Secured Party and Chargor - 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 1(b) in a Nutshell™ Use at your own risk, campers! 1(b) Secured Party and Chargor. “Secured Party” means either party when acting in that capacity and corresponding references to the “Chargor” means the other party when acting in that capacity. Posted Credit Support (IM) that is described as “held” by a Secured Party means it has been credited to the Segregated Accounts with a Security Interest in that party’s favour under this Deed. References to transfers of assets to or from the Custodian (IM) means transfer to or from the relevant Segregated Accounts. view template Full text of Paragraph 1(b) 1(b) Secured Party and Chargor. Unless otherwise specified in Paragraph 13, all references in this Deed to the “Secured Party” will be to either party when acting in that capacity and all corresponding references to the “Chargor” will be to the other party when acting in that capacity, provided, however, that a reference herein to Posted Credit Support (IM) being “held” by a Secured Party at any time shall be construed as a reference to the Posted Credit Support (IM) credited to the Segregated Accounts at such time in respect of which a Security Interest has been created in its favour under this Deed. A reference to a transfer of Eligible Credit Support (IM) or Posted Credit Support (IM) to or from the Custodian (IM) is deemed to be a reference to a transfer to or from the relevant Segregated Accounts, as applicable. view template Related agreements and comparisons Related Agreements Click here for the text of Section NA in the 2016 ISDA VM CSA Comparisons Here’s a comparison with the 2016 NY Law VM CSA clause. 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.

Content and comparisons

Compare with the Secured Party and Pledgor paragraph in the 2016 NY Law VM CSA.

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Summary

Some throat-clearing early orienteering here. Nothing that doesn’t go without saying, and certainly nothing that couldn’t have been said more elegantly, but it may help you find your range before delving deeper into the morass.

Look: don’t get comfortable: it may seem okay now; by half way through Paragraph 3 you’ll be hating it.

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See also

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