Return Amount (IM) - 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 3(b) in a Nutshell™

Use at your own risk, campers!

3(b) Return Amount (IM). Subject to Paragraphs 4 and 5, upon the Chargor’s demand following a Calculation Date (IM), if a Secured Party’s Return Amount (IM) is at least equal to its Minimum Transfer Amount (IM), it must instruct the Custodian (IM) to transfer Posted Credit Support (IM) to the Chargor per the Chargor’ demand having a Value equal to the (rounded) Return Amount (IM). The “Return Amount (IM)” for any Calculation Date (IM) will equal the amount by which: (i) the prevailing Value of all Posted Credit Support (IM) the Secured Party holds (treating pending but unsettled Delivery Amount (IM)s and Return Amount (IM)s as not having been made) exceeds (ii) the Chargor’s Credit Support Amount (IM). view template

Full text of Paragraph 3(b)

3(b) Return Amount (IM). Subject to Paragraphs 4 and 5, upon a demand made by the Chargor on or promptly following a Calculation Date (IM), if the Return Amount (IM) applicable to the Secured Party for that Calculation Date (IM) equals or exceeds the Secured Party’s Minimum Transfer Amount (IM), then the Secured Party will instruct the Custodian (IM) to transfer to the Chargor Posted Credit Support (IM) specified by the Chargor in that demand having a Value as of the date of transfer as close as practicable to (but not more than) the applicable Return Amount (IM) (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the “Return Amount (IM)” applicable to the Secured Party for any Calculation Date (IM) will equal the amount by which: (i) the Value as of that Calculation Date (IM) of all Posted Credit Support (IM) held by the Secured Party (as adjusted to include any prior Delivery Amount (IM) and to exclude any prior Return Amount (IM), the transfer of which, in either case, has not yet been completed and for which the relevant Regular Settlement Day falls on or prior to such Calculation Date (IM)) exceeds (ii) the Credit Support Amount (IM) applicable to the Chargor. view template