Access Condition - IM CSD Provision

2018 ISDA Credit Support Deed (IM) (English law)
A Jolly Contrarian owner’s manual™

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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 Access Condition in a Nutshell™

Use at your own risk, campers!

Template:Nutshell 2018 CSD Access Condition view template

Full text of Paragraph Access Condition

13(e)(ii) Specified Condition and Access Condition. For purposes of the provisions of Paragraph 4(a), a Chargor Rights Event or Secured Party Rights Event with respect to the other party shall constitute a “Specified Condition”. For purposes of the definitions of the NEC Event, Secured Party Rights Event or Chargor Rights Event (in each case, if applicable), the following Termination Event(s) (to the extent that such Termination Events are applicable in respect of the relevant party under this Deed) specified below will be an “Access Condition” with respect to the party so specified if: (a) that party is an Affected Party with respect to such Termination Event; and (b) all Transactions are Affected Transactions:


Termination Event	Party A	Party B
Illegality	[•]	[•]
Force Majeure Event	[•]	[•]
Tax Event	[•]	[•]
Tax Event Upon Merger	[•]	[•]
Credit Event Upon Merger	[•]	[•]
Additional Termination Event(s):	[•]	[•]
	[•]	[•]

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 Access Condition

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Content and comparisons

ISDA’s crack drafting squad™ in prime ocean-boiling mode. “Access Conditions” are the subset of Termination Events that you want to permit a counterparty — be it a Chargor or a Secured Party — to intervene and claim its own Posted Credit Support (IM), where it is a Chargor Rights Event, or a defaulting Counterparty’s Posted Credit Support (IM), where it is a Secured Party Rights Event. For a reason knowable only to itself, ISDA’s crack drafting squad™ thought you might like to select different Termination Events, per counterparty. Of course, the same Termination Events — all of them — should apply for all three. We have an impassioned essay as to why at Secured Party Rights Event.