2018 ISDA Credit Support Deed for Initial Margin

2018 ISDA Credit Support Deed (IM) (English law) A Jolly Contrarian owner’s manual™ Go premium Overview — Summary — Premium — See also — Wikitext Crosscheck: →NY OG →Eng OG →NY VM →Eng VM →Eng IM TOC in a Nutshell™ The JC’s Nutshell™ summary of this term has moved uptown to the subscription-only ninja tier. For the cost of ½ a weekly 🍺 you can get it here. Sign up at Substack. You can even ask questions! Ask about it here. Original text 1. Interpretation 1(a) Definitions and Inconsistency 1(b) Secured Party and Chargor 1(c) Scope of this Deed 1(d) Amendment Effective Date (IM) 2. Security 2(a) Covenant to Perform 2(b) Security (2(b)) 2(c) Restriction on Dealings 2(d) Release of Security 2(e) Preservation of Security 2(f) Waiver of Defences 2(g) Immediate Recourse 2(h) Reinstatement 3. Credit Support Obligations 3(a) Delivery Amount (IM) 3(b) Return Amount (IM) 3(c) Margin Amount (IM); Margin Amount (IA); Margin Approach 4. Conditions Precedent, Transfers, Timing, Calculations and Substitutions 4(a) Conditions Precedent 4(b) Means of Transfer 4(c) Transfer Timing 4(d) Calculations 4(e) Substitutions 5. Dispute Resolution 5(a) Disputed Calculations or Valuations 5(b) No Event of Default 6. Custody Arrangements and the Control Agreement 6(a) General 6(b) Custodian (IM) Risk 6(c) No Use of Posted Credit Support (IM) 6(d) No Offset 6(e) Distributions and Interest Amount 7. Default 8. Certain Rights and Remedies 8(a) Secured Party’s Rights and Remedies 8(b) Chargor’s Rights and Remedies 8(c) Deficiencies and Excess Proceeds 8(d) Final Returns 9. Representations 10. Expenses 10(a) General 10(b) Posted Credit Support (IM) 10(c) Liquidation/Application of Posted Credit Support (IM) 11. Other Provisions 11(a) Default Interest 11(b) Further Assurances 11(c) Further Protection 11(d) Good Faith and Commercially Reasonable Manner 11(e) Demands and Notices 11(f) Specifications of Certain Matters 11(g) Governing Law and Jurisdiction 11(h) Service of Process 11(i) Third Party Rights 11(j) Interpretation 12. Definitions Act Allocated Margin Flow (IM/IA) Approach Amendment Effective Date (IM) Appropriation Value Assigned Rights Base Currency Base Currency Equivalent Other Currency Calcuation Agent (IM) Calculation Date (IM) Calculation Date Location (IM) Calculation Time (IM) Cash Chargor Chargor Access Notice Chargor Rights Event Control Agreement Covered Transactions (IM) Credit Support Amount (IM) Custodian Event Custodian (IM) Delivery Amount (IM) Disputing Party Distinct Margin Flow (IM) Approach Distributions Eligible Credit Support (IM) Eligible Currency Exercising Party FX Haircut percentage Greater of Margin Flow (IM/IA) Approach Local Business Day Margin Amount (IA) Margin Amount (IM) Margin Approach Method Minimum Transfer Amount (IM) Notification Time Obligations Original Credit Support (IM) Other CSA Posted Credit Support (IM) Proceedings Recalculation Date Receiver Regime Regular Settlement Day Regulations Resolution Time Return Amount (IM) Secured Party Secured Party Rights Event Security Assets Security Interest Segregated Account Specified Condition Substitute Credit Support (IM) Substitution Date Substitution Notice Threshold (IM) Valuation Percentage Value The varieties of ISDA CSA Subject 1994 NY 1995 Eng 2016 VM NY 2016 VM Eng 2018 IM Eng Preamble Pre Pre Pre Pre Pre Interpretation 1 1 1 1 1 Security Interest 2 - 2 - 2 Credit Support Obligations 3 2 3 2 3 Transfers, Calculations and Exchanges - 3 - 3 - Conditions Precedent, Transfer Timing, Calculations and Substitutions 4 - 4 - 4 Dispute Resolution 5 4 5 4 5 Holding and Using Posted Collateral 6 - 6 - 6 Transfer of Title, No Security Interest - 5 - 5 - Events of Default 7 6 7 6 7 Rights and Remedies 8 - 8 - 8 Representations 9 7 9 7 9 Expenses 10 8 10 8 10 Miscellaneous 11 9 11 9 11 Definitions 12 10 12 10 12 Elections and Variables 13 11 13 11 13 Resources and Navigation Index: Click ᐅ to expand: CSA

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I can’t even bear it but I fear I am going to have to go down this rabbit hole in the space-tedium continuum, aren’t I? I mean, really? At my age?

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