Template:M summ 2018 CSD 3(c)(iii)

The point where, with the greatest of respect, the 2018 English law IM CSD gets totally over the front of its skis. Had it just reined in its enthusiasm, and limited itself to dealing with *just* regulatory IM, that actually has to be posted, compulsorily, to a third party custodian, this document would have been shorter, less controversial, and way easier to understand. But no: ISDA’s crack drafting squad™ went into bafflement overdrive.