Derivatives · glossary
Representations are facts each side states, on signing and again on every Trade Date. Undertakings are promises that last as long as the agreement, such as sending documents and reporting defaults. Clauses 3 and 4 hold them. Clause 3 · Clause 4 · Chapter 5
Explained in Chapter 5, Representations, Undertakings and the Paper Trail, of Derivatives.
Before two parties trade under a master agreement, each states certain facts to the other. These statements are representations, and they sit in clause 3. Each side also makes promises that last as long as the agreement. These are undertakings, in clause 4.Read Chapter 5, Representations, Undertakings and the Paper Trail →
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