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Template:CSA Transfer Description: Difference between revisions
Template:CSA Transfer Description (view source)
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:*under the {{csa}} the parties specify either [[close of business]] on the {{csaprov|Valuation Date}} or the {{csaprov|Local Business Day}} immediately ''before'' the {{csaprov|Valuation Date}}), and therefore not necessarily the {{csaprov|Demand Date}}. | :*under the {{csa}} the parties specify either [[close of business]] on the {{csaprov|Valuation Date}} or the {{csaprov|Local Business Day}} immediately ''before'' the {{csaprov|Valuation Date}}), and therefore not necessarily the {{csaprov|Demand Date}}. | ||
:*under the {{vmcsa}} the {{vmcsaprov|Valuation Agent}} has a bit of flexibility to determine the {{vmcsaprov|Valuation Time}} as at the point it closes its book each day. | :*under the {{vmcsa}} the {{vmcsaprov|Valuation Agent}} has a bit of flexibility to determine the {{vmcsaprov|Valuation Time}} as at the point it closes its book each day. | ||
*'''{{{{{1}}}prov|Valuation Time}} - {{{{{1}}}prov|Eligible Credit Support}}''': Per para {{{{{1}}}prov|2(a)}} the Transferor will transfer {{{{{1}}}prov|Eligible Credit Support}} having a {{{{{1}}}prov|Value}} equal to the {{{{{1}}}prov|Delivery Amount}} ''as of the date of transfer'' | *'''{{{{{1}}}prov|Valuation Time}} - {{{{{1}}}prov|Eligible Credit Support}}''': Per para {{{{{1}}}prov|2(a)}} the Transferor will transfer {{{{{1}}}prov|Eligible Credit Support}} having a {{{{{1}}}prov|Value}} equal to the {{{{{1}}}prov|Delivery Amount}} ''as of the date of transfer''. Under the {{{{{1}}}prov|Calculations}} provision all calculations of {{{{{1}}}prov|Value}} happen at the relevant {{{{{1}}}prov|Valuation Time}}. Fluctuations in value in the credit support actually delivered after that time won't invalidate the transfer amount, but they may mean a party can immediately call for more {{{{{1}}}prov|Credit Support}} (that is have another {{{{{1}}}prov|Demand Date}}). | ||
*'''{{{{{1}}}prov|Transfer Date}}''': Under para {{{{{1}}}prov|3(a)}} ({{{{{1}}}prov|Transfers}}) if the demand is received ''before'' the {{{{{1}}}prov|Notification Time}} (by default, 1pm London time on a {{{{{1}}}prov|Local Business Day}}) on that {{{{{1}}}prov|Demand Date}}, the transfer will be made not later than close of business on the related {{{{{1}}}prov|Settlement Day}}. If received ''after'' the {{{{{1}}}prov|Notification Time}}, or at any time on a {{{{{1}}}prov|Demand Date}} that isn’t a {{{{{1}}}prov|Local Business Day}}), the transfer must be made by close of business on the {{{{{1}}}prov|Settlement Day}} relating to the day (note: ''ordinary'' day, ''not'' {{{{{1}}}prov|Local Business Day}}) after the {{{{{1}}}prov|Demand Date}}. | *'''{{{{{1}}}prov|Transfer Date}}''': Under para {{{{{1}}}prov|3(a)}} ({{{{{1}}}prov|Transfers}}) if the demand is received ''before'' the {{{{{1}}}prov|Notification Time}} (by default, 1pm London time on a {{{{{1}}}prov|Local Business Day}}) on that {{{{{1}}}prov|Demand Date}}, the transfer will be made not later than close of business on the related {{{{{1}}}prov|Settlement Day}}. If received ''after'' the {{{{{1}}}prov|Notification Time}}, or at any time on a {{{{{1}}}prov|Demand Date}} that isn’t a {{{{{1}}}prov|Local Business Day}}), the transfer must be made by close of business on the {{{{{1}}}prov|Settlement Day}} relating to the day (note: ''ordinary'' day, ''not'' {{{{{1}}}prov|Local Business Day}}) after the {{{{{1}}}prov|Demand Date}}. | ||
*'''{{{{{1}}}prov|Settlement Day}}''': The {{{{{1}}}prov|Settlement Day}} for ''any'' day (whether or not it is a {{{{{1}}}prov|Local Business Day}}) is: | *'''{{{{{1}}}prov|Settlement Day}}''': The {{{{{1}}}prov|Settlement Day}} for ''any'' day (whether or not it is a {{{{{1}}}prov|Local Business Day}}) is: | ||