Notification Time - CSA Provision

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CSA Anatomy


In a Nutshell Section Notification Time:

11(c)(iv)Notification Time” means 1:00 p.m., London time, on a Local Business Day, unless otherwise specified here. view template

1995 ISDA CSA full text of Section Notification Time:

"Notification Time” has the meaning specified in Paragraph 11(c)(iv). view template

Related Agreements
Click here for the text of Section Notification Time in the 1995 English Law CSA
Click here for the text of Section Notification Time in the 2016 English Law VM CSA
Click [[{{{3}}} - NY VM CSA Provision|here]] for the text of the equivalent, Section [[{{{3}}} - NY VM CSA Provision|{{{3}}}]] in the 2016 NY Law VM CSA
Comparisons
Template:Csadiff Notification Time
{{nycsadiff {{{3}}}}}

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 ᐅ to expand:

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Said paragraph provides:

11(c)(iv)Notification Time” means 1:00 p.m., London time, on a Local Business Day, unless otherwise specified here: ...

Relevant for the definition of Settlement Day and collateral Transfers: basically, as per the flush wording at the end of Paragraph 3(a) if a demand for a transfer is received after the Notification Time on a given date, the relevant transfer will made on the Settlement Day after the day on which the Transfer demand was made.

How the business days work for demands under a Credit Support Annex

This should give you an insight into why lawyers find ISDA documentation so compelling.

  • Each party can specify however many Valuation Date Locations it likes.
  • Tip: the fewer you specifiy, the greater the chance none will be open on a given day, and you will be excused from a margin call, so don’t overdo it. One should be ample.

Easy.