summary Feb 2012
- Practice Tool to Improve Netting & Set Off Outcome