Swaps in Loan Transactions: Coordinating Loan Document Terms With the ISDA Master Agreement

Documenting Covenants, Security, Voting and Control, Reporting, and Regulatory Issues

Recording of a 90-minute premium CLE webinar with Q&A

Conducted on Tuesday, January 7, 2020

Recorded event now available

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Program Materials

This CLE webinar will discuss the various uses of swaps and other derivative products to hedge risk in loan transactions, how derivatives are integrated into loan documentation, and how to document the swap transaction to ensure consistency with the loan.


ISDA standard derivatives documentation generally governs swap transactions. The documentation includes the ISDA Master Agreement, its Schedule, and a Confirmation, which together establish the relationship between borrower and swap provider and the economic terms of the hedging transaction.

Counsel plays a critical role in integrating swap transaction terms into loan covenants, including cross-default, cross-collateral, prepayment, assignment, release, and enforcement provisions.

Listen as our authoritative panel of finance practitioners guides you through the use of swaps to hedge risk in loan transactions and best practices for coordinating the swap and loan documents.



  1. Use of derivatives to hedge risk in loan transactions
    1. ISDA document architecture
    2. Regulatory overview
  2. Integration of derivatives into loan documentation and coordination with derivative documentation
    1. Covenants
    2. Security: cross-collateralization
    3. Security: liquidation priority and collateral release
    4. Cross-default and remedies
    5. Voting and control
    6. Prepayment
    7. Assignment
    8. Termination and enforcement
    9. Ancillary loan documents


The panel will review these and other key issues:

  • Current market trends for the use of derivatives to hedge risk in loan transactions
  • Best practices for integrating derivatives into loan documentation
  • Best practices for coordinating loan documentation with derivative documentation


Fraser, Alexander
Alexander P. Fraser

Michael Best & Friedrich

Mr. Fraser serves as primary outside counsel to national, regional, and community banks on interest rate swaps, foreign...  |  Read More

Aaron, Cheryl
Cheryl L. Isaac

Senior Counsel
Michael Best & Friedrich

Ms. Isaac represents financial institutions, energy companies, and commodity trading firms (including both end-users...  |  Read More

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