The 2016 Phase One Credit Support Annex for Initial Margin (IM) is an updated version of the 1994 ISDA Credit Support Annex (Security Interest – New York 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 1994 CSA, this document serves as an Annex to the Schedule to the ISDA Master Agreement and creates a New York law security interest over collateral. The 2016 Phase One Credit Support Annex for Initial Margin (IM) has been designed specifically for use between Phase One Entities.