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Credit Swap Agreement

Credit Swap Agreement Template for Belgium

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Key Requirements PROMPT example:

Credit Swap Agreement

"I need a Belgian law Credit Swap Agreement for a €50 million credit protection arrangement where our bank will be the protection buyer, with quarterly premium payments and standard ISDA credit events, targeted for implementation by March 2025."

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Document background
The Credit Swap Agreement serves as the primary legal documentation for credit default swap transactions in the Belgian market. It establishes the framework for transferring credit risk between financial institutions, incorporating both standardized market terms and customized provisions specific to Belgian law requirements. The agreement details credit events, settlement mechanisms, payment obligations, and regulatory compliance requirements under Belgian financial services legislation and EU regulations. This document type is essential for financial institutions engaging in credit risk management, whether for hedging or trading purposes, and must align with both the Belgian Financial Services and Markets Act and European Market Infrastructure Regulation (EMIR). The agreement typically follows international market standards while incorporating specific provisions required under Belgian law, particularly regarding financial collateral arrangements and security interests.
Suggested Sections

1. Parties: Identification of the contracting parties and their legal status

2. Background: Context of the agreement and general purpose of the credit swap arrangement

3. Definitions and Interpretation: Detailed definitions of technical terms, market standards references, and interpretation rules

4. Transaction Terms: Core economic terms including credit events, reference obligations, and calculation amounts

5. Payment Obligations: Fixed and floating payment terms, calculation periods, and payment mechanics

6. Credit Events and Settlement: Specified credit events, notification procedures, and settlement mechanisms

7. Representations and Warranties: Standard and transaction-specific representations by both parties

8. Covenants: Ongoing obligations of the parties during the term of the agreement

9. Events of Default: Circumstances constituting default and consequences

10. Early Termination: Provisions for early termination and close-out procedures

11. Calculations and Determinations: Role and responsibilities of calculation agent

12. Taxes: Tax representations, obligations, and gross-up provisions

13. Governing Law and Jurisdiction: Belgian law as governing law and jurisdiction provisions

14. General Provisions: Standard boilerplate clauses including notices, amendments, and assignments

Optional Sections

1. Credit Support Arrangements: Collateral provisions - include when parties agree to collateral posting

2. Multiple Transaction Framework: Framework provisions for multiple transactions - include for master agreement structure

3. Third Party Rights: Rights of reference entity or third parties - include when relevant to structure

4. Additional Tax Provisions: Specific tax provisions - include for cross-border transactions

5. Branch Provisions: Provisions for branch operations - include when parties operate through branches

6. Break Clauses: Optional termination rights - include when parties want flexibility to terminate

7. Regulatory Compliance: Specific regulatory requirements - include based on party status

Suggested Schedules

1. Transaction Confirmation: Detailed economic terms of specific credit swap transaction

2. Credit Support Document: Collateral terms and eligible credit support

3. Standard Settlement Terms: ISDA or custom settlement procedures

4. Reference Entity Details: Information about the reference entity and obligations

5. Forms and Notices: Standard forms for notices, confirmations, and other communications

6. Calculation Agent Provisions: Detailed calculation methodology and procedures

7. Tax Forms: Required tax documentation and forms

8. Contact Details: Administrative and notice contact information

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Accrual Period
Additional Termination Event
Affiliate
Applicable Rate
Banking Day
Bankruptcy
Base Currency
Business Day
Calculation Agent
Calculation Amount
Calculation Period
Cash Settlement
Close-out Amount
Confirmation
Credit Event
Credit Event Notice
Credit Protection Period
Credit Support Amount
Credit Support Document
Credit Support Provider
Default Rate
Defaulting Party
Delivery Date
Determination Date
Early Termination Date
Eligible Collateral
Event of Default
Exercise Date
Failure to Pay
Fixed Amount
Fixed Rate
Fixed Rate Payer
Floating Amount
Floating Rate
Floating Rate Payer
Governmental Authority
Grace Period
Grace Period Extension
ISDA Master Agreement
Interest Period
Local Business Day
Loss
Market Quotation
Merger Event
Minimum Transfer Amount
Notice Delivery Period
Notification Time
Obligation
Obligation Acceleration
Payment Date
Physical Settlement
Potential Credit Event
Premium
Protection Buyer
Protection Seller
Reference Entity
Reference Obligation
Regulatory Change
Relevant Jurisdiction
Repudiation/Moratorium
Restructuring
Settlement Date
Settlement Method
Specified Currency
Strike Price
Successor
Termination Currency
Threshold Amount
Trade Date
Transaction
Transfer
Valuation Date
Valuation Time
Clauses
Definitions
Interpretation
Transaction Mechanics
Payment Obligations
Credit Events
Settlement Terms
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Early Termination
Close-out Procedures
Set-off
Transfer Restrictions
Confidentiality
Notices
Amendments
Governing Law
Jurisdiction
Dispute Resolution
Force Majeure
Calculation Agent Provisions
Tax Provisions
Regulatory Compliance
Information Rights
Recording of Communications
Third Party Rights
Assignment
Severability
Entire Agreement
Counterparts
Credit Support
Netting
Market Disruption
Reference Entity Provisions
Succession Events
Default Interest
Indemnification
Cost and Expenses
Business Day Convention
Account Details
Relevant Industries

Banking

Financial Services

Insurance

Investment Management

Asset Management

Corporate Treasury

Hedge Funds

Private Equity

Pension Funds

Credit Institutions

Relevant Teams

Legal

Trading

Risk Management

Compliance

Treasury

Operations

Documentation

Credit Analysis

Regulatory Reporting

Middle Office

Product Control

Finance

Collateral Management

Relevant Roles

Legal Counsel

Derivatives Trader

Credit Risk Manager

Compliance Officer

Financial Controller

Treasury Manager

Portfolio Manager

Structured Products Manager

Operations Manager

Chief Risk Officer

Documentation Specialist

Credit Analyst

Trading Floor Manager

Regulatory Reporting Officer

Industries
EU Regulation No 648/2012 (EMIR): European Market Infrastructure Regulation governing OTC derivatives, central counterparties, and trade repositories
Belgian Financial Services and Markets Act: Main legislation governing financial services and markets supervision in Belgium (Wet betreffende het toezicht op de financiële sector en de financiële diensten / LOI relative à la surveillance du secteur financier et aux services financiers)
Belgian Civil Code (Book III): General contract law provisions governing formation, validity, and enforcement of contracts under Belgian law
Belgian Financial Collateral Law of 15 December 2004: Law implementing EU Financial Collateral Directive, governing security interests and collateral arrangements
MiFID II Implementation in Belgian Law: Belgian implementation of Markets in Financial Instruments Directive II, governing investment services and trading venues
Belgian Banking Law of 25 April 2014: Law on the status and supervision of credit institutions, relevant for banking aspects of swap agreements
EU Regulation 2016/1011 (Benchmark Regulation): Regulation on indices used as benchmarks in financial instruments, relevant for interest rate provisions in swap agreements
Belgian Anti-Money Laundering Law: Law of 18 September 2017 on prevention of money laundering and terrorist financing, relevant for KYC requirements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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