Long-form Confirmation

A document that specifies the terms of a swap ( www.practicallaw.com/0-382-3858) transaction that functions as both an ISDA Schedule ( www.practicallaw.com/7-386-8122) and a transaction confirmation ( www.practicallaw.com/2-386-8134) . Parties to a derivatives transaction may use a long-form confirmation if they wish to enter into a swap but have not executed an ISDA Master Agreement ( www.practicallaw.com/1-386-5188) (nor ISDA Schedule) therefore have no umbrella agreement in place that governs their trading relationship. The long-form confirmation typically states that it supplements, forms a part of and is subject to the terms of, a standard form ISDA Master Agreement without any schedule (for terms, see Practice Note, The ISDA Master Agreement and Schedule ( www.practicallaw.com/3-587-5725) ). The long-form confirmation lists the commercial terms of a transaction that would usually be found in a transaction confirmation in addition to relationship terms that would typically be found in an ISDA Schedule such as Additional Termination Events ( www.practicallaw.com/9-386-4142) (ATEs) and events of default.

{ "siteName" : "PLC", "objType" : "PLC_Doc_C", "objID" : "1247245030081", "objName" : "Long-form Confirmation", "userID" : "2", "objUrl" : "http://us.practicallaw.com/cs/Satellite/us/resource/9-386-8140?null", "pageType" : "Resource", "academicUserID" : "", "contentAccessed" : "true", "analyticsPermCookie" : "2-701c7580:1515339f8cf:3e4c", "analyticsSessionCookie" : "2-701c7580:1515339f8cf:3e4d", "statisticSensorPath" : "http://analytics.practicallaw.com/sensor/statistic" }