Interpretation - CSA Provision

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1995 ISDA Credit Support Annex (English Law)
A Jolly Contrarian owner’s manual

Paragraph 1 in a Nutshell
Use at your own risk, campers!

1 Interpretation
Capitalised terms not otherwise defined are defined in Paragraph 10. This Annex prevails over the Schedule, and Paragraph 11 prevails over the rest of this Annex. “Transfer” means, for cash, payment and, otherwise, delivery.
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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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Related agreements and comparisons

Related Agreements
Click here for the text of Section 1 in the 2016 English Law VM CSA
Click here for the text of Section 1 in the 1994 New York law CSA
Click here for the text of Section 1 in the 2016 New York law CSA
Comparisons
1995 English Law CSA and 2016 English law VM CSA: click for comparison
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Resources and navigation

Resources Full wikitext | Nutshell wikitext
Navigation 1 (Interpretation) | 2 (Credit Support Obligations) | 3 (Transfers, Calculations and Exchanges) | 4 (Dispute Resolution) | 5 (Title Transfer etc) | 6 (Default) | 7 (Representation) | 8 (Expenses) | 9 (Miscellaneous) | 10 (Definitions) | 11 (Elections and Variables)

Index — Click the ᐅ to expand:

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Content and comparisons

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.
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Summary

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.”

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See also

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References