Template:Csa Miscellaneous summ: Difference between revisions

*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}}.  

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''.