Template:M comp disc 1994 NY CSA 3

Some structural changes, to reflect that a 1995 CSA is title transfer arrangement (hence “Transferee” and “Transferor”) while the 1994 NY CSA is a pledge and rehypothecation arrangement — i.e., as the JC likes to call it, “title transfer for Americans” — and refers to Template:Inycsaprov and Secured Party.

Thus, also, the “Credit Support Balance” in the 1995 CSA is “all Posted Credit Support held by the Secured Party” in the 1994 NY CSA. The English law document gets itself all tangled up in as-yet-undelivered-but-pending Return Amounts and so on. Thius may have sonething to do with the nature of pledged collateral, which is only “held” against title transfer collateral which is outright “owned”. It may also just be outright pedantry, on the part of ISDA’s crack drafting squad™, UK branch, of course. I don’t know.