Base Currency Equivalent - IM CSD Provision

2018 ISDA Credit Support Deed (IM) (English law)
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Resources: 2018 CSD Wikitext \| 2018 CSD Nutshell Wikitext Navigation 1 (Interpretation) \| 2 (Security) \| 3 (Credit Support Obligations) \| 4 (Conditions Precedent, Transfers, Timing, Calculations and Substitutions) \| 5 (Dispute Resolution) \| 6 (Custody Arrangements and the Control Agreement) \| 7 (Default) \| 8 (Certain Rights and Remedies) \| 9 (Representation) \| 10 (Expenses) \| 11 (Other Provisions) \| 12 (Definitions) \| 13 (Elections and Variables) Index: Click ᐅ to expand: 2018 CSD

Paragraph Base Currency Equivalent in a Nutshell™

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“Base Currency Equivalent” of an amount in a currency other than the Base Currency (the “Other Currency”) is the amount of Base Currency the Calculation Agent (IM) determines is needed to buy that Other Currency amount at the prevailing spot exchange rate on the Calculation Date (IM). view template

Full text of Paragraph Base Currency Equivalent

“Base Currency Equivalent” means, with respect to an amount on a Calculation Date (IM), in the case of an amount denominated in the Base Currency, such Base Currency amount and, in the case of an amount denominated in a currency other than the Base Currency (the “Other Currency”), the amount of Base Currency required to purchase such amount of the Other Currency at the spot exchange rate on such Calculation Date (IM) as determined by the Calculation Agent (IM). view template

Related agreements and comparisons

Related Agreements Click here* for the text of Section Base Currency Equivalent in the 2016 ISDA VM CSA* Comparisons 2016 VM CSA and 2018 English law IM CSD: click for comparison

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Content and comparisons

Other than references to Calculation Date (IM) and Calculation Agent (IM) rather than Valuation Agent and Valuation Date, this is the same as the equivalent provision in the 2016 VM CSA.

Which is nice.