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Template:Ineligiblecreditsupport: Difference between revisions
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On the face of it, it’s straightforward: | On the face of it, it’s straightforward: | ||
{{ | {{quote|''the {{csaprov|Value}} of “any items that are comprised in a {{csaprov|Credit Support Balance}} and are not {{csaprov|Eligible Credit Support}} is zero.”'' | ||
''the {{csaprov|Value}} of “any items that are comprised in a {{csaprov|Credit Support Balance}} and are not {{csaprov|Eligible Credit Support}} is zero.”'' | :—Definition of {{csaprov|Value}}, {{tag|CSA}}}} | ||
:—Definition of {{csaprov|Value}}, {{tag|CSA}} | |||
}} | |||
So it doesn't count to the {{csaprov|Credit Support Balance}}. But just because something has no “{{csaprov|Value}}” under your {{csaprov|CSA}} doesn't mean it has no value at all. There’s no accounting for taste, after all. If the {{csaprov|Transferee}} doesn't want it, it should give it back, right? | So it doesn't count to the {{csaprov|Credit Support Balance}}. But just because something has no “{{csaprov|Value}}” under your {{csaprov|CSA}} doesn't mean it has no value at all. There’s no accounting for taste, after all. If the {{csaprov|Transferee}} doesn't want it, it should give it back, right? | ||
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Most houses have long since crafted language to deal with this contingency. I say “crafted” but “congealed” is a better description: the standard formulations are a tedious clutter of masticated paragraphs that interrupt the elegant flow of your elections, impeding the flow like a tacky mess that accumulates around the nozzle of a ketchup dispenser. All you really need to say is this: | Most houses have long since crafted language to deal with this contingency. I say “crafted” but “congealed” is a better description: the standard formulations are a tedious clutter of masticated paragraphs that interrupt the elegant flow of your elections, impeding the flow like a tacky mess that accumulates around the nozzle of a ketchup dispenser. All you really need to say is this: | ||
{{ | {{quote|If at any time any item comprising a {{csaprov|Credit Support Balance}} ceases to be {{csaprov|Eligible Credit Support}} the {{csaprov|Transferee}} must transfer to the equivalent items of the same type, nominal value, description and amount to the {{csaprov|Transferor}} on the {{csaprov|Settlement Day}} following the demand by the {{csaprov|Transferor}}. }} | ||
If at any time any item comprising a {{csaprov|Credit Support Balance}} ceases to be {{csaprov|Eligible Credit Support}} the {{csaprov|Transferee}} must transfer to the equivalent items of the same type, nominal value, description and amount to the {{csaprov|Transferor}} on the {{csaprov|Settlement Day}} following the demand by the {{csaprov|Transferor}}. | |||
}} | |||
You don't need to make this transfer conditional on the {{csaprov|Transferor}} ponying up replacement {{csaprov|Eligible Credit Support}} - [[Q.E.D.]] this stuff has no {{csaprov|Value}}, so his {{csaprov|Credit Support Balance}} will be suddenly in debit, and the {{csaprov|Transferee}} can call additional {{csaprov|Delivery Amount}} independently of the return of this item. | You don't need to make this transfer conditional on the {{csaprov|Transferor}} ponying up replacement {{csaprov|Eligible Credit Support}} - [[Q.E.D.]] this stuff has no {{csaprov|Value}}, so his {{csaprov|Credit Support Balance}} will be suddenly in debit, and the {{csaprov|Transferee}} can call additional {{csaprov|Delivery Amount}} independently of the return of this item. | ||