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2018 ISDA Credit Support Deed (IM) (English law)
A Jolly Contrarian owner’s manual™
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Paragraph 1 in a Nutshell™
Use at your own risk, campers!
Full text of Paragraph 1
Paragraph 1. Interpretation
1(a) Definitions and Inconsistency. Unless otherwise defined in this Deed, capitalised terms defined in the Agreement have the same meanings in this Deed. Capitalised terms not otherwise defined in this Deed or in the Agreement have the meanings specified pursuant to Paragraph 12, and all references in this Deed to Paragraphs are to Paragraphs of this Deed. In the event of any inconsistency between this Deed and the provisions of the Agreement or any Other CSA, this Deed will prevail in the case of (i) matters concerning regulatory initial margin requirements relating to Covered Transactions (IM) posted by a Chargor and (ii) specific amendments made herein to the Agreement, the Schedule to the Agreement or any Other CSA, and in the event of any inconsistency between Paragraph 13 and the other provisions of this Deed, Paragraph 13 will prevail.
1(b) Secured Party and Chargor. Unless otherwise specified in Paragraph 13, all references in this Deed to the “Secured Party” will be to either party when acting in that capacity and all corresponding references to the “Chargor” will be to the other party when acting in that capacity, provided, however, that a reference herein to Posted Credit Support (IM) being “held” by a Secured Party at any time shall be construed as a reference to the Posted Credit Support (IM) credited to the Segregated Accounts at such time in respect of which a Security Interest has been created in its favour under this Deed. A reference to a transfer of Eligible Credit Support (IM) or Posted Credit Support (IM) to or from the Custodian (IM) is deemed to be a reference to a transfer to or from the relevant Segregated Accounts, as applicable.
1(c) Scope of this Deed. The only Transactions which will be relevant for the purposes of determining a “Margin Amount (IM)” under this Deed with respect to a posting obligation of a Chargor will be the relevant Covered Transactions (IM) specified in accordance with the provisions of Paragraph 13. Except as expressly provided herein, nothing in this Deed will affect the rights and obligations, if any, of either party under the Agreement or any Other CSA.
1(d) Amendment Effective Date (IM). Unless otherwise specified in Paragraph 13, any specific amendments made herein to the Agreement, including the Schedule or any Other CSA, will become effective as of the Amendment Effective Date (IM). |
Related agreements and comparisons
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Content and comparisons
Template:M comp disc 2018 CSD 1
Summary
See also Clause 11(j) where, for reasons best known to itself, ISDA’s crack drafting squad™ put a little bit of the interpretation section there, too. Just to keep you guessing.
See also
Template:M sa 2018 CSD 1
References