1994 NY CSA Anatomy

Template:Anattitle-csa 1994 →Go uptown →intro →prem →sa The varieties of ISDA CSA Subject 1994 NY 1995 Eng 2016 VM NY 2016 VM Eng 2018 IM Eng Preamble Pre Pre Pre Pre Pre Interpretation 1 1 1 1 1 Security Interest 2 - 2 - 2 Credit Support Obligations 3 2 3 2 3 Transfers, Calculations and Exchanges - 3 - 3 - Conditions Precedent, Transfer Timing, Calculations and Substitutions 4 - 4 - 4 Dispute Resolution 5 4 5 4 5 Holding and Using Posted Collateral 6 - 6 - 6 Transfer of Title, No Security Interest - 5 - 5 - Events of Default 7 6 7 6 7 Rights and Remedies 8 - 8 - 8 Representations 9 7 9 7 9 Expenses 10 8 10 8 10 Miscellaneous 11 9 11 9 11 Definitions 12 10 12 10 12 Elections and Variables 13 11 13 11 13 Resources Wikitext | Nutshell wikitext Navigation 1 (Interpretation) | 2 (Security Interest) | 3 (Credit Support Obligations) | 4 ( Conditions Precedent, Transfer Timing, Calculations and Substitutions) | 5 (Dispute Resolution) | 6 (Holding and Using Posted Collateral (VM)) | 7 (Events of Default) | 8 (Certain Rights and Remedies) | 9 (Representations) | 10 (Expenses) | 11 (Miscellaneous) | 12 (Definitions) | 13 (Elections and Variables Index: Click ᐅ to expand: 1994 NY CSA CSA Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

This is the original, folks: the one that set the whole thing off. It would only be fair to point you give you a basic overview of what the differences are between the CSAs in a high level.

Term	1994 NY Law CSA	1995 English Law CSA
Governing Law	New York	England and Wales
Collateral Transfer Model	Pledge	Outright title transfer
Eligible collateral	Cash, government securities, corporate bonds	Cash, government securities, corporate bonds
Owner of posted collateral	Collateral Provider	Collateral Receiver
Holder of posted collateral	Collateral Receiver	Collateral Receiver
Holder’s right to reuse collateral	Rehypothecation by holder allowed if enabled in the CSA	Unlimited (return obligation is “equivalent” securities only)

That table of contents in full

Paragraph 1 Interpretation

Paragraph 1(a) Definitions and Inconsistency
Paragraph 1(b) Secured Party and Pledgor
Paragraph 1(c) Scope of this Annex and the Other CSA

Paragraph 3. Credit Support Obligations

Paragraph 3(a) Delivery Amount
Paragraph 3(b) Return Amount

Paragraph 4 Conditions Precedent, Transfer Timing, Calculations and Substitutions

Paragraph 4(a) Conditions Precedent
Paragraph 4(b) Transfer Timing
Paragraph 4(c) Calculations
Paragraph 4(d) Substitutions

Paragraph 6 Holding and Using Posted Collateral (VM)

6(a) Care of Posted Collateral (VM)
6(b) Eligibility to Hold Posted Collateral (VM); Custodians (VM)
6(c) Use of Posted Collateral (VM)
6(d) Distributions, Interest Amount (VM) and Interest Payment (VM)

Paragraph 8 Certain Rights and Remedies

8(a) Secured Party’s Rights and Remedies
8(b) Pledgor’s Rights and Remedies
8(c) Deficiencies and Excess Proceeds
8(d) Final Returns

Paragraph 10 Expenses

10(a) General
10(b) Posted Credit Support (VM)
10(c) Liquidation/Application of Posted Credit Support (VM)

Paragraph 11 Miscellaneous

Paragraph 11(a) Default Interest
Paragraph 11(b) Further Assurances
Paragraph 11(c) Further Protection
Paragraph 11(d) Good Faith and Commercially Reasonable Manner
Paragraph 11(e) Demands and Notices
Paragraph 11(f) Specifications of Certain Matters
Paragraph 11(g) Legally Ineligible Credit Support (VM)
Paragraph 11(h) Return of Equivalent Credit Support (VM)
Paragraph 11(i) Reinstatement of Credit Support Eligibility
Paragraph 11(j) Credit Support Offsets

Paragraph 12. Definitions

Base Currency
Base Currency Equivalent
Cash
Covered Transaction
Credit Support Eligibility Condition (VM)
Custodian (VM)
Delivery Amount (VM)
Delivery Amount Reduction (VM)
Disputing Party
Distributions
Eligible Collateral (VM)
Eligible Credit Support (VM)
Eligible Currency
Eligible Return Amount (VM)
Exposure
Fungible Credit Support Type
FX Haircut Percentage
Interest Adjustment Reduction Amount (VM)
Interest Amount (VM)
Interest Payee (VM)
Interest Payer (VM)
Interest Payment (VM)
Interest Period
Interest Rate (VM)
Legal Eligibility Requirements
Local Business Day
Minimum Transfer Amount
Notification Time
Obligations
Other CSA
Other CSA Excluded Credit Support
Other Eligible Support (VM)
Other Posted Support (VM)
Pledgor
Posted Collateral (VM)
Posted Credit Support (VM)
Recalculation Date
Regular Settlement Day
Resolution Time
Return Amount (VM)
Return Amount Reduction (VM)
Secured Party
Set-off
Specified Condition
Substitute Credit Support (VM)
Substitution Date
Total Ineligibility Date
Transfer
Transfer Ineligibility Date
Valuation Agent
Valuation Date
Valuation Date Location
Valuation Percentage
Valuation Time
Value

Paragraph 13. Elections and Variables

13(a) Base Currency and Eligible Currency

13(a)(i) Base Currency

13(a)(ii) Eligible Currency

13(b) Covered Transactions; Security Interest for Obligations; Exposure

13(b)(i) Covered Transactions

13(b)(i)(A) Covered Transactions

13(b)(ii) Obligations

13(b)(iii) Exposure

13(c) Credit Support Obligations

13(c)(i) Delivery Amount (VM) and Return Amount (VM)

13(c)(i)(A) Delivery Amount (VM)

13(c)(i)(B) Return Amount (VM)

13(c)(ii) Eligible Collateral (VM)

13(c)(iii) Legally Ineligible Credit Support (VM)

13(c)(iii)(A) Total Ineligibility Date

13(c)(iii)(B) Transfer

13(c)(iv) Credit Support Eligibility Conditions (VM)

13(c)(v) Valuation Percentage; FX Haircut Percentage

13(c)(v)(A) Valuation Percentage

13(c)(v)(B) FX Haircut Percentage

13(c)(vi) Other Eligible Support (VM)

13(c)(vii) Minimum Transfer Amount

13(c)(vii)(A) Minimum Transfer Amount

13(c)(vii)(B) Rounding

13(c)(viii) Transfer Timing

13(d) Valuation and Timing

13(d)(i) Valuation Agent

13(d)(ii) Valuation Date

13(d)(iii) Valuation Time

13(d)(iv) Notification Time

13(e) Conditions Precedent and Secured Party’s Rights and Remedies

13(f) Substitution

13(f)(i) Substitution Date

13(f)(ii) Consent

13(g) Dispute Resolution

13(g)(i) Resolution Time

13(g)(ii) Value

13(g)(iii) Alternative

13(h) Holding and Using Posted Collateral (VM)

13(h)(i) Eligibility to Hold Posted Collateral (VM); Custodians (VM)

13(h)(ii) Use of Posted Collateral (VM)

13(i) Distributions and Interest Payment (VM)

13(i)(i) Interest Rate (VM)

13(i)(ii) Transfer of Interest Payment (VM) or application of Interest Amount (VM)

Interest Transfer

Interest Payment Netting

Interest Adjustment

13(i)(iii) Other Interest Elections

Negative Interest

Daily Interest Compounding

13(i)(iv) Alternative to Interest Amount (VM) and Interest Payment (VM)

13(j) Credit Support Offsets

13(k) Additional Representations

13(l) Other Eligible Support (VM) and Other Posted Support (VM)

13(l)(i) Value

13(l)(ii) Transfer

13(m) Demands and Notices

13(n) Addresses for Transfers

13(o) Other CSA

13(p) Other Provisions

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