ISDA Webinar Series: Session 3 - Issues in Multi-Product ISDA Master Agreements
Our final session on May 20 will consider issues that arise in multi-product agreements, transactional cross defaults, payment netting, valuation of net exposures, and close-outs across products. We will discuss how the ISDA Credit Support Annex requires parties to collateralize their transactions and the forms of collateral that typically support commodity transactions. Special attention will be given to credit issues, and how negotiators and risk managers work together to address potential pitfalls.
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The IECA has applied for virtual CLE and each session has been approved for 1.0 CLE credit in Kansas and Texas. Please contact email@example.com to obtain a certificate of completion for this IECA course which will include the sponsor and course IDs for you to apply individually. If you are seeking CLE credit, we encourage you to look into your specific state’s CLE requirements. If you are applying for CLE in New York, you can view the state-approved jurisdiction list here, as well as the individual state CLE application here.
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This webinar is part 3 of a 3-part ISDA Webinar Series (details below). If you are a Non-Member and would like to purchase this as a bundle for $75.00 (a $30.00 savings!) please here. To register for any of the parts individually, please click the links below.
May 6: Session 1: Introduction to Physical Annexes / Negotiating the ISDA North American Oil Annex
1:00 p.m. ET
The general structure and purpose of this session is to provide a brief introduction to the ISDA Master Agreement and why it has evolved as the basis for transactions in such a wide variety of products. The primary objective is to provide insight into why counterparties choose to use and negotiate the annexes, primarily focusing on the Oil Annex as used in the U.S. domestic commodity markets. This first session will offer in-depth coverage, as time permits, with a discussion of the ISDA Oil Annex, the products and transaction structures encountered under that annex, and practical tips for negotiators using the ISDA Oil Annex along with other physical annexes.
Jessica Cortez, Counsel, Reed Smith, LLP
Kirsten Polyansky, Partner, Reed Smith, LLP
May 13: Session 2: Negotiating the ISDA North American Power and Gas Annexes
1:00 p.m. ET
This session will be a continuance of the in-depth coverage around the ISDA Power and Gas Annexes. Our expectation is to discuss the evolution of the annexes as evolved from the EEI Master Power Purchase and Sale Agreement and the NAESB Base Contract for the Sale and Purchase of Natural Gas, as well as the ways in which the Power and Gas Annexes differ from their predecessors. We also will consider key issues in negotiating these Annexes, such as force majeure (with special attention to the COVID-19 outbreak), Mobile-Sierra clauses, and other relevant changes to the ISDA Schedule.
Jonathan Hoff, Senior Legal Counsel, Repsol Services Company
Jason Lewis, Of counsel, Winston & Strawn LLP