Template:M comp disc 2018 CSD 1(a)

If sparse, staccato-style drafting is your kind of thing — it is mine — it is never an encouraging sign when the first words in an agreement are “unless otherwise defined”. Here, we think, is to account for the tedious fact that a credit support deed is not an “annex” to the ISDA Master Agreement, but its own independent legal construct, whereas a credit support annex is a part of the ISDA Master Agreement with no ontological existence without it, so it goes without saying for an annex, but not a deed, that what’s defined in the master goes for the annex.

In the 2018, there is a pitifully specific articulation of something that goes without saying, but it manages to refrain from explaining what it means by “transfer” — a pledge, of course, not really being a transfer.