Restriction on Dealings - 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 2(c) in a Nutshell™ Use at your own risk, campers! Template:Nutshell 2018 CSD 2(c) view template Full text of Paragraph 2(c) 2(c) Restriction on Dealings. Each party as the Chargor must not: (i) create or permit to subsist any Security Interest on the Segregated Accounts or the Posted Credit Support (IM) or the Assigned Rights; or (ii) sell, transfer, licence, lease, loan, grant any option over, declare a trust over or otherwise dispose of any of its rights in respect of the Segregated Accounts or the Posted Credit Support (IM) or the Assigned Rights, other than (A) the security created by this Deed, (B) a lien routinely imposed on all securities in a clearing system in which any such Posted Credit Support (IM) may be held or (C) a lien or security interest referred to in, or in connection with, the Control Agreement. view template Related agreements and comparisons Related Agreements Click here for the text of Section NA in the 2016 ISDA VM CSA Comparisons Peasgood nonsuch 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

Now I wouldn’t normally get excited about a clause as quotidian is this but it, brings me uncommon joy to be the one to point out the references to “clearing systems”. Elsewhere in this Deed — for example, in the definition of Assigned Rights, we find the ’squad carelessly referring to “clearance systems”.

In a document as tediously, fastidiously, anal-retentively-drafted as this one is — the 2018 English law IM CSD really sets a benchmark, even amongst ISDA documents — this will not do.

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