Credit Support Provider - ISDA Provision
2002 ISDA Master Agreement
Section Credit Support Provider in full
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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.”
So that’s cleared that up, then.