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There are three forms of credit support documentation published by the International Swaps and Derivatives Association, Inc. (ISDA) which are governed by English law. These are:
1995 ISDA Credit Support Annex (Bilateral Form—Transfer) (the English law Annex)
2016 ISDA Credit Support Annex for Variation Margin (VM) (Title Transfer—English Law) (the English law VM Annex), and
1995 ISDA Credit Support Deed (Security Interest—English Law) (the Deed)
The three types of credit support documentation reflect two different legal structures. Whilst the English law Annex requires the outright transfer of cash and securities (the 'title transfer' approach), the Deed uses a charge based approach. The Deed is discussed in more detail in Practice Note: ISDA Credit Support Deed: Security Interest—English law. In general the English law Annex is much more widely used than the Deed. The English law VM Annex is discussed in more detail in ISDA 2016 Credit Support Annex for Variation Margin (VM) (Title Transfer—English Law)—this is only to be used in certain specified circumstances.
The English law Annex forms part of the schedule to the master agreement and these three documents therefore form one agreement.
The English law Annex constitutes a
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