Under a swap transaction documented using an ISDA Master Agreement (ISDA Master), a bespoke provision setting out a termination event that is specially negotiated by the parties to the agreement. An ATE is specified as a Termination Tvent under Section 5(b)(v) of the 1992 ISDA Master and in section 5(b)(vi) of the 2002 ISDA Master.

ATEs are typically specified in Section 1(g) of the ISDA Schedule. Some common ATEs include a credit rating downgrade of a counterparty or, in the case of a fund, a decline in the fund's net asset value (NAV) below a certain threshold level. The range of ATEs that the parties may agree on is nearly unlimited. For details on ATEs, see Practice Note, Understanding the ISDA Master Agreement and Schedule: Part 1(g) of the 2002 Schedule/Part 1(h) of the 1992 Schedule: Additional Termination Event.