Interpretation - CSA Provision

ISDA 1995 English Law Credit Support Annex →Go uptown In a Nutshell™ Section 1: 1 Interpretation Capitalised terms not otherwise defined are defined in Paragraph 10. This Annex prevails over the Schedule, and Paragraph 11 prevails over the rest of this Annex. “Transfer” means, for cash, payment and, otherwise, delivery. view template 1995 CSA full text of Section 1: Paragraph 1. Interpretation Capitalised terms not otherwise defined in this Annex or elsewhere in this Agreement have the meanings specified pursuant to Paragraph 10, and all references in this Annex to Paragraphs are to Paragraphs of this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency between Paragraph 11 and the other provisions of this Annex, Paragraph 11 will prevail. For the avoidance of doubt, references to “transfer” in this Annex mean, in relation to cash, payment and, in relation to other assets, delivery. view template Related Agreements Click here for the text of Section 1 in the 1995 English Law CSA Click here for the text of Section 1 in the 2016 English Law VM CSA Click here for the text of the equivalent, Section 1(a) in the 2016 NY Law VM CSA Comparisons 1995 CSA and 2016 VM CSA: click for comparison 2016 VM CSA and 2016 NY Law VM CSA: click for comparison Resources Full wikitext | Nutshell wikitext Navigation 1 (Interpretation) | 2 (Credit Support Obligations) | 3 (Transfers, Calculations and Exchanges) | 4 (Dispute Resolution) | 5 (Title Transfer etc) | 6 (Default) | 7 (Representation) | 8 (Expenses) | 9 (Miscellaneous) | 10 (Definitions) | 11 (Elections and Variables) Index: Click ᐅ to expand: 1995 CSA 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.

Nomenclature: Being an annex to an ISDA Master Agreement, references to the “Agreement” means that particular ISDA Master Agreement; the “Annex” is the 1995 CSA and, if you were pedantic enough that you really felt the need to refer to it, the “Schedule” is the schedule to the ISDA Master Agreement.
Covered Transaction: As a concept, “Covered Transaction” only arrived in the 2016 VM CSA, in Paragraph 1(b).

Under the 1995 CSA, the neatest way of describing whether a given set of Transactions is covered or not is to say something like:

“[SPECIFY] Transactions will [not] be relevant for purposes of determining “Exposure” under the 1995 CSA.”

2016 version

Big change is the addition of Paragrpah 1(b) in the 2016 VM CSA, rabbiting on about Other CSAs, Covered Transactions and so on.