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| Now the interesting thing here is the difference that ''[[pledge|pledged]]'' collateral under the {{nyvmcsa}} makes over ''[[Title transfer|title-transferred]]'' collateral regime of the {{csa}}. You will see the difference in the {{nycsa}}’s {{nyvmcsaprov|Delivery Amount}}, which is the positive difference between {{nyvmcsaprov|Secured Party}}’s {{nyvmcsaprov|Exposure}} and the value of {{nyvmcsaprov|Posted Credit Support}} ''held by the {{nyvmcsaprov|Secured Party}}'' — easy, right? — and {{vmcsa}}’s equivalent provision which is the positive difference between the {{vmcsaprov|Transferee}}’s {{vmcsaprov|Exposure}} and the {{vmcsaprov|Credit Support Balance}} ''adjusted to exclude any inflight but unsettled collateral movements''.
| | {{csa 2(a) comp|vmcsa}} |
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| The English version is a bit more leaden in how it describes things but these amount to the same thing: you don’t get any credit (support) for collateral ''until it has landed with the other party''. This creates some curious scenarios, as you will see if you read on.
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