Credit Support Document - 1992 ISDA Provision

1992 ISDA Master Agreement A Jolly Contrarian owner’s manual™ Go premium Overview — Summary — Premium — See also — Wikitext Crosscheck: →’87 equivalent →’92 equivalent →’02 equivalent Credit Support Document 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. Original text: “Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. The Varieties of ISDA Experience Subject 2002 (wikitext) 1992 (wikitext) 1987 (wikitext) Preamble Pre Pre Pre Interpretation 1 1 1 Obligns/Payment 2 2 2 Representations 3 3 3 Agreements 4 4 4 EODs & Term Events 5 Events of Default FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events Illegality • Tax Event • TEUM • CEUM • ATE • 5 Events of Default FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events Illegality • Tax Event • TEUM • CEUM • ATE • 5 Events of Default FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events Illegality • FM • Tax Event • TEUM • CEUM • ATE • Early Termination 6 Early Termination ET right on EOD • ET right on TE • Effect of Designation • Calculations 6 Early Termination ET right on EOD • ET right on TE • Effect of Designation • Calculations • Set-off 6 Early Termination ET right on EOD • ET right on TE • Effect of Designation • Calculations • Set-off Transfer 7 7 7 Contractual Currency 8 8 8 Miscellaneous 9 9 9 Offices; Multibranch Parties 10 10 10 Expenses 11 11 11 Notices 12 12 12 Governing Law 13 13 13 Definitions 14 14 14 Schedule Schedule Schedule Schedule Termination Provisions Part 1 Part 1 Part 1 Tax Representations Part 2 Part 2 Part 2 Documents for Delivery Part 3 Part 3 Part 3 Miscellaneous Part 4 Part 4 Part 4 Other Provisions Part 5 Part 5 Part 5 Resources and Navigation Index: Click ᐅ to expand: ISDA

Overview

No changes between the versions of this rather unnecessary definition. The men and women of ISDA’s crack drafting squad™ must have stood back and admired the handiwork of their 1992 forebears, high-fived each other and gone, “nice job, dudes and dudettes”.

Summary

Being the document by which “Credit Support” is provided by a Credit Support Provider.

So one large and oddly baffling question is this:

Is a Credit Support Annex a “Credit Support Document”? It is, right? Isn’t it?

Well, some are, and some aren’t. Here is where JC gets all squirrelly on you. We can say this:

A New York law CSA, being a “security interest” collateral arrangement — say what you will about rehypothecation — is a Credit Support Document.

An English law CSA, being a “title transfer” collateral arrangement, is not a Credit Support Document.

An English law Credit Support Deed, which is a “security interest” collateral arrangement but does not have a rehypothecation right, is ... go on, see if you can guess:

Oh, all right, an English Law Credit Support Deed is a Credit Support Document, too.

If you want to know why this is the case — well, be a sport and stump up for the premium content version and then you can find out!

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 👇

• JC’s “nutshell” summary of the clause
• Background reading and long-form essays
• Is the English law CSA a Credit Support Document, and if not, why not?
• Is the New York law CSA a Credit Support Document, and if so, why AND SERIOUSLY HOW CAN THEY BE DIFFERENT? Is the squad just doing this to annoy everyone?
• Hang on, does the English Law Credit Support Deed have a different “Credit Support Document” status to an English Law Credit Support Annex? WHAT? It does?
• A little warning about Transaction-specific parental guarantees, which, under ISDA, are a bad idea.

So much ninjery.

See also

• Credit Support Provider