Base Currency and Eligible Currency - NY VM CSA Provision: Difference between revisions

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Latest revision as of 13:26, 26 June 2024

2016 ISDA Credit Support Annex (VM) (New York law)

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Crosscheck:
→NY OG
→Eng OG
→NY VM
→Eng VM
→Eng IM

13(a) in a Nutshell™

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Original text:

13(a) Base Currency and Eligible Currency.
13(a)(i) “Base Currency” means United States Dollars, unless otherwise specified here: [...]
13(a)(ii) “Eligible Currency” means the Base Currency and each other currency specified here:[...]
The varieties of ISDA CSA
Subject 1994 NY 1995 Eng 2016 VM NY 2016 VM Eng 2018 IM Eng
Preamble Pre Pre Pre Pre Pre
Interpretation 1 1 1 1 1
Security Interest 2 - 2 - 2
Credit Support Obligations 3 2 3 2 3
Transfers, Calculations and Exchanges - 3 - 3 -
Conditions Precedent, Transfer Timing, Calculations and Substitutions 4 - 4 - 4
Dispute Resolution 5 4 5 4 5
Holding and Using Posted Collateral 6 - 6 - 6
Transfer of Title, No Security Interest - 5 - 5 -
Events of Default 7 6 7 6 7
Rights and Remedies 8 - 8 - 8
Representations 9 7 9 7 9
Expenses 10 8 10 8 10
Miscellaneous 11 9 11 9 11
Definitions 12 10 12 10 12
Elections and Variables 13 11 13 11 13

Resources and Navigation

Overview

Template:Csa 13(a) comp

Summary

The 1994 NY CSA contemplates only US dollars, so the 2016 NY Law VM CSA is something of an olive branch to the remainder of the planet or sign that the American Empire is truly in a state of unstoppable decline, depending on how you look at it. The English law credit support annexes have always been more inclusive, allowing any number of foreign currencies to be the Base Currency, or Eligible Currencies. Laudable.

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See also

Template:Csa 13(a) sa

References

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