Base Currency and Eligible Currency - NY VM CSA Provision

2016 ISDA Credit Support Annex (VM) (New York law) A Jolly Contrarian owner’s manual™ 13(a) in a Nutshell™ The JC’s Nutshell™ summary of this term has moved uptown to the subscription-only ninja tier. For the cost of ½ a weekly 🍺 you can get it here. Sign up at Substack. 13(a) in all its glory 13(a) Base Currency and Eligible Currency. 13(a)(i) “Base Currency” means United States Dollars, unless otherwise specified here: [...] 13(a)(ii) “Eligible Currency” means the Base Currency and each other currency specified here:[...] edit Resources and Navigation Resources Wikitext | Nutshell wikitext Navigation 1 (Interpretation) | 2 (Security Interest) | 3 (Credit Support Obligations) | 4 ( Conditions Precedent, Transfer Timing, Calculations and Substitutions) | 5 (Dispute Resolution) | 6 (Holding and Using Posted Collateral (VM)) | 7 (Events of Default) | 8 (Certain Rights and Remedies) | 9 (Representations) | 10 (Expenses) | 11 (Miscellaneous) | 12 (Definitions) | 13 (Elections and Variables) Index: Click ᐅ to expand: 2016 NY VM CSA Premium version of this page

Overview

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Fun facts: the 1994 New York law CSA contemplates only US dollars, so the 2016 NY Law VM CSA is something of an olive branch to the remainder of the planet or sign that the American Empire is truly in a state of unstoppable decline, depending on how you look at it. The English law credit support annexes have always been more inclusive. Laudable.

Summary

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Premium content

Here the free bit runs out. Subscribers click 👉 here. New readers sign up 👉 here and, for ½ a weekly 🍺 go full ninja about all these juicy topics 👇

• The JC’s famous Nutshell™ summary of this clause
• JC carping about shoddy document design in the ISDA framework and the confusion it may prompt.

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See also

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