Notification Time - CSA Provision

ISDA 1995 English Law Credit Support Annex Go Premium 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 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: 1995 CSA Comments? Questions? Suggestions? Requests? Insults? We’d love to 📧 hear from you. Sign up for our newsletter.

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

1. Valuation and demand: A 1995 CSA may demand a 1995 CSA (Para 1995 CSA) or a 1995 CSA Para 1995 CSA) “on or promptly following a 1995 CSA”.
2. Valuation Date: A “1995 CSA” means a day on which banks are open in at least one 1995 CSA for each party.
   1. Each party can specify however many 1995 CSAs it likes.
   2. 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.
3. Settlement: Any 1995 CSA or 1995 CSA must be settled (Para 1995 CSA) by the close of business on the 1995 CSA relating to the date such demand is received (if received before the 1995 CSA (spoiler: usually 11 am, noon or 1pm)), or the 1995 CSA relating to the day after the date such demand is received (if received after the 1995 CSA).
4. Regular Settlement Day: A “1995 CSA” means the same 1995 CSA — careful: as defined in the 1995 CSA, not the ISDA Master Agreement — on which the demand is made.
5. Local Business Day: A “1995 CSA” (under the 1995 CSA) means, in the case of notices, a day on which banks are open in the address for the notice most recently specified by the Recipient. What if demand is made on a day that is not a 1995 CSA? Simple: by dint of Section 12 of the ISDA Master Agreement, the notice will be deemed given on the next Local Business Day (as defined in the ISDA Master Agreement, not the 1995 CSA).

Easy.