1. Parties: Identification of the protection buyer and protection seller, including registration details and regulatory status
2. Background: Context of the agreement, relationship between parties, and general purpose of the CDS
3. Definitions: Key terms including Reference Entity, Credit Events, Obligations, Settlement Terms, and other ISDA-aligned definitions
4. Transaction Terms: Specific terms of the CDS including notional amount, fixed rate, reference obligation, and term
5. Credit Events: Detailed description of circumstances triggering payment obligations, including bankruptcy, failure to pay, restructuring
6. Settlement Provisions: Mechanics for settlement following a Credit Event, including valuation and payment procedures
7. Premium Payments: Terms regarding the payment of premiums, including amount, frequency, and calculation method
8. Representations and Warranties: Standard and transaction-specific representations adapted to German law requirements
9. Covenants: Ongoing obligations of the parties, including regulatory reporting and information provision
10. Events of Default: Circumstances constituting default under the agreement, distinct from Credit Events
11. Early Termination: Provisions for early termination and associated consequences
12. Regulatory Compliance: Provisions ensuring compliance with EMIR and other applicable regulations
13. Notices: Communication requirements and methods between parties
14. Governing Law and Jurisdiction: Confirmation of German law governance and jurisdiction provisions
15. Miscellaneous: Standard provisions including severability, amendments, and entire agreement clause
