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There is nothing a [[Chicken Licken|cheerful attorney]] likes more than to worry about things, and she will toss sleeplessly for nights on end, fully occupied by questions such as — is “[[delivery]]” of [[cash]] different from “payment” of it? Is there something legally significant about “payment” that I somehow missed, in Banking Law 302, in 1989? | There is nothing a [[Chicken Licken|cheerful attorney]] likes more than to worry about things, and she will toss sleeplessly for nights on end, fully occupied by questions such as — is “[[delivery]]” of [[cash]] different from “payment” of it? Is there something legally significant about “payment” that I somehow missed, in Banking Law 302, in 1989? | ||
Tell your [[legal eagle]]s to relax. It won’t do any ''good'', but you can tell them. To the best the [[JC]] can figure out, all this means is that a {{|Transferor}} must ''physically'' part with its collateral, handing it bodily over to the {{|Transferee}}. | Tell your [[legal eagle]]s to relax. It won’t do any ''good'', but you can tell them. To the best the [[JC]] can figure out, all this means is that a {{{{{1}}}|Transferor}} must ''physically'' part with its collateral, handing it bodily over to the {{{{{1}}}|Transferee}}. | ||
There is an interesting question as to what this might mean if your [[counterparty]] is also your banker, and you direct it to transfer [[credit support]] into the bank account you maintain with ''it'', meaning that legally the [[counterparty]] hasn’t done anything with the [[cash]] at all — not an unusual scenario, should you be a [[hedge fund]] and the [[counterparty]] your [[prime broker]] — but this will set your [[legal eagle]]s off again, and we don’t want that. We are just getting started. | There is an interesting question as to what this might mean if your [[counterparty]] is also your banker, and you direct it to transfer [[credit support]] into the bank account you maintain with ''it'', meaning that legally the [[counterparty]] hasn’t done anything with the [[cash]] at all — not an unusual scenario, should you be a [[hedge fund]] and the [[counterparty]] your [[prime broker]] — but this will set your [[legal eagle]]s off again, and we don’t want that. We are just getting started. | ||
====Nomenclature==== | ====Nomenclature==== | ||
Being an [[annex]] to an {{isdama}}, references to the “{{isdaprov|Agreement}}” means that particular {{isdama}}; the “{{|Annex}}” is the credit support annex and, if you were pedantic enough that you really felt the need to refer to it, the “{{isdaprov|Schedule}}” is the schedule to the {{isdama}}. | Being an [[annex]] to an {{isdama}}, references to the “{{isdaprov|Agreement}}” means that particular {{isdama}}; the “{{{{{1}}}|Annex}}” is the credit support annex and, if you were pedantic enough that you really felt the need to refer to it, the “{{isdaprov|Schedule}}” is the schedule to the {{isdama}}. | ||
{{Csa Scope of this Annex summ|{{{1}}}}} | |||