Valuation and Timing - CSA Provision

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1995 ISDA Credit Support Annex (English Law)
A Jolly Contrarian owner’s manual™

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Paragraph 11(c) in a Nutshell

Use at your own risk, campers!

Full text of Paragraph 11(c)

11(c) Valuation and Timing.
11(c)(i)Valuation Agent” means, for purposes of Paragraphs 2 and 4, the party making the demand under Paragraph 2, and, for purposes of Paragraph 5(c), the Transferee, as applicable, unless otherwise specified here: ...
11(c)(ii)Valuation Date” means: ...
11(c)(iii)Valuation Time” means:
[ ] the close of business in the place of location of the Valuation Agent on the Valuation Date or date of calculation, as applicable;
[ ] the close of business on the Local Business Day immediately preceding the Valuation Date or date of calculation, as applicable;
provided that the calculations of Value and Exposure will, as far as practicable, be made as of approximately the same time on the same date.
11(c)(iv)Notification Time” means 1:00 p.m., London time, on a Local Business Day, unless otherwise specified here: ...
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 - 7
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
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Summary

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General discussion

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See also

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References

Paragraph 11(c): Valuation and Timing

Paragraph 11(c)(i): Valuation Agent
Paragraph 11(c)(ii): Valuation Date
Paragraph 11(c)(iii): Valuation Time
Paragraph 11(c)(iv): Notification Time