Scope of this Deed - IM CSD Provision

2018 ISDA Credit Support Deed (IM) (English law) A Jolly Contrarian owner’s manual™ Resources and navigation 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 1(c) in a Nutshell™ Use at your own risk, campers! 1(c) Scope of this Deed. When determining a Chargor’s Margin Amount (IM) under this Deed only the Covered Transactions (IM) specified in Paragraph 13 will be counted. Except where it expressly amends them, this Deed will not affect the parties’ rights and obligations under the Agreement or any Other CSA. view template Full text of Paragraph 1(c) 1(c) Scope of this Deed. The only Transactions which will be relevant for the purposes of determining a “Margin Amount (IM)” under this Deed with respect to a posting obligation of a Chargor will be the relevant Covered Transactions (IM) specified in accordance with the provisions of Paragraph 13. Except as expressly provided herein, nothing in this Deed will affect the rights and obligations, if any, of either party under the Agreement or any Other CSA. view template Related agreements and comparisons Related Agreements Click here for the text of Section 1(b) in the 2016 ISDA VM CSA Comparisons 2016 VM CSA and 2018 English law IM CSD: click for comparison 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.

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This is, remarkably, an even less elegant means of achieving the same thing that Para 1(b) does in the 2016 VM CSA that the squad managed in 2016.

I don’t know what happened to ISDA’s crack drafting squad™ between 2016 and 2018, but it somehow lost its new-found mojo, timidly eschewing the (cough) elegant “the Covered Transactions specified in Paragraph 11” in favour of the more pedestrian — and I have in mind a drunk pedestrian, navigating the median strip of a busy motorway after nightfall — “the relevant Covered Transactions (IM) specified in accordance with the provisions of Paragraph 13”.

Why do you do this to your reading public, ISDA’s crack drafting squad™?

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