Template:Csa grace periods

From The Jolly Contrarian
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Those of ISDA credit support arrangements that are standalone Credit Support Documents[1] bake in a two Local Business Day grace period. This is one Local Business Day longer than the standard one LBD grace period baked into the 2002 ISDA, and one Local Business Day shorter than the standard 3 LBD grace period baked into the 1992 ISDA. Which is nice.

The English law CSAs, by the way, don’t have this problem, since they are deemed to be Transactions under the ISDA Master Agreement itself, and therefore inherit the ISDA Master Agreement’s Section 5(a)(i) grace periods. Which, you would have thought, has to be the more preferable arrangement. But anyway, Americans (and those of you Brits with 2018 English law IM CSDs, the same goes for you, thanks to Section 7 I am afraid) your grace periods might well not match.

  1. In other words the 1994 New York law CSA, 2016 NY Law VM CSA and the 2018 English law IM CSD, but not the {{csa} and the 2016 VM CSA.