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In most respects they are identical (with references to “{{vmcsaprov|Transferor}}” and “{{vmcsaprov|Transferee}}” switched to “{{nyvmcsaprov|Pledgor}}” and “{{nyvmcsaprov|Secured Party}}”). There are two technical differences, for completists: | In most respects they are identical (with references to “{{vmcsaprov|Transferor}}” and “{{vmcsaprov|Transferee}}” switched to “{{nyvmcsaprov|Pledgor}}” and “{{nyvmcsaprov|Secured Party}}”). There are two technical differences, for completists: | ||
*The exception in the {{vmcsa}} for {{vmcsaprov|Legally Ineligible Credit Support}} counting as {{vmcsaprov|Eligible Credit Support}} for the purpose of {{vmcsaprov|Credit Support Balance}} and {{vmcsaprov|Equivalent Credit Support}}. This is because, being a {{ttca}}, even though it is worth zero ''for the purposes of discharging one’s regulatory obligation to collect and return collateral'', in the ''real'' world it is still worth something, and the {{vmcsaprov|Transferee}} still has to give it back, even if that has no effect on [[Value - VM CSA Provision|valuations]] under the {{vmcsa}}. With a {{nyvmcsa}} since the {{nyvmcsaprov|Secured Party}} never<ref>Ahem [[Use of Posted Collateral (VM) - NY VM CSA Provision|rehypothecation]] folks.</ref> “gets” it in the first place, the {{nyvmcsaprov|Secured Party}} doesn’t have to give it back either. (By the way, if you aren’t saying, “hey, but what about rehypothecation under Paragraph {{nyvmcsaprov|6(c)}}?” yet, you ''should'' be.) | *The exception in the {{vmcsa}} for {{vmcsaprov|Legally Ineligible Credit Support}} counting as {{vmcsaprov|Eligible Credit Support}} for the purpose of {{vmcsaprov|Credit Support Balance}} and {{vmcsaprov|Equivalent Credit Support}}. This is because, being a {{ttca}}, even though it is worth zero ''for the purposes of discharging one’s regulatory obligation to collect and return collateral'', in the ''real'' world it is still worth something, and the {{vmcsaprov|Transferee}} still has to give it back, even if that has no effect on [[Value - VM CSA Provision|valuations]] under the {{vmcsa}}. With a {{nyvmcsa}} since the {{nyvmcsaprov|Secured Party}} never<ref>Ahem [[Use of Posted Collateral (VM) - NY VM CSA Provision|rehypothecation]] folks.</ref> “gets” it in the first place, the {{nyvmcsaprov|Secured Party}} doesn’t have to give it back either. (By the way, if you aren’t saying, “hey, but what about rehypothecation under Paragraph {{nyvmcsaprov|6(c)}}?” yet, you ''should'' be.) | ||
*The exception for valuation on {{csaprov|Default}} — that flows from the fundamental difference between the {{vmcsa}} a {{ttca}} which is a {{isdaprov|Transaction}} under the {{isdama}} and the {{nyvmcsa}} which is a {{sfca}} which is only a {{isdaprov|Credit Support Document}} under the {{isdama}}. <br> | *The exception for valuation on {{csaprov|Default}} — that flows from the fundamental difference between the {{vmcsa}} a {{ttca}} which is a {{isdaprov|Transaction}} under the {{isdama}} and the {{nyvmcsa}} which is a {{sfca}} which is only a {{isdaprov|Credit Support Document}} under the {{isdama}}. | ||
One from the “well, I’ll be blowed” school of legal expression wherein {{icds}} states the bleeding obvious for the benefit of those [[Legal eagle|timid type]]s who — despite being schooled in its weft and warp — don’t quite trust the [[common law]] to deliver elementary common ''sense''. | |||
On the one hand, you can see where they’re coming from — this is the same [[common law]] which concluded<ref>{{casenote|Greenclose|National Westminster Bank plc}}.</ref> [[email]] is not an [[electronic messaging system]], after all - but on the other hand ''come on''. <br> | |||
Thanks for phoning it in, team. | |||