1995 ISDA Credit Support Annex (English Law)
A Jolly Contrarian owner’s manual
Paragraph 1 in a Nutshell™
Use at your own risk, campers!
Paragraph 1 in full
Paragraph 1. Interpretation
Capitalised terms not otherwise defined in this Annex or elsewhere in this Agreement have the meanings specified pursuant to Paragraph 10, and all references in this Annex to Paragraphs are to Paragraphs of this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency between Paragraph 11 and the other provisions of this Annex, Paragraph 11 will prevail. For the avoidance of doubt, references to “transfer” in this Annex mean, in relation to cash, payment and, in relation to other assets, delivery.
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Big change between 1995 and 2016 is the addition of Paragraph 1(b) in the 2016 English law VM CSA, rabbiting on about Other CSAs, Covered Transactions and so on.
Nomenclature: Being an annex to an ISDA Master Agreement, references to the “Agreement” means that particular ISDA Master Agreement; the “Annex” is the 1995 English Law CSA and, if you were pedantic enough that you really felt the need to refer to it, the “Schedule” is the schedule to the ISDA Master Agreement.
Covered Transaction: As a concept, “Covered Transaction” only arrived in the 2016 English law VM CSA, in Paragraph 1(b).
Under the 1995 English Law CSA, the neatest way of describing whether a given set of Transactions is covered or not is to say something like:
“[SPECIFY] Transactions will [not] be relevant for purposes of determining “Exposure” under the 1995 English Law CSA.”
Template:M sa 1995 CSA 1