Credit Support Agreements are essential tools in financial transactions where parties seek to manage counterparty risk. These agreements, governed by U.S. law, specify how one party will provide collateral or other credit support to secure its obligations to another party. The Credit Support Agreement becomes particularly important in derivatives transactions, lending arrangements, and other financial dealings where credit exposure needs to be managed. It typically addresses valuation methods, eligible collateral types, transfer mechanisms, and rights and obligations of both parties, while ensuring compliance with U.S. federal and state regulations.
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1. Parties: Identifies the credit support provider and recipient, including full legal names and addresses
2. Background: Explains the context and purpose of the credit support arrangement and the relationship between the parties
3. Definitions: Defines key terms used throughout the agreement, including financial terms, calculation methods, and relevant dates
4. Credit Support Obligations: Details the nature and extent of credit support provided, including delivery and return of collateral
5. Conditions Precedent: Specifies conditions that must be met before obligations become effective
6. Representations and Warranties: States facts and assurances from both parties regarding their capacity and authority
7. Covenants: Ongoing obligations of the parties throughout the term of the agreement
8. Events of Default: Defines circumstances constituting default and corresponding remedies
9. Termination Events: Specifies circumstances under which the agreement may be terminated
10. Governing Law and Jurisdiction: Specifies the applicable law and courts having jurisdiction over disputes
1. Cross-Default Provisions: Links defaults under other agreements - used when parties have multiple agreements
2. Currency Provisions: Handles currency conversion and exchange rates - used for international transactions
3. Tax Provisions: Addresses tax implications and responsibilities - used when tax considerations are significant
4. Set-off Rights: Details rights to set off obligations against other amounts - used when parties have multiple financial relationships
5. Regulatory Compliance: Specific provisions addressing compliance with relevant regulations - used when parties are regulated entities
1. Schedule 1 - Eligible Collateral: Lists acceptable forms of collateral and their respective valuation methods
2. Schedule 2 - Calculation Schedule: Details methods for calculating exposure and collateral requirements
3. Schedule 3 - Notice Details: Contains contact information and notice procedures for both parties
4. Schedule 4 - Form of Transfer Documents: Standard forms for transferring collateral between parties
5. Schedule 5 - Custody Arrangements: Details of any third-party custodian arrangements and procedures
Relevant legal definitions
Acceleration Event
Additional Credit Support
Affiliate
Agreement
Applicable Law
Authorized Representative
Business Day
Calculation Agent
Calculation Date
Calculation Period
Call Amount
Collateral
Collateral Account
Collateral Transfer
Credit Support
Credit Support Amount
Credit Support Balance
Credit Support Provider
Credit Support Recipient
Default
Default Rate
Delivery Amount
Eligible Collateral
Eligibility Criteria
Encumbrance
Event of Default
Exposure
Governing Law
Independent Amount
Interest Amount
Interest Period
Interest Rate
Minimum Transfer Amount
Notice of Transfer
Notification Time
Obligations
Posted Collateral
Principal Agreement
Return Amount
Security Interest
Specified Condition
Termination Date
Transfer
Transfer Date
Valuation Agent
Valuation Date
Valuation Percentage
Valuation Time
Value
Additional Credit Support
Affiliate
Agreement
Applicable Law
Authorized Representative
Business Day
Calculation Agent
Calculation Date
Calculation Period
Call Amount
Collateral
Collateral Account
Collateral Transfer
Credit Support
Credit Support Amount
Credit Support Balance
Credit Support Provider
Credit Support Recipient
Default
Default Rate
Delivery Amount
Eligible Collateral
Eligibility Criteria
Encumbrance
Event of Default
Exposure
Governing Law
Independent Amount
Interest Amount
Interest Period
Interest Rate
Minimum Transfer Amount
Notice of Transfer
Notification Time
Obligations
Posted Collateral
Principal Agreement
Return Amount
Security Interest
Specified Condition
Termination Date
Transfer
Transfer Date
Valuation Agent
Valuation Date
Valuation Percentage
Valuation Time
Value
Clauses
Credit Support Obligations
Conditions Precedent
Representations and Warranties
Transfer Requirements
Valuation
Collateral Eligibility
Substitution Rights
Interest on Posted Collateral
Events of Default
Early Termination
Set-off Rights
Dispute Resolution
Governing Law
Jurisdiction
Notices
Confidentiality
Assignment and Transfer
Amendment and Waiver
Costs and Expenses
Indemnification
Termination
Force Majeure
Tax
Calculations
Record Keeping
Reporting Requirements
Security Interest
Further Assurance
Entire Agreement
Severability
Conditions Precedent
Representations and Warranties
Transfer Requirements
Valuation
Collateral Eligibility
Substitution Rights
Interest on Posted Collateral
Events of Default
Early Termination
Set-off Rights
Dispute Resolution
Governing Law
Jurisdiction
Notices
Confidentiality
Assignment and Transfer
Amendment and Waiver
Costs and Expenses
Indemnification
Termination
Force Majeure
Tax
Calculations
Record Keeping
Reporting Requirements
Security Interest
Further Assurance
Entire Agreement
Severability
Relevant Industries
Relevant Teams
Relevant Roles
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