Substitutions - 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 4(e) in a Nutshell™ Use at your own risk, campers! 4(e) Substitutions. (i) On any Local Business Day the Chargor may send a “Substitution Notice” informing the Secured Party that it wishes to substitute new Eligible Credit Support (IM) (the “Substitute Credit Support (IM)”) into the Segregated Accounts in place of specified Posted Credit Support (IM) (the “Original Credit Support (IM)”). (ii) The Chargor must obtain the Secured Party’s consent to the proposed substitution. The Chargor must transfer the Substitute Credit Support (IM) to the Segregated Accounts on the Local Business Day following receipt the Secured Party’s consent (or the date of the Substitution Notice if the consent requirement is disapplied). (iii) Upon transfer of the Substitute Credit Support (IM) into the Segregated Accounts (that date the “Substitution Date”), the Secured Party must instruct the Custodian (IM) to transfer Original Credit Support (IM) as if the Chargor had demanded it under Paragraph 3(b) after the Notification Time on the Substitution Date. The Value of the Original Credit Support (IM) when transferred must be as close as practicable to, but not more than, the Value of the Substitute Credit Support (IM) at that time as calculated by the Calculation Agent (IM). view template Full text of Paragraph 4(e) 4(e) Substitutions. (i) The Chargor may on any Local Business Day by notice (a “2018 English law IM CSD”) inform the Secured Party that it wishes to transfer to the Segregated Account s Eligible Credit Support (IM) (the “2018 English law IM CSD”) specified in that 2018 English law IM CSD in substitution for certain Posted Credit Support (IM) (the “Original Credit Support (IM)”) specified in the 2018 English law IM CSD. (ii) Unless Paragraph 13 specifies that no consent is required, the Chargor must obtain the Secured Party’s consent to the proposed substitution. The Chargor will be obliged to transfer the 2018 English law IM CSD to the Segregated Account s on the next Local Business Day following the date: (A) on which the Chargor receives notice (which may be oral telephonic notice) from the Secured Party of its consent (if consent is needed); or (B) of the 2018 English law IM CSD (if no consent is needed). (iii) Subject to Paragraph 4(a) above (if applicable), following the date on which the 2018 English law IM CSD is transferred to the Segregated Account s, unless otherwise specified in Paragraph 13 (the “2018 English law IM CSD”), the Secured Party will be obliged to instruct the Custodian (IM) to transfer to the Chargor the Original Credit Support (IM) as if a demand for such Original Credit Support (IM) had been made pursuant to Paragraph 3(b) after the Notification Time on such 2018 English law IM CSD; provided that the Secured Party will only be obliged to instruct the Custodian (IM) to transfer Original Credit Support (IM) with a Value as of the date of transfer as close as practicable to, but in any event not more than, the Value of the 2018 English law IM CSD as of that date, as calculated by the Calculation Agent (IM). view template Related agreements and comparisons Related Agreements Click here for the text of Section NA in the 2016 ISDA VM CSA Comparisons Template:Csddiff 4(e) Comments? Questions? Suggestions? Requests? Insults? We’d love to 📧 hear from you. Sign up for our newsletter.

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