Credit Support Provider

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2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual

Resources and navigation

Resources Wikitext | Nutshell wikitext | 1992 ISDA wikitext | 2002 vs 1992 Showdown | 2006 ISDA Definitions | 2008 ISDA | JC’s ISDA code project
Navigation Preamble | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14
Events of Default: 5(a)(i) Failure to Pay or Deliver5(a)(ii) Breach of Agreement5(a)(iii) Credit Support Default5(a)(iv) Misrepresentation5(a)(v) Default Under Specified Transaction5(a)(vi) Cross Default5(a)(vii) Bankruptcy5(a)(viii) Merger without Assumption
Termination Events: 5(b)(i) Illegality5(b)(ii) Force Majeure Event5(b)(iii) Tax Event5(b)(iv) Tax Event Upon Merger5(b)(v) Credit Event Upon Merger5(b)(vi) Additional Termination Event

Index — Click ᐅ to expand:

Section Credit Support Provider in a Nutshell
Use at your own risk, campers!

Credit Support Provider” is defined in the Schedule.
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Full text of Section Credit Support Provider

Credit Support Provider” has the meaning specified in the Schedule.
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Related agreements and comparisons

Related Agreements
Click here for the text of Section Credit Support Provider in the 1992 ISDA
Comparisons
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Content and comparisons

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Summary

A 1995 English Law CSA is not a Credit Support Document at all, but a Transaction under the ISDA Master Agreement. A 1994 New York law CSA, on the other hand, is a Credit Support Document though. Should a Party to the ISDA Master Agreement, where there is a 1994 New York law CSA, be described as a “Credit Support Provider"?

No, sayeth the User’s Guide to the 1994 ISDA CSA (NY law):

“Parties to an ISDA Master Agreement should not, however, be identified as Credit Support Providers with respect to the Annex, as such term is intended only to apply to third parties.”

the Users’ Guide to the 2002 ISDA is similarly emphatically vague: “The meaning of “Credit Support Provider” ... should apply to any person or entity (other than any either party) providing , or a party to, a Credit Support Document delivered on behalf of a particular party.”

Does this mean that a 1994 New York law CSA is a Credit Support Document, but the person providing Credit Support under it is not a Credit Support Provider? Or not?

So that’s cleared that up, then.
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General discussion

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See also

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References

Falling off your chair, aren’t you. This basically means a guarantor. It does not refer to the credit support annex though - the person providing that credit support is the counterparty itself. That would be a strange loop too far.