Bankruptcy and how OTC derivative transactions are terminated or “closed” after a default. There are 8 standard default events and 5 standard termination events under the 2002 isda Framework Agreement, covering different default situations that may apply to one or two parties. However, in close-out situations, the bankruptcy event of the default is most often triggered. The main credit support documents subject to UK law are the 1995 Credit Support Annex, the 1995 Credit Support Deed and the 2016 Credit Support Annex for Variation Margin. Support credits ancillary to English law provide guarantees for the transfer of ownership, while English Credit Support Deed provides for the granting of a guarantee right on the transferred guarantees. . . . .