Transfer Timing - IM CSD Provision

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2018 ISDA Credit Support Deed (IM) (English law)
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Paragraph 4(c) in a Nutshell

Use at your own risk, campers!
4(c) Transfer Timing. Subject to Paragraph 4(a) and 5:
(i) Secured Party: if a Secured Party demands Eligible Credit Support (IM):
by the Notification Time, then the Chargor must transfer it by the close of business on the Regular Settlement Day;
after the Notification Time, then the Chargor must transfer it by the close of business on the Local Business Day after the Regular Settlement Day;
(ii) Chargor: if a Chargor demands Posted Credit Support (IM):
by the Notification Time, then the Secured Party must instruct the Custodian (IM) by the instructions deadline in the Control Agreement for it to transfer Posted Credit Support (IM) by close of business on the Regular Settlement Day;
after the Notification Time, then the Secured Party must instruct the Custodian (IM) by the instructions deadline in the Control Agreement for it to transfer Posted Credit Support (IM) by close of business on the Local Business Day after the Regular Settlement Day.

Full text of Paragraph 4(c)

4(c) Transfer Timing. Subject to Paragraph 4(a) above (if applicable) and Paragraph 5 and unless otherwise specified in Paragraph 13, if a demand for the transfer of Eligible Credit Support (IM) is made by the Notification Time, then the relevant transfer by the Chargor will be made not later than the close of business on the relevant Regular Settlement Day; if a demand is made after the Notification Time, then the relevant transfer by the Chargor will be made not later than the close of business on the next Local Business Day following the relevant Regular Settlement Day.
Subject to Paragraph 4(a) above (if applicable) and Paragraph 5 and unless otherwise specified in Paragraph 13, if a demand for the transfer of Posted Credit Support (IM) is made by the Notification Time, then the relevant instruction by the Secured Party to the Custodian (IM) will be served prior to the latest time by which instructions must be submitted to the Custodian (IM) under the relevant Control Agreement in order for the Custodian (IM) to effect the transfer of Posted Credit Support (IM) by close of business on the relevant Regular Settlement Day; if a demand is made after the Notification Time, then the relevant instruction by the Secured Party to the Custodian (IM) will be served not later than the latest time (and day) by which instructions must be submitted to the Custodian (IM) under the relevant Control Agreement in order for the Custodian (IM) to effect the transfer of Posted Credit Support (IM) by close of business on the next Local Business Day following the relevant Regular Settlement Day.

Related agreements and comparisons

Related Agreements
Click here for the text of Section NA in the 2016 ISDA VM CSA
Comparisons
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Content and comparisons

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Summary

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General discussion

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See also

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References