CSA Anatomy

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This is an anatomy of the English Law Credit Support Annex. For the New York law 1994 Credit Support Annex see the 1994 CSA Anatomy.

Anatomies

This is one of Amwell Clear’s master agreement anatomies. Anatomies are indexed analyses of the clauses in common master agreements and regulatory handbooks. More are planned.
Anatomy: AIFMD | CASS | CDEA | COBS | Conference calls | Confis | CRR | CSA | EFET | EMIR | Equity Derivatives | FOA PCA | FUND | GMRA | GMSLA | GTMA | ISDA | OSLA | PB | Swapclear | UCITS


1995 ISDA CSA (English law) Terms

ISDA 2016 English law VM CSA Terms

Para 1 Interpretation

Para 1 Interpretation

Paragraph 1(a) Definitions and Inconsistency
Paragraph 1(b) Scope of this Annex and the Other CSA

Paragraph 2. Credit Support Obligations

Paragraph 2(a) Delivery Amount
Paragraph 2(b) Return Amount

Paragraph 2. Credit Support Obligations

Paragraph 2(a) Delivery Amount
Paragraph 2(b) Return Amount

Paragraph 3 Transfers, Calculations and Exchanges

Paragraph 3(a) Transfers
Paragraph 3(b) Calculations
Paragraph 3(c) Exchanges

Paragraph 3 Transfers, Calculations and Exchanges

Paragraph 3(a) Transfers
Paragraph 3(b) Calculations
Paragraph 3(c) Exchanges

Paragraph 4 Dispute Resolution

Paragraph 4(a) Disputed Calculations or Valuations
Paragraph 4(b) No Event of Default

Paragraph 4 Dispute Resolution

Paragraph 4(a) Disputed Calculations or Valuations
Paragraph 4(b) No Event of Default

Paragraph 5 Transfer of Title, No Security Interest, Distributions and Interest Amount

Paragraph 5(a) Transfer of Title
Paragraph 5(b) No Security Interest
Paragraph 5(c) Distributions and Interest Amount

Paragraph 5 Transfer of Title, No Security Interest, Distributions and Interest Amount

Paragraph 5(a) Transfer of Title
Paragraph 5(b) No Security Interest
Paragraph 5(c) Distributions and Interest Amount

Paragraph 6 Default

Paragraph 6 Default

Paragraph 7 Representation

Paragraph 7 Representation

Paragraph 8 Expenses

Paragraph 8 Expenses

Paragraph 9 Miscellaneous

Paragraph 9(a) Default Interest
Paragraph 9(b) Good Faith and Commercially Reasonable Manner
Paragraph 9(c) Demands and Notices
Paragraph 9(d) Specifications of Certain Matters

Paragraph 9 Miscellaneous

Paragraph 9(a) Default Interest
Paragraph 9(b) Good Faith and Commercially Reasonable Manner
Paragraph 9(c) Demands and Notices
Paragraph 9(d) Specifications of Certain Matters
Paragraph 9(e) Legally Ineligible Credit Support (VM)
Paragraph 9(f) Return of Equivalent Credit Support (VM)
Paragraph 9(g) Reinstatement of Credit Support Eligibility
Paragraph 9(h) Credit Support Offsets

Paragraph 10. Definitions

Base Currency
Base Currency Equivalent
Credit Support Amount
Credit Support Balance
Delivery Amount has the meaning specified in Paragraph 2(a).
Disputing Party has the meaning specified in Paragraph 4.
Distributions
Distributions Date
Eligible Credit Support
Eligible Currency
Equivalent Credit Support
Equivalent Distributions has the meaning specified in Paragraph 5(c)(i).
Exchange Date has the meaning specified in Paragraph 11(d).
Exposure
Independent Amount
Interest Amount
Interest Period
Interest Rate
Local Business Day
Minimum Transfer Amount
New Credit Support has the meaning specified in Paragraph 3(c)(i).
Notification Time has the meaning specified in Paragraph 11(c)(iv).
Recalculation Date
Resolution Time has the meaning specified in Paragraph 11(c)(i).
Return Amount has the meaning specified in Paragraph 2(b).
Settlement Day
Threshold
Transferee
Transferor
Valuation Agent has the meaning specified in Paragraph 11(c)(i).
Valuation Date
Valuation Percentage
Valuation Time has the meaning specified in Paragraph 11(c)(iii).
Value

Paragraph 10. Definitions

Base Currency
Base Currency Equivalent
Credit Support Balance (VM)
Credit Support Eligibility Condition (VM)
Delivery Amount (VM) has the meaning specified in Paragraph 2(a).
Delivery Amount Reduction (VM) has the meaning specified in Paragraph 5(c)(ii)(A)(II).
Disputing Party has the meaning specified in Paragraph 4.
Distributions
Distributions Date
Eligible Credit Support (VM)
Eligible Currency
Eligible Return Amount (VM) has the meaning specified in Paragraph 5(c)(ii)(A)(I)(a).
Equivalent Credit Support
Equivalent Distributions has the meaning specified in Paragraph 5(c)(i).
Exchange Date has the meaning specified in Paragraph 11(d).
Exposure
Fungible Credit Support Type
FX Haircut Percentage
Interest Adjustment Reduction Amount (VM)
Interest Amount (VM)
Interest Payee (VM)
Interest Payer (VM)
Interest Payment (VM)
Interest Period
Interest Rate (VM)
Legal Eligibility Requirements has the meaning specified in Paragraph 9(e)
Legal Ineligibility Notice has the meaning specified in Paragraph 9(e)
Local Business Day
Minimum Transfer Amount
New Credit Support (VM) has the meaning specified in Paragraph 3(c)(i).
Notification Time has the meaning specified in Paragraph 11(c)(iv).
Original Credit Support (VM) has the meaning specified in Paragraph 3(c)(i).
Other CSA
Other CSA Excluded Credit Support
Recalculation Date
Regular Settlement Day
Resolution Time has the meaning specified in Paragraph 11(c)(i).
Return Amount (VM) has the meaning specified in Paragraph 2(b).
return Amount Reduction (VM) has the meaning specified in Paragraph 5(c)(ii)(A)(II)
Settlement Day
Total Ineligibility Date has the meaning specified in Paragraph 9(e) unless otherwise specified in Paragraph 11.
Transferee
Transferor
Transfer Ineligibility Date has the meaning specified in Paragraph 9(e) unless otherwise specified in Paragraph 11.
Valuation Agent has the meaning specified in Paragraph 11(c)(i).
Valuation Date
Valuation Date Location has the meaning specified in Paragraph 11(d)(ii)
Valuation Percentage
Valuation Time.
Value

Para 11 Elections and Variables

Paragraph 11(a): Base Currency and Eligible Currency
Paragraph 11(b): Credit Support Obligations

Paragraph 11(b)(i): Delivery Amount, Return Amount and Credit Support Amount
Paragraph 11(b)(i)(A): Delivery Amount
Paragraph 11(b)(i)(B): Return Amount
Paragraph 11(b)(i)(C): Credit Support Amount
Paragraph 11(b)(ii): Eligible Credit Support
Paragraph 11(b)(iii): Thresholds
Paragraph 11(b)(iii)(A): Independent Amount
Paragraph 11(b)(iii)(B): Threshold
Paragraph 11(b)(iii)(C): Minimum Transfer Amount
Paragraph 11(b)(iii)(D): Rounding

Paragraph 11(c): Valuation and Timing

Paragraph 11(c)(i): Valuation Agent
Paragraph 11(c)(ii): Valuation Date
Paragraph 11(c)(iii): Valuation Time
Paragraph 11(c)(iv): Notification Time

Paragraph 11(d): Exchange Date
Paragraph 11(e): Dispute Resolution

Paragraph 11(e)(i): Resolution Time
Paragraph 11(e)(ii): Value (dispute resolution)
Paragraph 11(e)(iii): Alternative

Paragraph 11(f): Distributions and Interest Amount

Paragraph 11(f)(i): Interest Rate
Paragraph 11(f)(ii): Transfer of Interest Amount
Paragraph 11(f)(iii): Alternative to Interest Amount

Paragraph 11(g): Addresses for Transfers

Para 11 Elections and Variables

Paragraph 11(a): Base Currency and Eligible Currency
Paragraph 11(b): Covered Transactions; Exposure
11(c) Credit Support Obligations.

11(c)(i) Delivery Amount (VM) and Return Amount (VM)
11(c)(ii) Eligible Credit Support (VM)
11(c)(iii) Legally Ineligible Credit Support (VM)
11(c)(iv) Credit Support Eligibility Conditions (VM)
11(c)(v) Valuation Percentage; FX Haircut Percentage
11(c)(vi) Thresholds.
11(c)(vii) Transfers.

11(d) Valuation and Timing

11(d)(i)Valuation Agent
11(d)(ii)Valuation Date
11(d)(iii)Valuation Time
11(d)(iv)Notification Time

11(e) Exchange Date.
11(f) Dispute Resolution

11(f)(i)Resolution Time
11(f)(ii) Value
11(f)(iii) Alternative.

11(g) Distributions and Interest Amount (VM)

11(g)(i) Interest Rate (VM)
11(g)(ii) Transfer of Interest Payment (VM) or application of Interest Amount (VM)
11(g)(iii) Other Interest Elections
11(g)(iv) Alternative to Interest Amount (VM)

11(h) Credit Support Offsets.
11(i) Addresses for Transfers.
11(j) Other CSA.

See also


CSA Anatomy
{{{2}}} CSA Resources: 1994 NY Law CSA | 1995 English Law CSA | 2013 Standard CSA | 2016 VM CSA
English Law | 1 Interpretation | 2 Credit Support Obligations | 3 Transfers, Calculations and Exchanges | 4 Dispute Resolution | 5 Transfer of Title, No Security Interest, Distributions and Interest Amount | 6 Default | 7 Representation | 8 Expenses | 9 Miscellaneous | 10 Definitions | 11 Elections and Variables · Base Currency and Eligible Currency · Credit Support Obligations · Valuation and Timing · Exchange Date · Dispute Resolution · Distributions and Interest Amount · Addresses for Transfers · Credit Support Offsets · Other CSA · Anatomy: AIFMD | CASS | CDEA | COBS | Conference calls | Confis | CRR | CSA | EFET | EMIR | Equity Derivatives | FOA PCA | FUND | GMRA | GMSLA | GTMA | ISDA | OSLA | PB | Swapclear | UCITS