ISDA 2016 Phase One Credit Support Annex for Initial Margin (IM) (Loan-Japanese Law) with blackline against 1995 and 2008 forms and the Trust Scheme Addendum

The 2016 Phase One Credit Support Annex for Initial Margin (IM) is an updated version of the 1995 and 2008 ISDA Credit Support Annex (Japanese Law) that is limited to initial margin, and allows parties subject to regulatory margin requirements on September 1, 2016 (“Phase One Entities”) to establish initial margin arrangements that meet the requirements of new regulations on margin for uncleared swaps. Like the 1995 and 2008 forms, this document is a stand-alone document (not an Annex to the Schedule) and adopts the loan and set-off method. The 2016 Phase One Credit Support Annex for Initial Margin (IM) has been designed specifically for use between Phase One Entities.

The provisions set out in the Trust Scheme Addendum should be included as a new sub-paragraph in Paragraph 13 of the Japanese law Phase One Credit Support Annex for Initial Margin if a Collateral Management Agreement with respect to a party under the CSA as the Obligee is a trust agreement governed by Japanese law for the purposes of segregating Posted Credit Support (IM).