Base Currency Equivalent - CSA Provision

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1995 ISDA Credit Support Annex (English Law)
A Jolly Contrarian owner’s manual

Paragraph Base Currency Equivalent in a Nutshell
Use at your own risk, campers!

Base Currency Equivalent” of an amount in a currency other than the Base Currency (the “Other Currency”) is the amount of Base Currency the Valuation Agent determines is needed to buy that Other Currency amount at the prevailing spot exchange rate on the Valuation Date.
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Paragraph Base Currency Equivalent in full

Base Currency Equivalent” means, with respect to an amount on a Valuation Date, in the case of an amount denominated in the Base Currency, such Base Currency amount and, in the case of an amount denominated in a currency other than the Base Currency (the “Other Currency”), the amount of Base Currency required to purchase such amount of the Other Currency at the spot exchange rate determined by the Valuation Agent for value on such Valuation Date.
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Related agreements and comparisons

Related Agreements
Click here for the text of Section Base Currency Equivalent in the 2016 English Law VM CSA
Click here for the text of Section Base Currency Equivalent in the 1994 New York law CSA
Click here for the text of Section Base Currency Equivalent in the 2016 New York law CSA
Comparisons
1995 English Law CSA and 2016 English law VM CSA: click for comparison
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Resources and navigation

Resources Full wikitext | Nutshell wikitext
Navigation 1 (Interpretation) | 2 (Credit Support Obligations) | 3 (Transfers, Calculations and Exchanges) | 4 (Dispute Resolution) | 5 (Title Transfer etc) | 6 (Default) | 7 (Representation) | 8 (Expenses) | 9 (Miscellaneous) | 10 (Definitions) | 11 (Elections and Variables)

Index — Click the ᐅ to expand:

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Content and comparisons

Aside from some last-line deck-chair rearranging by ISDA’s crack drafting squad™, the two versions are in textual terms identical, and in semantic terms they are flat out identical. Which makes you wonder who the bright spark was who thought to switch the word order around, and why.

Look, I am no fan of sticking with what you have out of sheer bloody-minded commitment to history, but if you are going to change something, at least improve it, for heaven’s sake.
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Summary

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See also

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References