Template:M summ 2018 CSD 3(c)(ii)

“... a posting obligation of a Chargor, the Base Currency Equivalent of an amount equal to the sum of the Independent Amounts (as defined in any Other CSA) applicable to the Chargor and any other amounts applicable to the Chargor (other than any amounts in respect of Margin Amount (IM) or Exposure), however described, intended by the parties to operate as an Independent Amount ...”

If that were not bamboozling enough, how about this for the avoidance of doubt incluso which does nothing but introduce doubt into a clause already wracked with enough confusion and bitterness for your average bear:

“For the avoidance of doubt, in order to determine the amounts “applicable to the Chargor” for the purposes hereof, the parties will take into account the effect of any conditions precedent applicable to such amounts.”

My best guess is that this means, “where payment of independent amount depends on something happening, then you only count it if that something has happened.” Like, you don’t say, fellas.

This is the organisation that wants to standardise all financial products across the market, readers.

What a world we live in.