1994 NY CSA Anatomy: Difference between revisions

From The Jolly Contrarian
Jump to navigation Jump to search
No edit summary
No edit summary
Line 1: Line 1:
{{a|nycsa|}}This is the original, folks: the one that set the whole thing off. It would only be fair to point you give you a basic overview of what the differences are between the CSAs in a high level.  So here it is:
{{essay|csa 1994|Anatomy|{{Csa short comparison}}}}This is the original, folks: the one that set the whole thing off. It would only be fair to point you give you a basic overview of what the differences are between the CSAs in a high level.  So here it is:
{{csa overview}} 
{{csa overview}}
{{csa clause table}}

Revision as of 17:40, 5 May 2024

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
Tell me more
Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

This is the original, folks: the one that set the whole thing off. It would only be fair to point you give you a basic overview of what the differences are between the CSAs in a high level.

Term 1994 NY Law CSA 1995 English Law CSA
Governing Law New York England and Wales
Collateral Transfer Model Pledge Outright title transfer
Eligible collateral Cash, government securities, corporate bonds Cash, government securities, corporate bonds
Owner of posted collateral Collateral Provider Collateral Receiver
Holder of posted collateral Collateral Receiver Collateral Receiver
Holder’s right to reuse collateral Rehypothecation by holder allowed if enabled in the CSA Unlimited (return obligation is “equivalent” securities only)

That table of contents in full

Paragraph 1 Interpretation

Paragraph 1(a) Definitions and Inconsistency
Paragraph 1(b) Secured Party and Pledgor
Paragraph 1(c) Scope of this Annex and the Other CSA

Paragraph 2. Security Interest

Paragraph 3. Credit Support Obligations

Paragraph 3(a) Delivery Amount
Paragraph 3(b) Return Amount

Paragraph 4 Conditions Precedent, Transfer Timing, Calculations and Substitutions

Paragraph 4(a) Conditions Precedent
Paragraph 4(b) Transfer Timing
Paragraph 4(c) Calculations
Paragraph 4(d) Substitutions

Paragraph 5 Dispute Resolution

Paragraph 6 Holding and Using Posted Collateral (VM)

6(a) Care of Posted Collateral (VM)
6(b) Eligibility to Hold Posted Collateral (VM); Custodians (VM)
6(c) Use of Posted Collateral (VM)
6(d) Distributions, Interest Amount (VM) and Interest Payment (VM)

Paragraph 7 Events of Default

Paragraph 8 Certain Rights and Remedies

8(a) Secured Party’s Rights and Remedies
8(b) Pledgor’s Rights and Remedies
8(c) Deficiencies and Excess Proceeds
8(d) Final Returns

Paragraph 9 Representations

Paragraph 10 Expenses

10(a) General
10(b) Posted Credit Support (VM)
10(c) Liquidation/Application of Posted Credit Support (VM)

Paragraph 11 Miscellaneous

Paragraph 11(a) Default Interest
Paragraph 11(b) Further Assurances
Paragraph 11(c) Further Protection
Paragraph 11(d) Good Faith and Commercially Reasonable Manner
Paragraph 11(e) Demands and Notices
Paragraph 11(f) Specifications of Certain Matters
Paragraph 11(g) Legally Ineligible Credit Support (VM)
Paragraph 11(h) Return of Equivalent Credit Support (VM)
Paragraph 11(i) Reinstatement of Credit Support Eligibility
Paragraph 11(j) Credit Support Offsets

Paragraph 12. Definitions

Base Currency
Base Currency Equivalent
Cash
Covered Transaction
Credit Support Eligibility Condition (VM)
Custodian (VM)
Delivery Amount (VM)
Delivery Amount Reduction (VM)
Disputing Party
Distributions
Eligible Collateral (VM)
Eligible Credit Support (VM)
Eligible Currency
Eligible Return Amount (VM)
Exposure
Fungible Credit Support Type
FX Haircut Percentage
Interest Adjustment Reduction Amount (VM)
Interest Amount (VM)
Interest Payee (VM)
Interest Payer (VM)
Interest Payment (VM)
Interest Period
Interest Rate (VM)
Legal Eligibility Requirements
Local Business Day
Minimum Transfer Amount
Notification Time
Obligations
Other CSA
Other CSA Excluded Credit Support
Other Eligible Support (VM)
Other Posted Support (VM)
Pledgor
Posted Collateral (VM)
Posted Credit Support (VM)
Recalculation Date
Regular Settlement Day
Resolution Time
Return Amount (VM)
Return Amount Reduction (VM)
Secured Party
Set-off
Specified Condition
Substitute Credit Support (VM)
Substitution Date
Total Ineligibility Date
Transfer
Transfer Ineligibility Date
Valuation Agent
Valuation Date
Valuation Date Location
Valuation Percentage
Valuation Time
Value

Paragraph 13. Elections and Variables

13(a) Base Currency and Eligible Currency
13(a)(i) Base Currency
13(a)(ii) Eligible Currency
13(b) Covered Transactions; Security Interest for Obligations; Exposure
13(b)(i) Covered Transactions
13(b)(i)(A) Covered Transactions
13(b)(ii) Obligations
13(b)(iii) Exposure
13(c) Credit Support Obligations
13(c)(i) Delivery Amount (VM) and Return Amount (VM)
13(c)(i)(A) Delivery Amount (VM)
13(c)(i)(B) Return Amount (VM)
13(c)(ii) Eligible Collateral (VM)
13(c)(iii) Legally Ineligible Credit Support (VM)
13(c)(iii)(A) Total Ineligibility Date
13(c)(iii)(B) Transfer
13(c)(iv) Credit Support Eligibility Conditions (VM)
13(c)(v) Valuation Percentage; FX Haircut Percentage
13(c)(v)(A) Valuation Percentage
13(c)(v)(B) FX Haircut Percentage
13(c)(vi) Other Eligible Support (VM)
13(c)(vii) Minimum Transfer Amount
13(c)(vii)(A) Minimum Transfer Amount
13(c)(vii)(B) Rounding
13(c)(viii) Transfer Timing
13(d) Valuation and Timing
13(d)(i) Valuation Agent
13(d)(ii) Valuation Date
13(d)(iii) Valuation Time
13(d)(iv) Notification Time
13(e) Conditions Precedent and Secured Party’s Rights and Remedies
13(f) Substitution
13(f)(i) Substitution Date
13(f)(ii) Consent
13(g) Dispute Resolution
13(g)(i) Resolution Time
13(g)(ii) Value
13(g)(iii) Alternative
13(h) Holding and Using Posted Collateral (VM)
13(h)(i) Eligibility to Hold Posted Collateral (VM); Custodians (VM)
13(h)(ii) Use of Posted Collateral (VM)
13(i) Distributions and Interest Payment (VM)
13(i)(i) Interest Rate (VM)
13(i)(ii) Transfer of Interest Payment (VM) or application of Interest Amount (VM)
Interest Transfer
Interest Payment Netting
Interest Adjustment
13(i)(iii) Other Interest Elections
Negative Interest
Daily Interest Compounding
13(i)(iv) Alternative to Interest Amount (VM) and Interest Payment (VM)
13(j) Credit Support Offsets
13(k) Additional Representations
13(l) Other Eligible Support (VM) and Other Posted Support (VM)
13(l)(i) Value
13(l)(ii) Transfer
13(m) Demands and Notices
13(n) Addresses for Transfers
13(o) Other CSA
13(p) Other Provisions
Premium content
Here the free bit runs out. Subscribers click 👉 here. New readers sign up 👉 here and, for ½ a weekly 🍺 go full ninja about all these juicy topics👇

See also

Template:M sa csa 1994 Anatomy

References

This is the original, folks: the one that set the whole thing off. It would only be fair to point you give you a basic overview of what the differences are between the CSAs in a high level. So here it is: Template:Csa overview