Means of Transfer - IM CSD Provision

2018 ISDA Credit Support Deed (IM) (English law) A Jolly Contrarian owner’s manual™ Resources and navigation Resources: 2018 CSD Wikitext | 2018 CSD Nutshell Wikitext Navigation 1 (Interpretation) | 2 (Security) | 3 (Credit Support Obligations) | 4 (Conditions Precedent, Transfers, Timing, Calculations and Substitutions) | 5 (Dispute Resolution) | 6 (Custody Arrangements and the Control Agreement) | 7 (Default) | 8 (Certain Rights and Remedies) | 9 (Representation) | 10 (Expenses) | 11 (Other Provisions) | 12 (Definitions) | 13 (Elections and Variables) Index: Click ᐅ to expand: 2018 CSD Paragraph 4(b) in a Nutshell™ Use at your own risk, campers! 4(b) Means of Transfer. All transfers under this Deed must be accompanied with any necessary documentation to effect the transfer and made in accordance with the instructions of the relevant transferee: (i) For Eligible Credit Support (IM): to the Custodian (IM), who must then credit them to the relevant Segregated Account; and (ii) For Posted Credit Support (IM): by the Custodian (IM) (or if relevant the Secured Party) to the Chargor’s designated account for the receipt of such transfer. view template Full text of Paragraph 4(b) 4(b) Means of Transfer. All transfers under this Deed of any Eligible Credit Support (IM) or Posted Credit Support (IM) shall be made in accordance with the instructions of the Secured Party, Chargor or Custodian (IM), as applicable, and shall be made: (i) in the case of Eligible Credit Support (IM), (A) by book-entry, wire or other transfer of such Eligible Credit Support (IM) to the Custodian (IM) (accompanied in the case of certificated securities that cannot be paid or delivered by book-entry by any duly executed instruments of transfer, assignments in blank, transfer tax stamps or any other documents necessary to permit the Custodian (IM) to make legally valid transfers of such certificated securities upon instruction of the Secured Party) and (B) the Custodian (IM) ’s crediting such assets to the relevant Segregated Account; and (ii) in the case of Posted Credit Support (IM), by book-entry, wire or other transfer of such Posted Credit Support (IM) by the Custodian (IM) (or in the case of excess proceeds, the Secured Party) to the relevant cash, securities or other account of the Chargor (with the same Custodian (IM) or elsewhere) identified by the Chargor for the receipt of such transfer (accompanied in the case of certificated securities that cannot be paid or delivered by book-entry by any duly executed instruments of transfer, assignments in blank, transfer tax stamps or any other documents necessary to permit the Chargor to make legally valid transfers of such certificated securities without further action of the Custodian (IM)). view template Related agreements and comparisons Related Agreements Click here for the text of Section 3(b) in the 2016 ISDA VM CSA Comparisons Template:Csddiff 4(b) 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.

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Summary

You have to marvel at how a collection of the industry’s finest scribes can have made such a meal of something so godforsakenly obvious. Anyway.

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See also

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