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clause d'arrosage

English translation: top-up collateral clause

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
French term or phrase:clause d'arrosage
English translation:top-up collateral clause
Entered by: Stephanie Mitchel
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20:52 Mar 31, 2002
French to English translations [PRO]
Bus/Financial
French term or phrase: clause d'arrosage
Non, il ne s'agit pas du droit de jardinage ;^), mais plutôt de l'activité liée aux 'junk-bonds.'
Sentence reads: 'Enfin concernant les garanties, en dehors du nantissement des titres assorti d'une clause d'arrosage, nos interlocuteurs accepteraient une clause de maintien du contrôle de [X] jusqu'au niveau de [Y].'
Stephanie Mitchel
United States
Local time: 03:55
top-up collateral
Explanation:

HAGUE CONFERENCE ON PRIVATE INTERNATIONAL LAW
 Report on the Law Applicable to Dispositions of Securities Held Through Indirect Holding Systems

footnote 32
Beaucoup d’opérations de constitution de sûreté comportent une disposition selon laquelle des remises en garantie
supplémentaires ont lieu après la livraison initiale des titres pour tenir compte de la fluctuation de la valeur des titres remis en pension ; ces remises « complémentaires » sont désignées sous le nom de « clause d’arrosage » (top-up collateral) ou de « variation de marge » (variation margin).

Selected response from:

Victoria Barkoff
Local time: 03:55
Grading comment
Merci !
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +2payment clause
Maya Jurt
4"Top-up [collateral] clause" or "top-up [collateral] facility"
Fred Louder
4up collateral (clause)
Parrot
3 +1top-up collateral
Victoria Barkoff


  

Answers


15 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
payment clause


Explanation:
arroser does not only mean "bribe people", but means "payment" as well.

... 20-40% as in the junk-bond market; or (3) security ... ultimate purchasers of the bonds.
It is important to ... exercise a giving-in-payment clause over immoveables or ...
www.law.mcgill.ca/academics/coursenotes/macdonald/real_secu... PRE-TEXT11.htm - 101k

[DOC] TITRE I : COUCOU
Dateiformat: Microsoft Word 6 - HTML-Version
... Banquier v?rifie la nature des titres et y incluse ?ventuellement une clause
d?arrosage. Donc si on a des titres qui valent 1MF alors dit que garantie ...
www2.univ-lille2.fr/ffi/Supports/gest_t_ban.DOC

Maya Jurt
Switzerland
Local time: 09:55
Native speaker of: Native in GermanGerman, Native in FrenchFrench
PRO pts in pair: 412

Peer comments on this answer (and responses from the answerer)
agree  Dr. Chrys Chrystello
5 mins

agree  Renata Costa
1 day1 hr
Login to enter a peer comment (or grade)

1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
up collateral (clause)


Explanation:
Translation found in a document published by The Hague Conference on International Law (On Private Securities). I don't have sufficient memory to reproduce the text as published in HTML, but the pdf address is:

www.hcch.net/f/workprog/coll_sec_dp1.pdf

Can be accessed by Google websearch on "clause d'arrosage".

Parrot
Spain
Local time: 09:55
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 1861
Login to enter a peer comment (or grade)

1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
top-up collateral


Explanation:

HAGUE CONFERENCE ON PRIVATE INTERNATIONAL LAW
 Report on the Law Applicable to Dispositions of Securities Held Through Indirect Holding Systems

footnote 32
Beaucoup d’opérations de constitution de sûreté comportent une disposition selon laquelle des remises en garantie
supplémentaires ont lieu après la livraison initiale des titres pour tenir compte de la fluctuation de la valeur des titres remis en pension ; ces remises « complémentaires » sont désignées sous le nom de « clause d’arrosage » (top-up collateral) ou de « variation de marge » (variation margin).



Victoria Barkoff
Local time: 03:55
Native speaker of: English
PRO pts in pair: 119
Grading comment
Merci !

Peer comments on this answer (and responses from the answerer)
agree  Renata Costa
1 day4 mins
Login to enter a peer comment (or grade)

6 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
"Top-up [collateral] clause" or "top-up [collateral] facility"


Explanation:


The sound market practice favoured by regulators where participants in the financial
market use top-up collateral arrangements to manage and limit their credit risk to each other … and accordingly ask for top-up collateral or return the surplus of collateral should be protected. However, there should be no protection for the provision of top-up collateral which is required upon deterioration of the credit rating of the collateral provider because this could contradict the basic insolvency law policy
of Member States....

(European Parliament, Committee on Economic and Monetary Affairs,
18 October 2001 PE 304.709/14-23,
AMENDMENTS 14-23)

Déf. :
Convention annexe à une opération de crédit garantie par des valeurs mobilières ou des marchandises.

Note(s) :
Par cette clause, le débiteur s'engage à maintenir en tout état de cause, la marge de garantie convenue. Si, par exemple, la valeur des titres nantis en réalisation d'une avance sur titres vient à diminuer par suite d'une baisse boursière, le débiteur s'oblige à nantir de nouveaux titres dont la valeur viendra parfaire la marge.

(Grand dictionnaire terminologique)

"facility" seems an acceptable term here, considering that the effect of the top-up clause would be to authorize such top-up collateral (as overdraft facility = découvert autorisé)

Fred Louder
Local time: 09:55
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 14
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