2018 ISDA Credit Support Deed for Initial Margin: Difference between revisions

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{{a|isda|}}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?
{{a|isda|}}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?


{{imcsdprov|1}}}}. {{imcsdprov|Interpretation}} <br>
{{imcsdprov|1}}. '''{{imcsdprov|Interpretation}}''' <br>
{{imcsdprov|{{1(a)}} Definitions and Inconsistency}} <br>
{{imcsdprov|1(a)}} {{imcsdprov|Definitions and Inconsistency}} <br>
{{imcsdprov|{{1(b)}} Secured Party and Chargor}} <br>
{{imcsdprov|1(b)}} {{imcsdprov|Secured Party and Chargor}} <br>
{{imcsdprov|1(c)}} {{imcsdprov|Scope of this Deed}} <br>
{{imcsdprov|1(c)}} {{imcsdprov|Scope of this Deed}} <br>
{{imcsdprov|1(d)}} {{imcsdprov|Amendment Effective Date (IM)}} <br>
{{imcsdprov|1(d)}} {{imcsdprov|Amendment Effective Date (IM)}} <br>


{{imcsdprov|2}}. {{imcsdprov|Security
{{imcsdprov|2}}. '''{{imcsdprov|Security}}''' <br>
{{imcsdprov|2(a)}} {{imcsdprov|Covenant to Perform}} <br>
{{imcsdprov|2(a)}} {{imcsdprov|Covenant to Perform}} <br>
{{imcsdprov|2(b)}} {{imcsdprov|Security}} <br>
{{imcsdprov|2(b)}} {{imcsdprov|Security}} <br>
{{imcsdprov|2(c)}} {{imcsdprov|Restriction on Dealings}} <br>
{{imcsdprov|2(c)}} {{imcsdprov|Restriction on Dealings}} <br>
{{imcsdprov|2(d)}} {{imcsdprov|Release of Security}} <br>
{{imcsdprov|2(d)}} {{imcsdprov|Release of Security}} <br>
{{imcsdprov|2(e)}} {{imcsdprov|Preservation of Security}} <br>
{{imcsdprov|2(e)}} {{imcsdprov|Preservation of Security}} <br>
{{imcsdprov|2(f)}} {{imcsdprov|Waiver of Defences}} <br>
{{imcsdprov|2(f)}} {{imcsdprov|Waiver of Defences}} <br>
{{imcsdprov|2(g)}} {{imcsdprov|Immediate Recourse}} <br>
{{imcsdprov|2(g)}} {{imcsdprov|Immediate Recourse}} <br>
{{imcsdprov|2(h)}} {{imcsdprov|Reinstatement}} <br>
{{imcsdprov|2(h)}} {{imcsdprov|Reinstatement}} <br>


{{imcsdprov|3}}. {{imcsdprov|Credit Support Obligations}} <br>
{{imcsdprov|3}}. '''{{imcsdprov|Credit Support Obligations}}''' <br>
{{imcsdprov|3(a)}} {{imcsdprov|Delivery Amount (IM)}} <br>
{{imcsdprov|3(a)}} {{imcsdprov|Delivery Amount (IM)}} <br>
{{imcsdprov|3(b)}} {{imcsdprov|Return Amount (IM)}} <br>
{{imcsdprov|3(b)}} {{imcsdprov|Return Amount (IM)}} <br>
{{imcsdprov|3(c)}} {{imcsdprov|Margin Amount (IM); Margin Amount (IA); Margin Approach}} <br>
{{imcsdprov|3(c)}} {{imcsdprov|Margin Amount (IM); Margin Amount (IA); Margin Approach}} <br>


{{imcsdprov|4}}. {{imcsdprov|Conditions Precedent, Transfers, Timing, Calculations and Substitutions}} <br>
{{imcsdprov|4}}. '''{{imcsdprov|Conditions Precedent, Transfers, Timing, Calculations and Substitutions}}''' <br>
{{imcsdprov|4(a)}} {{imcsdprov|Conditions Precedent}} <br>
{{imcsdprov|4(a)}} {{imcsdprov|Conditions Precedent}} <br>
{{imcsdprov|4(b)}} {{imcsdprov|Means of Transfer}} <br>
{{imcsdprov|4(b)}} {{imcsdprov|Means of Transfer}} <br>
{{imcsdprov|4(c)}} {{imcsdprov|Transfer Timing}} <br>
{{imcsdprov|4(c)}} {{imcsdprov|Transfer Timing}} <br>
{{imcsdprov|4(d)}} {{imcsdprov|Calculations}} <br>
{{imcsdprov|4(d)}} {{imcsdprov|Calculations}} <br>
{{imcsdprov|4(e)}} {{imcsdprov|Substitutions}} <br>
{{imcsdprov|4(e)}} {{imcsdprov|Substitutions}} <br>


{{imcsdprov|5}}. {{imcsdprov|Dispute Resolution}} <br>
{{imcsdprov|5}}. '''{{imcsdprov|Dispute Resolution}}''' <br>
{{imcsdprov|5(a)}} {{imcsdprov|Disputed Calculations of Valuations}} <br>
{{imcsdprov|5(a)}} {{imcsdprov|Disputed Calculations of Valuations}} <br>
{{imcsdprov|5(b)}} {{imcsdprov|No Event of Default}} <br>
{{imcsdprov|5(b)}} {{imcsdprov|No Event of Default}} <br>


{{imcsdprov|6}}. {{imcsdprov|Custody Arrangements and the Control Agreement
{{imcsdprov|6}}. '''{{imcsdprov|Custody Arrangements and the Control Agreement}}''' <br>
{{imcsdprov|6(a)}} {{imcsdprov|General}} <br>
{{imcsdprov|6(a)}} {{imcsdprov|General}} <br>
{{imcsdprov|6(b)}} {{imcsdprov|Custodian (IM)}} {{imcsdprov|Risk}} <br>
{{imcsdprov|6(b)}} {{imcsdprov|Custodian (IM)}} {{imcsdprov|Risk}} <br>
{{imcsdprov|6(c)}} {{imcsdprov|No Use of Posted Credit Support (IM)}} <br>
{{imcsdprov|6(c)}} {{imcsdprov|No Use of Posted Credit Support (IM)}} <br>
{{imcsdprov|6(d)}} {{imcsdprov|No Offset}} <br>
{{imcsdprov|6(d)}} {{imcsdprov|No Offset}} <br>
{{imcsdprov|6(e)}} {{imcsdprov|Distributions and Interest Amount}} <br>
{{imcsdprov|6(e)}} {{imcsdprov|Distributions and Interest Amount}} <br>


{{imcsdprov|7}}. {{imcsdprov|Default}} <br>
{{imcsdprov|7}}. '''{{imcsdprov|Default}}''' <br>


{{imcsdprov|8}}. {{imcsdprov|Certain Rights and Remedies}} <br>
{{imcsdprov|8}}. '''{{imcsdprov|Certain Rights and Remedies}}''' <br>
{{imcsdprov|8(a)}} {{imcsdprov|Secured Party’s Rights and Remedies}} <br>
{{imcsdprov|8(a)}} {{imcsdprov|Secured Party’s Rights and Remedies}} <br>
{{imcsdprov|8(b)}} {{imcsdprov|Chargor’s Rights and Remedies}} <br>
{{imcsdprov|8(b)}} {{imcsdprov|Chargor’s Rights and Remedies}} <br>
{{imcsdprov|8(c)}} {{imcsdprov|Deficiencies and Excess Proceeds}} <br>
{{imcsdprov|8(c)}} {{imcsdprov|Deficiencies and Excess Proceeds}} <br>
{{imcsdprov|8(d)}} {{imcsdprov|Final Returns}} <br>
{{imcsdprov|8(d)}} {{imcsdprov|Final Returns}} <br>


{{imcsdprov|9}}. {{imcsdprov|Representations}} <br>
{{imcsdprov|9}}. '''{{imcsdprov|Representations}}''' <br>


{{imcsdprov|10}}. {{imcsdprov|Expenses}} <br>
{{imcsdprov|10}}. '''{{imcsdprov|Expenses}}''' <br>
{{imcsdprov|10(a)}} {{imcsdprov|General}} <br>
{{imcsdprov|10(a)}} {{imcsdprov|General}} <br>
{{imcsdprov|10(b)}} {{imcsdprov|Posted Credit Support (IM)}} <br>
{{imcsdprov|10(b)}} {{imcsdprov|Posted Credit Support (IM)}} <br>
{{imcsdprov|10(c)}} {{imcsdprov|Liquidation/Application of Posted Credit Support (IM)}} <br>
{{imcsdprov|10(c)}} {{imcsdprov|Liquidation/Application of Posted Credit Support (IM)}} <br>


{{imcsdprov|11}}. {{imcsdprov|Other Provisions}} <br>
{{imcsdprov|11}}. '''{{imcsdprov|Other Provisions}}''' <br>
{{imcsdprov|11(a)}} {{imcsdprov|Default Interest}} <br>
{{imcsdprov|11(a)}} {{imcsdprov|Default Interest}} <br>
{{imcsdprov|11(b)}} {{imcsdprov|Further Assurances}} <br>
{{imcsdprov|11(b)}} {{imcsdprov|Further Assurances}} <br>
{{imcsdprov|11(c)}} {{imcsdprov|Further Protection}} <br>
{{imcsdprov|11(c)}} {{imcsdprov|Further Protection}} <br>
{{imcsdprov|11(d)}} {{imcsdprov|Good Faith and Commercially Reasonable Manner}} <br>
{{imcsdprov|11(d)}} {{imcsdprov|Good Faith and Commercially Reasonable Manner}} <br>
{{imcsdprov|11(e)}} {{imcsdprov|Demands and Notices}} <br>
{{imcsdprov|11(e)}} {{imcsdprov|Demands and Notices}} <br>
{{imcsdprov|11(f)}} {{imcsdprov|Specifications of Certain Matters}} <br>
{{imcsdprov|11(f)}} {{imcsdprov|Specifications of Certain Matters}} <br>
{{imcsdprov|11(g)}} {{imcsdprov|Governing Law and Jurisdiction}} <br>
{{imcsdprov|11(g)}} {{imcsdprov|Governing Law and Jurisdiction}} <br>
{{imcsdprov|11(h)}} {{imcsdprov|Service of Process}} <br>
{{imcsdprov|11(h)}} {{imcsdprov|Service of Process}} <br>
{{imcsdprov|11(i)}} {{imcsdprov|Third Party Rights}} <br>
{{imcsdprov|11(i)}} {{imcsdprov|Third Party Rights}} <br>
{{imcsdprov|11(j)}} {{imcsdprov|Interpretation}} <br>
{{imcsdprov|11(j)}} {{imcsdprov|Interpretation}} <br>


{{imcsdprov|12}}. {{imcsdprov|Definitions}} <br>
{{imcsdprov|12}}. '''{{imcsdprov|Definitions}}''' <br>
{{imcsdprov|Act}} <br>
{{imcsdprov|Act}} <br>
{{imcsdprov|Allocated Margin Flow (IM/IA)}} {{imcsdprov|Approach}} <br>
{{imcsdprov|Allocated Margin Flow (IM/IA)}} {{imcsdprov|Approach}} <br>
{{imcsdprov|Amendment Effective Date (IM)}} <br>
{{imcsdprov|Amendment Effective Date (IM)}} <br>
{{imcsdprov|Appropriation Value}} <br>
{{imcsdprov|Appropriation Value}} <br>
{{imcsdprov|Assigned Rights}} <br>
{{imcsdprov|Assigned Rights}} <br>
{{imcsdprov|Base Currency}} <br>
{{imcsdprov|Base Currency}} <br>
{{imcsdprov|Base Currency Equivalent}} <br>
{{imcsdprov|Base Currency Equivalent}} <br>
{{imcsdprov|Other Currency}} <br>
{{imcsdprov|Other Currency}} <br>
{{imcsdprov|Calcuation Agent (IM)}} <br>
{{imcsdprov|Calcuation Agent (IM)}} <br>
{{imcsdprov|Calculation Date (IM)}} <br>
{{imcsdprov|Calculation Date (IM)}} <br>
{{imcsdprov|Calculation Date Location (IM)}} <br>
{{imcsdprov|Calculation Date Location (IM)}} <br>
{{imcsdprov|Calculation Time (IM)}} <br>
{{imcsdprov|Calculation Time (IM)}} <br>
{{imcsdprov|Cash}} <br>
{{imcsdprov|Cash}} <br>
{{imcsdprov|Chargor}} <br>
{{imcsdprov|Chargor}} <br>
{{imcsdprov|Chargor Access Notice}} <br>
{{imcsdprov|Chargor Access Notice}} <br>
{{imcsdprov|Chargor Rights Event}} <br>
{{imcsdprov|Chargor Rights Event}} <br>
{{imcsdprov|Control Agreement}} <br>
{{imcsdprov|Control Agreement}} <br>
{{imcsdprov|Covered Transactions (IM)}} <br>
{{imcsdprov|Covered Transactions (IM)}} <br>
{{imcsdprov|Credit Support Amount (IM)}} <br>
{{imcsdprov|Credit Support Amount (IM)}} <br>
{{imcsdprov|Custodian Event}} <br>
{{imcsdprov|Custodian Event}} <br>
{{imcsdprov|Custodian (IM)}} <br>
{{imcsdprov|Custodian (IM)}} <br>
{{imcsdprov|Delivery Amount (IM)}} <br>
{{imcsdprov|Delivery Amount (IM)}} <br>
{{imcsdprov|Disputing Party}} <br>
{{imcsdprov|Disputing Party}} <br>
{{imcsdprov|Distinct Margin Flow (IM)}} {{imcsdprov|Approach}} <br>
{{imcsdprov|Distinct Margin Flow (IM)}} {{imcsdprov|Approach}} <br>
{{imcsdprov|Distributions}} <br>
{{imcsdprov|Distributions}} <br>
{{imcsdprov|Eligible Credit Support (IM)}} <br>
{{imcsdprov|Eligible Credit Support (IM)}} <br>
{{imcsdprov|Eligible Currency}} <br>
{{imcsdprov|Eligible Currency}} <br>
{{imcsdprov|Exercising Party}} <br>
{{imcsdprov|Exercising Party}} <br>
{{imcsdprov|FX Haircut percentage}} <br>
{{imcsdprov|FX Haircut percentage}} <br>
{{imcsdprov|Greater of Margin Flow (IM/IA)}} {{imcsdprov|Approach}} <br>
{{imcsdprov|Greater of Margin Flow (IM/IA)}} {{imcsdprov|Approach}} <br>
{{imcsdprov|Local Business Day}} <br>
{{imcsdprov|Local Business Day}} <br>
{{imcsdprov|Margin Amount (IA)}} <br>
{{imcsdprov|Margin Amount (IA)}} <br>
{{imcsdprov|Margin Amount (IM)}} <br>
{{imcsdprov|Margin Amount (IM)}} <br>
{{imcsdprov|Margin Approach}} <br>
{{imcsdprov|Margin Approach}} <br>
{{imcsdprov|Method}} <br>
{{imcsdprov|Method}} <br>
{{imcsdprov|Minimum Transfer Amount (IM)}} <br>
{{imcsdprov|Minimum Transfer Amount (IM)}} <br>
{{imcsdprov|Notification Time}} <br>
{{imcsdprov|Notification Time}} <br>
{{imcsdprov|Obligations}} <br>
{{imcsdprov|Obligations}} <br>
{{imcsdprov|Original Credit Support (IM)}} <br>
{{imcsdprov|Original Credit Support (IM)}} <br>
{{imcsdprov|Other CSA}} <br>
{{imcsdprov|Other CSA}} <br>
{{imcsdprov|Posted Credit Support (IM)}} <br>
{{imcsdprov|Posted Credit Support (IM)}} <br>
{{imcsdprov|Proceedings}} <br>
{{imcsdprov|Proceedings}} <br>
{{imcsdprov|Recalculation Date}} <br>
{{imcsdprov|Recalculation Date}} <br>
{{imcsdprov|Receiver}} <br>
{{imcsdprov|Receiver}} <br>
{{imcsdprov|Regime}} <br>
{{imcsdprov|Regime}} <br>
{{imcsdprov|Regular Settlement Day}} <br>
{{imcsdprov|Regular Settlement Day}} <br>
{{imcsdprov|Regulations}} <br>
{{imcsdprov|Regulations}} <br>
{{imcsdprov|Resolution Time}} <br>
{{imcsdprov|Resolution Time}} <br>
{{imcsdprov|Return Amount (IM)}} <br>
{{imcsdprov|Return Amount (IM)}} <br>
{{imcsdprov|Secured Party}} <br>
{{imcsdprov|Secured Party}} <br>
{{imcsdprov|Secured Party Rights Event}} <br>
{{imcsdprov|Secured Party Rights Event}} <br>
{{imcsdprov|Security Assets}} <br>
{{imcsdprov|Security Assets}} <br>
{{imcsdprov|Security Interest}} <br>
{{imcsdprov|Security Interest}} <br>
{{imcsdprov|Segregated Account}} <br>
{{imcsdprov|Segregated Account}} <br>
{{imcsdprov|Specified Condition}} <br>
{{imcsdprov|Specified Condition}} <br>
{{imcsdprov|Substitute Credit Support (IM)}} <br>
{{imcsdprov|Substitute Credit Support (IM)}} <br>
{{imcsdprov|Substitution Date}} <br>
{{imcsdprov|Substitution Date}} <br>
{{imcsdprov|Substitution Notice}} <br>
{{imcsdprov|Substitution Notice}} <br>
{{imcsdprov|Threshold (IM)}} <br>
{{imcsdprov|Threshold (IM)}} <br>
{{imcsdprov|Valuation Percentage}} <br>
{{imcsdprov|Valuation Percentage}} <br>
{{imcsdprov|Value}} <br>
{{imcsdprov|Value}} <br>

Revision as of 19:35, 3 March 2021

ISDA Anatomy™
Index: Click ᐅ to expand:
ISDA
Navigation
See ISDA Comparison for a comparison between the 1992 ISDA and the 2002 ISDA.
The Varieties of ISDA Experience
Subject 2002 (wikitext) 1992 (wikitext) 1987 (wikitext)
Preamble Pre Pre Pre
Interpretation 1 1 1
Obligns/Payment 2 2 2
Representations 3 3 3
Agreements 4 4 4
EODs & Term Events 5 Events of Default: FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events: Illegality • FM • Tax Event • TEUM • CEUM • ATE 5 Events of Default: FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events: Illegality • Tax Event • TEUM • CEUM • ATE 5 Events of Default: FTPD • Breach • CSD • Misrep • DUSS • Cross Default • Bankruptcy • MWA Termination Events: Illegality • Tax Event • TEUM • CEUM
Early Termination 6 Early Termination: ET right on EOD • ET right on TE • Effect of Designation • Calculations; Payment Date • Payments on ET • Set-off 6 Early Termination: ET right on EOD • ET right on TE • Effect of Designation • Calculations • Payments on ET • Set-off 6 Early Termination: ET right on EOD • ET right on TE • Effect of Designation • Calculations • Payments on ET
Transfer 7 7 7
Contractual Currency 8 8 8
Miscellaneous 9 9 9
Offices; Multibranch Parties 10 10 10
Expenses 11 11 11
Notices 12 12 12
Governing Law 13 13 13
Definitions 14 14 14
Schedule Schedule Schedule Schedule
Termination Provisions Part 1 Part 1 Part 1
Tax Representations Part 2 Part 2 Part 2
Documents for Delivery Part 3 Part 3 Part 3
Miscellaneous Part 4 Part 4 Part 4
Other Provisions Part 5 Part 5 Part 5
Tell me more
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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?

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(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 of 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

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