Template:M comp disc 2016 NY VM CSA 7: Difference between revisions

Template:M comp disc 2016 NY VM CSA 7 (view source)

683 bytes removed , 31 August 2023

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 [[7 - NY VM CSA Provision|Quite]] different to the default provision under the {{vmcsa}}, because like all NY CSAs, the {{nyvmcsa}} version is not a {{isdaprov|Transaction}}. This means it needs to have its own {{nyvmcsaprov|Events of Default}} clause, rather than piggy-backing off the {{isdama}}. It also has its own [[grace period]], which defaults to two {{nyvmcsaprov|Local Business Day}}s.
-Some interesting things here:
-{{nyvmcsaprov|7(i)}}: '''Failure to Transfer Collateral''': note the {{nyvmcsa}} bakes in a two {{nyvmcsaprov|Local Business Day}} grace period. This is one LBD ''longer'' than the standard [[grace period]] baked into the {{2002ma}}, and one {{nyvmcsaprov|Local Business Day}} ''shorter'' that the standard [[grace period]] baked into the {{1992ma}}. Which is nice. The English law CSAs don’t have this problem, since they are deemed to be {{isdaprov|Transaction}}s under the ISDA, and therefore inherit the {{isdama}}’s Section {{isdaprov|5(a)(i)}} [[grace period]]s. Which, you would have thought, ''has'' to be the more preferable arrangement.