Template:Csa Rights and Remedies summ

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Final Returns

All versions get to more or less the some place: Once all Obligations are fully settled (with an exception for Taxes, we suppose on the grounds that they could be imposed retrospectively, so it isn’t possible to definitively discharge them, the Secured Party has to give the Credit Support back. This ought to happen automatically where we are talking about variation margin — Q.E.D., if your Obligations are all settled you have no Exposure so your counterparty has no grounds to hold Posted Credit Support — but for Independent Amounts or initial margin posted under an 2018 English law IM CSD, this is not necessarily the case: the CSA itself might specify an independent Independent Amount that is not conditional on any Transaction. (This is not how most dealers margin their Swaps, but this is how the original CSAs were conceived in the time of the First Men.)