View source for Talk:1994 New York law CSA

{{ISDA New York Law Credit Support Annex 1994 Preamble}}
{{ISDA New York Law Credit Support Annex 1994 1}}
{{ISDA New York Law Credit Support Annex 1994 2}}
{{ISDA New York Law Credit Support Annex 1994 3}}
{{ISDA New York Law Credit Support Annex 1994 4}}
{{ISDA New York Law Credit Support Annex 1994 5}}
{{ISDA New York Law Credit Support Annex 1994 6}}
{{ISDA New York Law Credit Support Annex 1994 7}}
{{ISDA New York Law Credit Support Annex 1994 8}}
{{ISDA New York Law Credit Support Annex 1994 9}}
{{ISDA New York Law Credit Support Annex 1994 10}}
{{ISDA New York Law Credit Support Annex 1994 11}}
{{ISDA New York Law Credit Support Annex 1994 12}}
{{ISDA New York Law Credit Support Annex 1994 13}}


Para {{nycsaprov|1}} '''{{nycsaprov|Interpretation}}'''<br>
{{nycsaprov|1(a)}} '''{{nycsaprov|Definitions and Inconsistency}}'''. Capitalized terms not otherwise defined herein or elsewhere in this Agreement have the meanings specified pursuant to Paragraph {{nycsaprov|12}}, and all references in this Annex to Paragraphs are to Paragraphs of this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency between Paragraph {{nycsaprov|13}} and the other provisions of this Annex, Paragraph {{nycsaprov|13}} will prevail.<br>
{{nycsaprov|1(b)}} '''{{nycsaprov|Secured Party and Pledgor}}'''. All references in this Annex to the “'''{{nycsaprov|Secured Party}}'''” will be to either party when acting in that capacity and all corresponding references to the “'''{{nycsaprov|Pledgor}}'''” will be to the other party when acting in that capacity; provided, however, that if {{nycsaprov|Other Posted Support}} is held by a party to this Annex, all references herein to that party as the {{nycsaprov|Secured Party}} with respect to that {{nycsaprov|Other Posted Support}} will be to that party as the beneficiary thereof and will not subject that support or that party as the beneficiary thereof to provisions of law generally relating to security interests and secured parties. <br>
Para {{nycsaprov|2}} '''{{nycsaprov|Security Interest}}'''<br>
Each party, as the {{nycsaprov|Pledgor}}, hereby pledges to the other party, as the {{nycsaprov|Secured Party}}, as security for its {{nycsaprov|Obligations}}, and grants to the {{nycsaprov|Secured Party}} a first priority continuing security interest in, lien on and right of Set-off against all {{nycsaprov|Posted Collateral}} {{nycsaprov|Transfer}}red to or received by the {{nycsaprov|Secured Party}} hereunder. Upon the {{nycsaprov|Transfer}} by the {{nycsaprov|Secured Party}} to the {{nycsaprov|Pledgor}} of {{nycsaprov|Posted Collateral}}, the security interest and lien granted hereunder on that {{nycsaprov|Posted Collateral}} will be released immediately and, to the extent possible, without any further action by either party.<br>
Para {{nycsaprov|3}} '''{{nycsaprov|Credit Support Obligations}}'''<br>
{{nycsaprov|3(a)}} '''{{nycsaprov|Delivery Amount}}'''. Subject to Paragraphs 4 and 5, upon a demand made by the {{nycsaprov|Secured Party}} on or promptly following a {{nycsaprov|Valuation Date}}, if the {{nycsaprov|Delivery Amount}} for that {{nycsaprov|Valuation Date}} equals or exceeds the {{nycsaprov|Pledgor}}’s {{nycsaprov|Minimum {{nycsaprov|Transfer}} Amount}}, then the {{nycsaprov|Pledgor}} will {{nycsaprov|Transfer}} to the {{nycsaprov|Secured Party}} {{nycsaprov|Eligible Credit Support}} having a {{nycsaprov|Value}} as of the date of {{nycsaprov|Transfer}} at least equal to the applicable {{nycsaprov|Delivery Amount}} (rounded pursuant to Paragraph {{nycsaprov|13}}). Unless otherwise specified in Paragraph {{nycsaprov|13}}, the “'''{{nycsaprov|Delivery Amount}}'''” applicable to the {{nycsaprov|Pledgor}} for any {{nycsaprov|Valuation Date}} will equal the amount by which:<br>
:{{nycsaprov|3(a)(i)}} the {{nycsaprov|Credit Support Amount}} exceeds<br>
:{{nycsaprov|3(a)(ii)}} the {{nycsaprov|Value}} as of that {{nycsaprov|Valuation Date}} of all {{nycsaprov|Posted Credit Support}} held by the {{nycsaprov|Secured Party}}.<br>
{{nycsaprov|3(b)}} '''{{nycsaprov|Return Amount}}'''. Subject to Paragraphs 4 and 5, upon a demand made by the {{nycsaprov|Pledgor}} on or promptly following a {{nycsaprov|Valuation Date}}, if the {{nycsaprov|Return Amount}} for that {{nycsaprov|Valuation Date}} equals or exceeds the {{nycsaprov|Secured Party}}’s {{nycsaprov|Minimum {{nycsaprov|Transfer}} Amount}}, then the {{nycsaprov|Secured Party}} will {{nycsaprov|Transfer}} to the {{nycsaprov|Pledgor}} {{nycsaprov|Posted Credit Support}} specified by the {{nycsaprov|Pledgor}} in that demand having a {{nycsaprov|Value}} as of the date of {{nycsaprov|Transfer}} as close as practicable to the applicable {{nycsaprov|Return Amount}} (rounded pursuant to Paragraph {{nycsaprov|13}}). Unless otherwise specified in Paragraph {{nycsaprov|13}}, the “'''{{nycsaprov|Return Amount}}'''” applicable to the {{nycsaprov|Secured Party}} for any {{nycsaprov|Valuation Date}} will equal the amount by which: <br>
:{{nycsaprov|3(b)(i)}} the {{nycsaprov|Value}} as of that {{nycsaprov|Valuation Date}} of all {{nycsaprov|Posted Credit Support}} held by the {{nycsaprov|Secured Party}} exceeds<br>
:{{nycsaprov|3(b)(ii)}} (ii) the {{nycsaprov|Credit Support Amount}}.<br>
:“'''{{nycsaprov|Credit Support Amount}}'''” means, unless otherwise specified in Paragraph {{nycsaprov|13}}, for any {{nycsaprov|Valuation Date}} (i) the {{nycsaprov|Secured Party}}’s {{nycsaprov|Exposure}} for that {{nycsaprov|Valuation Date}} plus (ii) the aggregate of all {{nycsaprov|Independent Amount}}s applicable to the {{nycsaprov|Pledgor}}, if any, minus (iii) all {{nycsaprov|Independent Amount}}s applicable to the {{nycsaprov|Secured Party}}, if any, minus (iv) the {{nycsaprov|Pledgor}}’s {{nycsaprov|Threshold}}; provided, however, that the {{nycsaprov|Credit Support Amount}} will be deemed to be zero whenever the calculation of {{nycsaprov|Credit Support Amount}} yields a number less than zero.<br>
Para {{nycsaprov|4}} '''{{nycsaprov|Conditions Precedent, Transfer Timing, Calculations and Substitutions}}'''<br>
{{nycsaprov|4(a)}} '''{{nycsaprov|Conditions Precedent}}'''. Each {{nycsaprov|Transfer}} obligation of the {{nycsaprov|Pledgor}} under Paragraphs 3 and 5 and of the {{nycsaprov|Secured Party}} under Paragraphs 3, 4(d)(ii), 5 and 6(d) is subject to the [[conditions precedent]] that:<br>
:{{nycsaprov|4(a)(i)}} no {{isdaprov|Event of Default}}, {{isdaprov|Potential Event of Default}} or {{nycsaprov|Specified Condition}} has occurred and is continuing with respect to the other party; and<br>
:{{nycsaprov|4(a)(ii)}} no {{isdaprov|Early Termination Date}} for which any unsatisfied payment obligations exist has occurred or been designated as the result of an {{isdaprov|Event of Default}} or {{nycsaprov|Specified Condition}} with respect to the other party.<br>
{{nycsaprov|4(b)}} '''{{nycsaprov|Transfer Timing}}'''. Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a demand for the {{nycsaprov|Transfer}} of {{nycsaprov|Eligible Credit Support}} or {{nycsaprov|Posted Credit Support}} is made by the {{nycsaprov|Notification Time}}, then the relevant {{nycsaprov|Transfer}} will be made not later than the close of business on the next {{nycsaprov|Local Business Day}}; if a demand is made after the {{nycsaprov|Notification Time}}, then the relevant {{nycsaprov|Transfer}} will be made not later than the close of business on the second {{nycsaprov|Local Business Day}} thereafter.<br>
{{nycsaprov|4(c)}} '''{{nycsaprov|Calculations}}'''. All calculations of {{nycsaprov|Value}} and {{nycsaprov|Exposure}} for purposes of Paragraphs {{nycsaprov|3}} and {{nycsaprov|6(d)}} will be made by the {{nycsaprov|Valuation Agent}} as of the {{nycsaprov|Valuation Time}}. The {{nycsaprov|Valuation Agent}} will notify each party (or the other party, if the {{nycsaprov|Valuation Agent}} is a party) of its calculations not later than the {{nycsaprov|Notification Time}} on the {{nycsaprov|Local Business Day}} following the applicable {{nycsaprov|Valuation Date}} (or in the case of Paragraph {{nycsaprov|6(d)}}, following the date of calculation). <br>
{{nycsaprov|4(d)}} '''{{nycsaprov|Substitutions}}'''.<br>
:{{nycsaprov|4(d)(i)}} Unless otherwise specified in Paragraph {{nycsaprov|13}}, upon notice to the {{nycsaprov|Secured Party}} specifying the items of {{nycsaprov|Posted Credit Support}} to be exchanged, the {{nycsaprov|Pledgor}} may, on any {{nycsaprov|Local Business Day}}, {{nycsaprov|Transfer}} to the {{nycsaprov|Secured Party}} substitute {{nycsaprov|Eligible Credit Support}} (the “'''{{nycsaprov|Substitute Credit Support}}'''”); and<br>
:{{nycsaprov|4(d)(ii)}} subject to Paragraph {{nycsaprov|4(a)}}, the {{nycsaprov|Secured Party}} will {{nycsaprov|Transfer}} to the {{nycsaprov|Pledgor}} the items of {{nycsaprov|Posted Credit Support}} specified by the {{nycsaprov|Pledgor}} in its notice not later than the {{nycsaprov|Local Business Day}} following the date on which the {{nycsaprov|Secured Party}} receives the {{nycsaprov|Substitute Credit Support}}, unless otherwise specified in Paragraph {{nycsaprov|13}} (the “'''{{nycsaprov|Substitution Date}}'''”); provided that the {{nycsaprov|Secured Party}} will only be obligated to {{nycsaprov|Transfer}} {{nycsaprov|Posted Credit Support}} with a {{nycsaprov|Value}} as of the date of {{nycsaprov|Transfer}} of that {{nycsaprov|Posted Credit Support}} equal to the {{nycsaprov|Value}} as of that date of the {{nycsaprov|Substitute Credit Support}}.<br>
Para {{nycsaprov|5}} '''{{nycsaprov|Dispute Resolution}}'''<br>
If a party (a “'''{{nycsaprov|Disputing Party}}'''”) disputes (I) the {{nycsaprov|Valuation Agent}}’s calculation of a {{nycsaprov|Delivery Amount}} or a {{nycsaprov|Return Amount}} or (II) the {{nycsaprov|Value}} of any {{nycsaprov|Transfer}} of {{nycsaprov|Eligible Credit Support}} or {{nycsaprov|Posted Credit Support}}, then (1) the {{nycsaprov|Disputing Party}} will notify the other party and the {{nycsaprov|Valuation Agent}} (if the {{nycsaprov|Valuation Agent}} is not the other party) not later than the close of business on the {{nycsaprov|Local Business Day}} following (X) the date that the demand is made under Paragraph {{nycsaprov|3}} in the case of (I) above or (Y) the date of {{nycsaprov|Transfer}} in the case of (II) above, (2) subject to Paragraph {{nycsaprov|4(a)}}, the appropriate party will {{nycsaprov|Transfer}} the undisputed amount to the other party not later than the close of business on the {{nycsaprov|Local Business Day}} following (X) the date that the demand is made under Paragraph {{nycsaprov|3}} in the case of (I) above or (Y) the date of {{nycsaprov|Transfer}} in the case of (II) above, (3) the parties will consult with each other in an attempt to resolve the dispute and (4) if they fail to resolve the dispute by the {{nycsaprov|Resolution Time}}, then:<br>
:{{nycsaprov|5(a)(ii)}} In the case of a dispute involving a {{nycsaprov|Delivery Amount}} or {{nycsaprov|Return Amount}}, unless otherwise specified in Paragraph {{nycsaprov|13}}, the {{nycsaprov|Valuation Agent}} will recalculate the {{nycsaprov|Exposure}} and the {{nycsaprov|Value}} as of the {{nycsaprov|Recalculation Date}} by:<br>
::{{nycsaprov|5(a)(ii)(A)}} utilizing any calculations of {{nycsaprov|Exposure}} for the Transactions (or Swap Transactions) that the parties have agreed are not in dispute;<br>
::{{nycsaprov|5(a)(ii)(B)}} calculating the {{nycsaprov|Exposure}} for the Transactions (or Swap Transactions) in dispute by seeking four actual quotations at mid-market from Reference Market-makers for purposes of calculating {{isdaprov|Market Quotation}}, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a particular Transaction (or Swap Transaction), then fewer than four quotations may be used for that Transaction (or Swap Transaction); and if no quotations are available for a particular Transaction (or Swap Transaction), then the {{nycsaprov|Valuation Agent}}’s original calculations will be used for that Transaction (or Swap Transaction); and<br>
::{{nycsaprov|5(a)(ii)(C)}} utilizing the procedures specified in Paragraph {{nycsaprov|13}} for calculating the {{nycsaprov|Value}}, if disputed, of {{nycsaprov|Posted Credit Support}}.<br>
:{{nycsaprov|5(a)(iii)}} In the case of a dispute involving the {{nycsaprov|Value}} of any {{nycsaprov|Transfer}} of {{nycsaprov|Eligible Credit Support}} or {{nycsaprov|Posted Credit Support}}, the {{nycsaprov|Valuation Agent}} will recalculate the {{nycsaprov|Value}} as of the date of {{nycsaprov|Transfer}} pursuant to Paragraph {{nycsaprov|13}}.<br>
Following a recalculation pursuant to this Paragraph, the {{nycsaprov|Valuation Agent}} will notify each party (or the other party, if the {{nycsaprov|Valuation Agent}} is a party) not later than the {{nycsaprov|Notification Time}} on the {{nycsaprov|Local Business Day}} following the {{nycsaprov|Resolution Time}}. The appropriate party will, upon demand following that notice by the {{nycsaprov|Valuation Agent}} or a resolution pursuant to (3) above and subject to Paragraphs {{nycsaprov|4(a)}} and {{nycsaprov|4(b)}}, make the appropriate {{nycsaprov|Transfer}}.<br>
Para {{nycsaprov|6}} '''{{nycsaprov|Holding and Using Posted Collateral}}'''<br>
{{nycsaprov|6(a)}} '''{{nycsaprov|Care of Posted Collateral}}'''. Without limiting the {{nycsaprov|Secured Party}}’s rights under Paragraph {{nycsaprov|6(c)}}, the {{nycsaprov|Secured Party}} will exercise reasonable care to assure the safe custody of all {{nycsaprov|Posted Collateral}} to the extent required by applicable law, and in any event the {{nycsaprov|Secured Party}} will be deemed to have exercised reasonable care if it exercises at least the same degree of care as it would exercise with respect to its own property. Except as specified in the preceding sentence, the {{nycsaprov|Secured Party}} will have no duty with respect to {{nycsaprov|Posted Collateral}}, including, without limitation, any duty to collect any {{nycsaprov|Distributions}}, or enforce or preserve any rights pertaining thereto.<br>
{{nycsaprov|6(b)}} '''{{nycsaprov|Eligibility to Hold Posted Collateral; Custodians}}'''.<br>
:{{nycsaprov|6(b)(i)}} '''{{nycsaprov|General}}'''. Subject to the satisfaction of any conditions specified in Paragraph {{nycsaprov|13}} for holding {{nycsaprov|Posted Collateral}}, the {{nycsaprov|Secured Party}} will be entitled to hold {{nycsaprov|Posted Collateral}} or to appoint an agent (a “'''{{nycsaprov|Custodian}}'''”) to hold {{nycsaprov|Posted Collateral}} for the {{nycsaprov|Secured Party}}. Upon notice by the {{nycsaprov|Secured Party}} to the {{nycsaprov|Pledgor}} of the appointment of a {{nycsaprov|Custodian}}, the {{nycsaprov|Pledgor}}’s obligations to make any {{nycsaprov|Transfer}} will be discharged by making the {{nycsaprov|Transfer}} to that {{nycsaprov|Custodian}}. The holding of {{nycsaprov|Posted Collateral}} by a {{nycsaprov|Custodian}} will be deemed to be the holding of that {{nycsaprov|Posted Collateral}} by the {{nycsaprov|Secured Party}} for which the {{nycsaprov|Custodian}} is acting.<br>
:{{nycsaprov|6(b)(ii)}} '''{{nycsaprov|Failure to Satisfy Conditions}}'''. If the {{nycsaprov|Secured Party}} or its {{nycsaprov|Custodian}} fails to satisfy any conditions for holding {{nycsaprov|Posted Collateral}}, then upon a demand made by the {{nycsaprov|Pledgor}}, the {{nycsaprov|Secured Party}} will, not later than five {{nycsaprov|Local Business Day}}s after the demand, {{nycsaprov|Transfer}} or cause its {{nycsaprov|Custodian}} to {{nycsaprov|Transfer}} all {{nycsaprov|Posted Collateral}} held by it to a {{nycsaprov|Custodian}} that satisfies those conditions or to the {{nycsaprov|Secured Party}} if it satisfies those conditions.<br>
:{{nycsaprov|6(b)(iii)}} '''{{nycsaprov|Liability}}'''. The {{nycsaprov|Secured Party}} will be liable for the acts or omissions of its {{nycsaprov|Custodian}} to the same extent that the {{nycsaprov|Secured Party}} would be liable hereunder for its own acts or omissions.<br>
{{nycsaprov|6(c)}} '''{{nycsaprov|Use of Posted Collateral}}'''. Unless otherwise specified in Paragraph {{nycsaprov|13}} and without limiting the rights and obligations of the parties under Paragraphs {{nycsaprov|3}}, {{nycsaprov|4(d)(ii)}}, {{nycsaprov|5}}, {{nycsaprov|6(d)}} and {{nycsaprov|8}}, if the {{nycsaprov|Secured Party}} is not a {{isdaprov|Defaulting Party}} or an {{isdaprov|Affected Party}} with respect to a {{nycsaprov|Specified Condition}} and no {{isdaprov|Early Termination Date}} has occurred or been designated as the result of an {{isdaprov|Event of Default}} or {{nycsaprov|Specified Condition}} with respect to the {{nycsaprov|Secured Party}}, then the {{nycsaprov|Secured Party}} will, notwithstanding Section 9-207 of the New York [[Uniform Commercial Code]], have the right to:<br>
:{{nycsaprov|6(c)(i)}} sell, [[pledge]], [[rehypothecate]], [[assign]], invest, use, commingle or otherwise dispose of, or otherwise use in its business any {{nycsaprov|Posted Collateral}} it holds, free from any claim or right of any nature whatsoever of the {{nycsaprov|Pledgor}}, including any [[equity of redemption|equity or right of redemption]] by the {{nycsaprov|Pledgor}}; and<br>
:{{nycsaprov|6(c)(ii)}} register any {{nycsaprov|Posted Collateral}} in the name of the {{nycsaprov|Secured Party}}, its {{nycsaprov|Custodian}} or a [[nominee]] for either.<br>
For purposes of the obligation to {{nycsaprov|Transfer}} {{nycsaprov|Eligible Credit Support}} or {{nycsaprov|Posted Credit Support}} pursuant to Paragraphs {{nycsaprov|3}} and {{nycsaprov|5}} and any rights or remedies authorized under this Agreement, the {{nycsaprov|Secured Party}} will be deemed to continue to hold all {{nycsaprov|Posted Collateral}} and to receive {{nycsaprov|Distributions}} made thereon, regardless of whether the {{nycsaprov|Secured Party}} has exercised any rights with respect to any {{nycsaprov|Posted Collateral}} pursuant to (i) or (ii) above.<br>
{{nycsaprov|6(d)}} '''{{nycsaprov|Distributions and Interest Amount}}'''.<br>
:{{nycsaprov|6(d)(i)}} '''{{nycsaprov|Distributions}}'''. Subject to Paragraph {{nycsaprov|4(a)}}, if the {{nycsaprov|Secured Party}} receives or is deemed to receive {{nycsaprov|Distributions}} on a {{nycsaprov|Local Business Day}}, it will {{nycsaprov|Transfer}} to the {{nycsaprov|Pledgor}} not later than the following {{nycsaprov|Local Business Day}} any {{nycsaprov|Distributions}} it receives or is deemed to receive to the extent that a {{nycsaprov|Delivery Amount}} would not be created or increased by that {{nycsaprov|Transfer}}, as calculated by the {{nycsaprov|Valuation Agent}} (and the date of calculation will be deemed to be a {{nycsaprov|Valuation Date}} for this purpose).<br>
:{{nycsaprov|6(d)(ii)}} '''{{nycsaprov|Interest Amount}}'''. Unless otherwise specified in Paragraph {{nycsaprov|13}} and subject to Paragraph {{nycsaprov|4(a)}}, in lieu of any interest, dividends or other amounts paid or deemed to have been paid with respect to {{nycsaprov|Posted Collateral}} in the form of {{nycsaprov|Cash}} (all of which may be retained by the {{nycsaprov|Secured Party}}), the {{nycsaprov|Secured Party}} will {{nycsaprov|Transfer}} to the {{nycsaprov|Pledgor}} at the times specified in Paragraph {{nycsaprov|13}} the {{nycsaprov|Interest Amount}} to the extent that a {{nycsaprov|Delivery Amount}} would not be created or increased by that {{nycsaprov|Transfer}}, as calculated by the {{nycsaprov|Valuation Agent}} (and the date of calculation will be deemed to be a {{nycsaprov|Valuation Date}} for this purpose). The {{nycsaprov|Interest Amount}} or portion thereof not {{nycsaprov|Transfer}}red pursuant to this Paragraph will constitute {{nycsaprov|Posted Collateral}} in the form of {{nycsaprov|Cash}} and will be subject to the security interest granted under Paragraph {{nycsaprov|2}}.<br>
Para {{nycsaprov|7}} '''{{nycsaprov|Events of Default}}'''<br>
For purposes of Section {{isdaprov|5(a)(iii)(1)}} of this Agreement, an {{isdaprov|Event of Default}} will exist with respect to a party if:<br>
:{{nycsaprov|7(a)(ii)}} that party fails (or fails to cause its {{nycsaprov|Custodian}}) to make, when due, any {{nycsaprov|Transfer}} of {{nycsaprov|Eligible Collateral}}, {{nycsaprov|Posted Collateral}} or the {{nycsaprov|Interest Amount}}, as applicable, required to be made by it and that failure continues for two {{nycsaprov|Local Business Day}}s after notice of that failure is given to that party;<br>
:{{nycsaprov|7(a)(iii)}} that party fails to comply with any restriction or prohibition specified in this Annex with respect to any of the rights specified in Paragraph {{nycsaprov|6(c)}} and that failure continues for five {{nycsaprov|Local Business Day}}s after notice of that failure is given to that party; or<br>
:{{nycsaprov|7(a)(iv)}} that party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs 7(i) and 7(ii) and that failure continues for 30 days after notice of that failure is given to that party.<br>
Para {{nycsaprov|8}} '''{{nycsaprov|Certain Rights and Remedies}}'''<br>
{{nycsaprov|8(a)}} '''{{nycsaprov|Secured Party’s Rights and Remedies}}'''. If at any time (1) an {{isdaprov|Event of Default}} or {{nycsaprov|Specified Condition}} with respect to the {{nycsaprov|Pledgor}} has occurred and is continuing or (2) an {{isdaprov|Early Termination Date}} has occurred or been designated as the result of an {{isdaprov|Event of Default}} or {{nycsaprov|Specified Condition}} with respect to the {{nycsaprov|Pledgor}}, then, unless the {{nycsaprov|Pledgor}} has paid in full all of its {{nycsaprov|Obligations}} that are then due, the {{nycsaprov|Secured Party}} may exercise one or more of the following rights and remedies:<br>
:{{nycsaprov|8(a)(i)}} all rights and remedies available to a secured party under applicable law with respect to {{nycsaprov|Posted Collateral}} held by the {{nycsaprov|Secured Party}};<br>
:{{nycsaprov|8(a)(ii)}} any other rights and remedies available to the {{nycsaprov|Secured Party}} under the terms of {{nycsaprov|Other Posted Support}}, if any;<br>
:{{nycsaprov|8(a)(iii)}} the right to Set-off any amounts payable by the {{nycsaprov|Pledgor}} with respect to any {{nycsaprov|Obligations}} against any {{nycsaprov|Posted Collateral}} or the {{nycsaprov|Cash}} equivalent of any {{nycsaprov|Posted Collateral}} held by the {{nycsaprov|Secured Party}} (or any obligation of the {{nycsaprov|Secured Party}} to {{nycsaprov|Transfer}} that {{nycsaprov|Posted Collateral}}); and<br>
:{{nycsaprov|8(a)(iv)}} the right to liquidate any {{nycsaprov|Posted Collateral}} held by the {{nycsaprov|Secured Party}} through one or more public or private sales or other dispositions with such notice, if any, as may be required under applicable law, free from any claim or right of any nature whatsoever of the {{nycsaprov|Pledgor}}, including any equity or right of redemption by the {{nycsaprov|Pledgor}} (with the {{nycsaprov|Secured Party}} having the right to purchase any or all of the {{nycsaprov|Posted Collateral}} to be sold) and to apply the proceeds (or the {{nycsaprov|Cash}} equivalent thereof) from the liquidation of the {{nycsaprov|Posted Collateral}} to any amounts payable by the {{nycsaprov|Pledgor}} with respect to any {{nycsaprov|Obligations}} in that order as the {{nycsaprov|Secured Party}} may elect.<br>
:Each party acknowledges and agrees that {{nycsaprov|Posted Collateral}} in the form of securities may decline speedily in {{nycsaprov|Value}} and is of a type customarily sold on a recognized market, and, accordingly, the {{nycsaprov|Pledgor}} is not entitled to prior notice of any sale of that {{nycsaprov|Posted Collateral}} by the {{nycsaprov|Secured Party}}, except any notice that is required under applicable law and cannot be waived.<br>
{{nycsaprov|8(b)}} '''{{nycsaprov|Pledgor’s Rights and Remedies}}'''. If at any time an {{isdaprov|Early Termination Date}} has occurred or been designated as the result of an {{isdaprov|Event of Default}} or {{nycsaprov|Specified Condition}} with respect to the {{nycsaprov|Secured Party}}, then (except in the case of an {{isdaprov|Early Termination Date}} relating to less than all Transactions (or Swap Transactions) where the {{nycsaprov|Secured Party}} has paid in full all of its obligations that are then due under Section {{isdaprov|6(e)}} of this Agreement):<br>
:{{nycsaprov|8(b)(i)}} the {{nycsaprov|Pledgor}} may exercise all rights and remedies available to a pledgor under applicable law with respect to {{nycsaprov|Posted Collateral}} held by the {{nycsaprov|Secured Party}};<br>
:{{nycsaprov|8(b)(ii)}} the {{nycsaprov|Pledgor}} may exercise any other rights and remedies available to the {{nycsaprov|Pledgor}} under the terms of {{nycsaprov|Other Posted Support}}, if any;<br>
:{{nycsaprov|8(b)(iii)}} the {{nycsaprov|Secured Party}} will be obligated immediately to {{nycsaprov|Transfer}} all {{nycsaprov|Posted Collateral}} and the {{nycsaprov|Interest Amount}} to the {{nycsaprov|Pledgor}}; and<br>
:{{nycsaprov|8(b)(iv)}} to the extent that {{nycsaprov|Posted Collateral}} or the {{nycsaprov|Interest Amount}} is not so {{nycsaprov|Transfer}}red pursuant to (iii) above, the {{nycsaprov|Pledgor}} may:<br>
::{{nycsaprov|8(b)(iv)(A)}} {{isdaprov|Set-off}} any amounts payable by the {{nycsaprov|Pledgor}} with respect to any {{nycsaprov|Obligations}} against any {{nycsaprov|Posted Collateral}} or the {{nycsaprov|Cash}} equivalent of any {{nycsaprov|Posted Collateral}} held by the {{nycsaprov|Secured Party}} (or any obligation of the {{nycsaprov|Secured Party}} to {{nycsaprov|Transfer}} that {{nycsaprov|Posted Collateral}}); and<br>
::{{nycsaprov|8(b)(iv)(B)}} [[to the extent that]] the {{nycsaprov|Pledgor}} does not {{isdaprov|Set-off }}under (iv)(A) above, withhold payment of any remaining amounts payable by the {{nycsaprov|Pledgor}} with respect to any {{nycsaprov|Obligations}}, up to the {{nycsaprov|Value}} of any remaining {{nycsaprov|Posted Collateral}} held by the {{nycsaprov|Secured Party}}, until that {{nycsaprov|Posted Collateral}} is {{nycsaprov|Transfer}}red to the {{nycsaprov|Pledgor}}.<br>
{{nycsaprov|8(c)}} '''{{nycsaprov|Deficiencies and Excess Proceeds}}'''. The {{nycsaprov|Secured Party}} will {{nycsaprov|Transfer}} to the {{nycsaprov|Pledgor}} any proceeds and {{nycsaprov|Posted Credit Support}} remaining after liquidation, Set-off [[and/or]] application under Paragraphs {{nycsaprov|8(a)}} and {{nycsaprov|8(b)}} after satisfaction in full of all amounts payable by the {{nycsaprov|Pledgor}} with respect to any {{nycsaprov|Obligations}}; the {{nycsaprov|Pledgor}} in all events will remain liable for any amounts remaining unpaid after any liquidation, Set-off [[and/or]] application under Paragraphs {{nycsaprov|8(a)}} and {{nycsaprov|8(b)}}.<br>
{{nycsaprov|8(d)}} Final Returns. When no amounts are or thereafter may become payable by the {{nycsaprov|Pledgor}} with respect to any {{nycsaprov|Obligations}} (except for any potential liability under Section {{isdaprov|2(d)}} of this Agreement), the {{nycsaprov|Secured Party}} will {{nycsaprov|Transfer}} to the {{nycsaprov|Pledgor}} all {{nycsaprov|Posted Credit Support}} and the {{nycsaprov|Interest Amount}}, if any.<br>
Para {{nycsaprov|9}} '''{{nycsaprov|Representations}}'''<br>
Each party represents to the other party (which representations will be deemed to be repeated as of each date on which it, as the {{nycsaprov|Pledgor}}, {{nycsaprov|Transfer}}s {{nycsaprov|Eligible Collateral}}) that:<br>
:{{nycsaprov|9(a)(ii)}} it has the power to grant a security interest in and lien on any {{nycsaprov|Eligible Collateral}} it {{nycsaprov|Transfer}}s as the {{nycsaprov|Pledgor}} and has taken all necessary actions to authorize the granting of that [[security interest]] and [[lien]];<br>
:{{nycsaprov|9(a)(iii)}} it is the sole owner of or otherwise has the right to {{nycsaprov|Transfer}} all {{nycsaprov|Eligible Collateral}} it {{nycsaprov|Transfer}}s to the {{nycsaprov|Secured Party}} hereunder, free and clear of any [[security interest]], [[lien]] or other [[encumbrance]] or other restrictions other than the security interest and lien granted under Paragraph {{nycsaprov|2}};<br>
:{{nycsaprov|9(a)(iv)}} upon the {{nycsaprov|Transfer}} of any {{nycsaprov|Eligible Collateral}} to the {{nycsaprov|Secured Party}} under the terms of this Annex, the {{nycsaprov|Secured Party}} will have a valid and perfected first priority security interest therein (assuming that any central clearing corporation or any third-party financial intermediary or other entity not within the control of the {{nycsaprov|Pledgor}} involved in the {{nycsaprov|Transfer}} of that {{nycsaprov|Eligible Collateral}} gives the notices and takes the action required of it under applicable law for perfection of that interest); and<br>
:{{nycsaprov|9(a)(v)}} the performance by it of its obligations under this Annex will not result in the creation of any [[security interest]], [[lien]] or other [[encumbrance]] on any {{nycsaprov|Posted Collateral}} other than the security interest and lien granted under Paragraph {{nycsaprov|2}}.<br>
Para {{nycsaprov|10}} '''{{nycsaprov|Expenses}}'''<br>
{{nycsaprov|10(a)}} '''{{nycsaprov|General}}'''. Except as otherwise provided in Paragraphs {{nycsaprov|10(b)}} and {{nycsaprov|10(c)}}, each party will pay its own costs and expenses in connection with performing its obligations under this Annex and neither party will be liable for any costs and expenses incurred by the other party in connection herewith.<br>
{{nycsaprov|10(b)}} '''{{nycsaprov|Posted Credit Support}}'''. The {{nycsaprov|Pledgor}} will promptly pay when due all taxes, assessments or charges of any nature that are imposed with respect to {{nycsaprov|Posted Credit Support}} held by the {{nycsaprov|Secured Party}} upon becoming aware of the same, regardless of whether any portion of that {{nycsaprov|Posted Credit Support}} is subsequently disposed of under Paragraph {{nycsaprov|6(c)}}, except for those taxes, assessments and charges that result from the exercise of the {{nycsaprov|Secured Party}}’s rights under Paragraph {{nycsaprov|6(c)}}.<br>
{{nycsaprov|10(c)}} '''{{nycsaprov|Liquidation/Application of Posted Credit Support}}'''. All reasonable costs and expenses incurred by or on behalf of the {{nycsaprov|Secured Party}} or the {{nycsaprov|Pledgor}} in connection with the liquidation [[and/or]] application of any {{nycsaprov|Posted Credit Support}} under Paragraph {{nycsaprov|8}} will be payable, on demand and pursuant to the {{isdaprov|Expenses}} Section of this Agreement, by the {{isdaprov|Defaulting Party}} or, if there is no {{isdaprov|Defaulting Party}}, equally by the parties.<br>
Para {{nycsaprov|11}} '''{{nycsaprov|Miscellaneous}}'''br>
{{nycsaprov|11(a)}} '''{{nycsaprov|Default Interest}}'''. A {{nycsaprov|Secured Party}} that fails to make, when due, any {{nycsaprov|Transfer}} of {{nycsaprov|Posted Collateral}} or the {{nycsaprov|Interest Amount}} will be obligated to pay the {{nycsaprov|Pledgor}} (to the extent permitted under applicable law) an amount equal to interest at the Default Rate multiplied by the {{nycsaprov|Value}} of the items of property that were required to be {{nycsaprov|Transfer}}red, from (and including) the date that {{nycsaprov|Posted Collateral}} or {{nycsaprov|Interest Amount}} was required to be {{nycsaprov|Transfer}}red to (but excluding) the date of {{nycsaprov|Transfer}} of that {{nycsaprov|Posted Collateral}} or {{nycsaprov|Interest Amount}}. This interest will be calculated on the basis of daily compounding and the actual number of days elapsed.<br>
{{nycsaprov|11(b)}} '''{{nycsaprov|Further Assurances}}'''. Promptly following a demand made by a party, the other party will execute, deliver, file and record any financing statement, specific assignment or other document and take any other action that may be necessary or desirable and reasonably requested by that party to create, preserve, perfect or validate any security interest or lien granted under Paragraph {{nycsaprov|2}}, to enable that party to exercise or enforce its rights under this Annex with respect to {{nycsaprov|Posted Credit Support}} or an {{nycsaprov|Interest Amount}} or to effect or document a release of a security interest on {{nycsaprov|Posted Collateral}} or an {{nycsaprov|Interest Amount}}.<br>
{{nycsaprov|11(c)}} '''{{nycsaprov|Further Protection}}'''. The {{nycsaprov|Pledgor}} will promptly give notice to the {{nycsaprov|Secured Party}} of, and defend against, any suit, action, proceeding or lien that involves {{nycsaprov|Posted Credit Support}} {{nycsaprov|Transfer}}red by the {{nycsaprov|Pledgor}} or that could adversely affect the security interest and lien granted by it under Paragraph {{nycsaprov|2}}, unless that suit, action, proceeding or lien results from the exercise of the {{nycsaprov|Secured Party}}’s rights under Paragraph {{nycsaprov|6(c)}}.<br>
{{nycsaprov|11(d)}} '''{{nycsaprov|Good Faith and Commercially Reasonable Manner}}'''. Performance of all obligations under this Annex, including, but not limited to, all calculations, valuations and determinations made by either party, will be made in good faith and in a commercially reasonable manner.<br>
{{nycsaprov|11(e)}} '''{{nycsaprov|Demands and Notices}}'''. All demands and notices made by a party under this Annex will be made as specified in the Notices Section of this Agreement, except as otherwise provided in Paragraph {{nycsaprov|13}}.<br>
{{nycsaprov|11(f)}} '''{{nycsaprov|Specifications of Certain Matters}}'''. Anything referred to in this Annex as being specified in Paragraph {{nycsaprov|13}} also may be specified in one or more Confirmations or other documents and this Annex will be construed accordingly.<br>
Para {{nycsaprov|12}} '''{{nycsaprov|Definitions}}''' <br>
As used in this Annex:—<br>
“'''{{nycsaprov|Cash}}'''” means the lawful currency of the United States of America.<br>
“'''{{nycsaprov|Credit Support Amount}}'''” has the meaning specified in Paragraph 3.<br>
“'''{{nycsaprov|Custodian}}'''” has the meaning specified in Paragraphs {{nycsaprov|6(b)(i)}} and 13.<br>
“'''{{nycsaprov|Delivery Amount}}'''” has the meaning specified in Paragraph {{nycsaprov|3(a)}}.<br>
“'''{{nycsaprov|Disputing Party}}'''” has the meaning specified in Paragraph 5.<br>
“'''{{nycsaprov|Distributions}}'''” means with respect to {{nycsaprov|Posted Collateral}} other than{{nycsaprov|Cash}}, all principal, interest and other payments and distributions of cash or other property with respect thereto, regardless of whether the {{nycsaprov|Secured Party}} has disposed of that {{nycsaprov|Posted Collateral}} under Paragraph {{nycsaprov|6(c)}}. {{nycsaprov|Distributions}} will not include any item of property acquired by the {{nycsaprov|Secured Party}} upon any disposition or liquidation of {{nycsaprov|Posted Collateral}} or, with respect to any {{nycsaprov|Posted Collateral}} in the form of {{nycsaprov|Cash}}, any distributions on that collateral, unless otherwise specified herein. <br>
“'''{{nycsaprov|Eligible Collateral}}'''” means, with respect to a party, the items, if any, specified as such for that party in Paragraph {{nycsaprov|13}}.<br>
“'''{{nycsaprov|Eligible Credit Support}}'''” means {{nycsaprov|Eligible Collateral}} and {{nycsaprov|Other Eligible Support}}.<br>
“'''{{nycsaprov|Exposure}}'''” means for any {{nycsaprov|Valuation Date}} or other date for which {{nycsaprov|Exposure}} is calculated and subject to Paragraph 5 in the case of a dispute, the amount, if any, that would be payable to a party that is the {{nycsaprov|Secured Party}} by the other party (expressed as a positive number) or by a party that is the {{nycsaprov|Secured Party}} to the other party (expressed as a negative number) pursuant to Section {{isdaprov|6(e)(ii)(2)(A)}} of this Agreement as if all Transactions (or Swap Transactions) were being terminated as of the relevant {{nycsaprov|Valuation Time}}; provided that {{isdaprov|Market Quotation}} will be determined by the {{nycsaprov|Valuation Agent}} using its estimates at mid-market of the amounts that would be paid for {{isdaprov|Replacement Transaction}}s (as that term is defined in the definition of “'''{{isdaprov|Market Quotation}}'''”).<br>
“'''{{nycsaprov|Independent Amount}}'''” means, with respect to a party, the amount specified as such for that party in Paragraph {{nycsaprov|13}}; if no amount is specified, zero.<br>
“'''{{nycsaprov|Interest Amount}}'''” means, with respect to an {{nycsaprov|Interest Period}}, the aggregate sum of the amounts of interest calculated for each day in that {{nycsaprov|Interest Period}} on the principal amount of {{nycsaprov|Posted Collateral}} in the form of {{nycsaprov|Cash}} held by the {{nycsaprov|Secured Party}} on that day, determined by the {{nycsaprov|Secured Party}} for each such day as follows:<br>
:(x)	amount of that{{nycsaprov|Cash}} on that day; multiplied by<br>
:(y)	the {{nycsaprov|Interest Rate}} in effect for that day; divided by<br>
:(z)	360.<br>
“'''{{nycsaprov|Interest Period}}'''” means the period from (and including) the last {{nycsaprov|Local Business Day}} on which an {{nycsaprov|Interest Amount}} was {{nycsaprov|Transfer}}red (or, if no {{nycsaprov|Interest Amount}} has yet been {{nycsaprov|Transfer}}red, the {{nycsaprov|Local Business Day}} on which {{nycsaprov|Posted Collateral}} in the form of {{nycsaprov|Cash}} was {{nycsaprov|Transfer}}red to or received by the {{nycsaprov|Secured Party}}) to (but excluding) the {{nycsaprov|Local Business Day}} on which the current {{nycsaprov|Interest Amount}} is to be {{nycsaprov|Transfer}}red.<br>
“'''{{nycsaprov|Interest Rate}}'''” means the rate specified in Paragraph {{nycsaprov|13}}.<br>
“'''{{nycsaprov|Local Business Day}}'''”, unless otherwise specified in Paragraph {{nycsaprov|13}}, has the meaning specified in the {{isdaprov|Definitions}} Section of this Agreement, except that references to a payment in clause (b) thereof will be deemed to include a {{nycsaprov|Transfer}} under this Annex.<br>
“'''{{nycsaprov|Minimum Transfer Amount}}'''” means, with respect to a party, the amount specified as such for that party in Paragraph {{nycsaprov|13}}; if no amount is specified, zero.<br>
“'''{{nycsaprov|Notification Time}}'''” has the meaning specified in Paragraph {{nycsaprov|13}}.<br>
“'''{{nycsaprov|Obligations}}'''” means, with respect to a party, all present and future obligations of that party under this Agreement and any additional obligations specified for that party in Paragraph {{nycsaprov|13}}.<br>
“'''{{nycsaprov|Other Eligible Support}}'''” means, with respect to a party, the items, if any, specified as such for that party in Paragraph {{nycsaprov|13}}.<br>
“'''{{nycsaprov|Other Posted Support}}'''” means all {{nycsaprov|Other Eligible Support}} {{nycsaprov|Transfer}}red to the {{nycsaprov|Secured Party}} that remains in effect for the benefit of that {{nycsaprov|Secured Party}}.<br>
“'''{{nycsaprov|Pledgor}}'''” means either party, when that party (i) receives a demand for or is required to {{nycsaprov|Transfer}} {{nycsaprov|Eligible Credit Support}} under Paragraph {{nycsaprov|3(a)}} or (ii) has {{nycsaprov|Transfer}}red {{nycsaprov|Eligible Credit Support}} under Paragraph {{nycsaprov|3(a)}}.<br>
“'''{{nycsaprov|Posted Collateral}}'''” means all {{nycsaprov|Eligible Collateral}}, other property, {{nycsaprov|Distributions}}, and all proceeds thereof that have been {{nycsaprov|Transfer}}red to or received by the {{nycsaprov|Secured Party}} under this Annex and not {{nycsaprov|Transfer}}red to the {{nycsaprov|Pledgor}} pursuant to Paragraph {{nycsaprov|3(b)}}, 4(d)(ii) or 6(d)(i) or released by the {{nycsaprov|Secured Party}} under Paragraph {{nycsaprov|8}}. Any {{nycsaprov|Interest Amount}} or portion thereof not {{nycsaprov|Transfer}}red pursuant to Paragraph {{nycsaprov|6(d)(ii)}} will constitute {{nycsaprov|Posted Collateral}} in the form of {{nycsaprov|Cash}}.<br>
“'''{{nycsaprov|Posted Credit Support}}'''” means {{nycsaprov|Posted Collateral}} and {{nycsaprov|Other Posted Support}}.<br>
“'''{{nycsaprov|Recalculation Date}}'''” means the {{nycsaprov|Valuation Date}} that gives rise to the dispute under Paragraph 5; provided, however, that if a subsequent {{nycsaprov|Valuation Date}} occurs under Paragraph {{nycsaprov|3}} prior to the resolution of the dispute, then the “'''{{nycsaprov|Recalculation Date}}'''” means the most recent {{nycsaprov|Valuation Date}} under Paragraph {{nycsaprov|3}}.<br>
“'''{{nycsaprov|Resolution Time}}'''” has the meaning specified in Paragraph {{nycsaprov|13}}.<br>
“'''{{nycsaprov|Return Amount}}'''” has the meaning specified in Paragraph {{nycsaprov|3(b)}}.<br>
“'''{{nycsaprov|Secured Party}}'''” means either party, when that party (i) makes a demand for or is entitled to receive {{nycsaprov|Eligible Credit Support}} under Paragraph {{nycsaprov|3(a)}} or (ii) holds or is deemed to hold {{nycsaprov|Posted Credit Support}}.<br>
“'''{{nycsaprov|Specified Condition}}'''” means, with respect to a party, any event specified as such for that party in Paragraph {{nycsaprov|13}}.<br>
“'''{{nycsaprov|Substitute Credit Support}}'''” has the meaning specified in Paragraph {{nycsaprov|4(d)(i)}}.<br>
“'''{{nycsaprov|Substitution Date}}'''” has the meaning specified in Paragraph {{nycsaprov|4(d)(ii)}}.<br>
“'''{{nycsaprov|Threshold}}'''” means, with respect to a party, the amount specified as such for that party in Paragraph {{nycsaprov|13}}; if no amount is specified, zero.<br>
“'''{{nycsaprov|Transfer}}'''” means, with respect to any {{nycsaprov|Eligible Credit Support}}, {{nycsaprov|Posted Credit Support}} or {{nycsaprov|Interest Amount}}, and in accordance with the instructions of the {{nycsaprov|Secured Party}}, {{nycsaprov|Pledgor}} or {{nycsaprov|Custodian}}, as applicable:<br>
:{{nycsaprov|12(a)(ii)}} in the case of{{nycsaprov|Cash}}, payment or delivery by wire transfer into one or more bank accounts specified by the recipient;<br>
:{{nycsaprov|12(a)(iii)}} in the case of certificated securities that cannot be paid or delivered by book-entry, payment or delivery in appropriate physical form to the recipient or its account accompanied by any duly executed instruments of transfer, assignments in blank, transfer tax stamps and any other documents necessary to constitute a legally valid transfer to the recipient;<br>
:{{nycsaprov|12(a)(iv)}} in the case of securities that can be paid or delivered by book-entry, the giving of written instructions to the relevant depository institution or other entity specified by the recipient, together with a written copy thereof to the recipient, sufficient if complied with to result in a legally effective transfer of the relevant interest to the recipient; and<br>
:{{nycsaprov|12(a)(v)}} in the case of {{nycsaprov|Other Eligible Support}} or {{nycsaprov|Other Posted Support}}, as specified in Paragraph {{nycsaprov|13}}.<br>
“'''{{nycsaprov|Valuation Agent}}'''” has the meaning specified in Paragraph {{nycsaprov|13}}.<br>
“'''{{nycsaprov|Valuation Date}}'''” means each date specified in or otherwise determined pursuant to Paragraph {{nycsaprov|13}}.<br>
“'''{{nycsaprov|Valuation Percentage}}'''” means, for any item of {{nycsaprov|Eligible Collateral}}, the percentage specified in Paragraph {{nycsaprov|13}}. <br>
“'''{{nycsaprov|Valuation Time}}'''” has the meaning specified in Paragraph {{nycsaprov|13}}.<br>
“'''{{nycsaprov|Value}}'''” means for any {{nycsaprov|Valuation Date}} or other date for which {{nycsaprov|Value}} is calculated and subject to Paragraph 5 in the case of a dispute, with respect to:<br>
:{{nycsaprov|12(a)(i)}} Eligible Collateral or {{nycsaprov|Posted Collateral}} that is:<br>
::{{nycsaprov|12(a)(i)(A)}} Cash, the amount thereof; and<br>
::{{nycsaprov|12(a)(i)(B)}} a security, the bid price obtained by the {{nycsaprov|Valuation Agent}} multiplied by the applicable {{nycsaprov|Valuation Percentage}}, if any;<br>
:{{nycsaprov|12(a)(ii)}} Posted Collateral that consists of items that are not specified as {{nycsaprov|Eligible Collateral}}, zero; and
:{{nycsaprov|12(a)(iii)}} {{nycsaprov|Other Eligible Support and Posted Support}}, as specified in Paragraph {{nycsaprov|13}}.
Para {{nycsaprov|13}} Elections and Variables<br>
{{nycsaprov|13(a)}} “'''{{nycsaprov|Security Interest for Obligations}}'''”. The term “'''{{nycsaprov|Obligations}}'''” as used in this Annex includes the following additional obligations:<br>
With respect to Party A: [SPECIFY] With respect to Party B: [SPECIFY].<br>
{{nycsaprov|13(b)}} '''{{nycsaprov|Credit Support Obligations}}'''.<br>
:{{nycsaprov|13(b)(i)}} Delivery Amount, {{nycsaprov|Return Amount}} and {{nycsaprov|Credit Support Amount}}.<br>
::{{nycsaprov|13(b)(i)(A)}} “'''{{nycsaprov|Delivery Amount}}'''” has the meaning specified in Paragraph {{nycsaprov|3(a)}}, unless otherwise specified here: [SPECIFY]<br>
::{{nycsaprov|13(b)(i)(B)}} “'''{{nycsaprov|Return Amount}}'''” has the meaning specified in Paragraph {{nycsaprov|3(b)}}, unless otherwise specified here: [SPECIFY]<br>
::{{nycsaprov|13(b)(i)(C)}} “'''{{nycsaprov|Credit Support Amount}}'''” has the meaning specified in Paragraph 3, unless otherwise specified here: [SPECIFY]<br>
:{{nycsaprov|13(b)(ii)}} Eligible Collateral. The following items will qualify as “'''{{nycsaprov|Eligible Collateral}}'''” for the party specified:<br>
Party A 	Party B Valuation Percentage<br>
::{{nycsaprov|13(b)(ii)(A)}} Cash 	<br>
::{{nycsaprov|13(b)(ii)(B)}} negotiable debt obligations issued by the U.S. Treasury Department having an original maturity at issuance of not more than one year (“'''{{nycsaprov|Treasury Bills}}'''”)	<br>
::{{nycsaprov|13(b)(ii)(C)}} negotiable debt obligations issued by the U.S. Treasury Department having an original maturity at issuance of more than one year but not more than 10 years (“'''{{nycsaprov|Treasury Notes}}'''”)negotiable debt obligations issued by the U.S. Treasury Department having an original maturity at issuance of more than 10 years (“'''{{nycsaprov|Treasury Bonds}}'''”)<br>
::{{nycsaprov|13(b)(ii)(D)}} other: <br>
:{{nycsaprov|13(b)(iii)}} '''{{nycsaprov|Other Eligible Support}}'''. The following items will qualify as “'''{{nycsaprov|Other Eligible Support}}'''” for the party specified:<br>
	Party A 	Party B<br>
::{{nycsaprov|13(b)(iii)(A)}} [SPECIFY]	[ ]	[ ]<br>
::{{nycsaprov|13(b)(iii)(B)}} [SPECIFY]	[ ]	[ ]<br>
:{{nycsaprov|13(b)(iv)}} '''{{nycsaprov|Thresholds}}'''.<br>
::{{nycsaprov|13(b)(iv)(A)}} “'''{{nycsaprov|Independent Amount}}'''” means with respect to Party A: $ [SPECIFY] “'''{{nycsaprov|Independent Amount}}'''” means with respect to Party B: $ [SPECIFY]<br>
::{{nycsaprov|13(b)(iv)(B)}} “'''{{nycsaprov|Threshold}}'''” means with respect to Party A: $ [SPECIFY] “'''{{nycsaprov|Threshold}}'''” means with respect to Party B: $ [SPECIFY]<br>
::{{nycsaprov|13(b)(iv)(C)}} “'''{{nycsaprov|Minimum Transfer Amount}}'''” means with respect to Party A: $ [SPECIFY] “'''{{nycsaprov|Minimum Transfer Amount}}'''” means with respect to Party B: $ [SPECIFY]<br>
::{{nycsaprov|13(b)(iv)(D)}} '''{{nycsaprov|Rounding}}'''. The {{nycsaprov|Delivery Amount}} and the {{nycsaprov|Return Amount}} will be rounded [down to the nearest integral multiple of $. . . . /up and down to the nearest integral multiple of $. . . ., respectively*].<br>
{{nycsaprov|13(c)}} '''{{nycsaprov|Valuation and Timing}}'''.<br>
:{{nycsaprov|13(c)(i)}} “'''{{nycsaprov|Valuation Agent}}'''” means, for purposes of Paragraphs 3 and 5, the party making the demand under Paragraph 3, and, for purposes of Paragraph {{nycsaprov|6(d)}}, the {{nycsaprov|Secured Party}} receiving or deemed to receive the {{nycsaprov|Distributions}} or the {{nycsaprov|Interest Amount}}, as applicable, unless otherwise specified here: [SPECIFY]<br>
:{{nycsaprov|13(c)(ii)}} “'''{{nycsaprov|Valuation Date}}'''” means: [SPECIFY]<br>
:{{nycsaprov|13(c)(iii)}} “'''{{nycsaprov|Valuation Time}}'''” means:<br>
:[ ] the close of business in the city of the {{nycsaprov|Valuation Agent}} on the {{nycsaprov|Valuation Date}} or date of calculation, as applicable;<br>
:[ ] the close of business on the {{nycsaprov|Local Business Day}} before the {{nycsaprov|Valuation Date}} or date of calculation, as applicable;<br>
::provided that the calculations of {{nycsaprov|Value}} and {{nycsaprov|Exposure}} will be made as of approximately the same time on the same date.<br>
:{{nycsaprov|13(c)(iv)}} “'''{{nycsaprov|Notification Time}}'''” means 1:00 p.m., New York time, on a {{nycsaprov|Local Business Day}}, unless otherwise specified here: [SPECIFY]<br>
{{nycsaprov|13(d)}} '''{{nycsaprov|Conditions Precedentand Secured Party’s Rights and Remedies}}''' . The following Termination Event(s) will be a “'''{{nycsaprov|Specified Condition}}'''” for the party specified (that party being the {{isdaprov|Affected Party}} if the Termination Event occurs with respect to that party):<br>
:{{tabletop}}<br>
:|-<br>
:|<br>
:|Party A<br>
:|Party B<br>
:|-<br>
:|Illegality <br>
:|[SPECIFY]<br>
:|[SPECIFY]<br>
:|-<br>
:|Tax Event<br>
:|[SPECIFY]<br>
:|[SPECIFY]<br>
:|-<br>
:|Tax Event Upon Merger<br>
:|[SPECIFY]<br>
:|[SPECIFY]<br>
:|-<br>
:|Credit Event Upon Merger<br>
:|[SPECIFY]<br>
:|[SPECIFY]<br>
:|-<br>
:|Additional Termination Event(s):<br>
:|[SPECIFY]<br>
:|[SPECIFY]<br>
:|-<br>
:{{tablebottom}}<br>
{{nycsaprov|13(e)}} '''{{nycsaprov|Substitution}}'''.<br>
:{{nycsaprov|13(e)(i)}} “'''{{nycsaprov|Substitution Date}}'''” has the meaning specified in Paragraph {{nycsaprov|4(d)(ii)}}, unless otherwise specified here: [SPECIFY]<br>
:{{nycsaprov|13(e)(ii)}} Consent. If specified here as applicable, then the {{nycsaprov|Pledgor}} must obtain the {{nycsaprov|Secured Party}}’s consent for any substitution pursuant to Paragraph {{nycsaprov|4(d):}} [applicable/inapplicable *]2 <br>
{{nycsaprov|13(f)}} '''{{nycsaprov|Dispute Resolution}}'''.<br>
:{{nycsaprov|13(f)(i)}} “'''{{nycsaprov|Resolution Time}}'''” means 1:00 p.m., New York time, on the {{nycsaprov|Local Business Day}} following the date on which the notice is given that gives rise to a dispute under Paragraph 5, unless otherwise specified here: [SPECIFY]<br>
:{{nycsaprov|13(f)(ii)}} Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the {{nycsaprov|Value}} of {{nycsaprov|Posted Credit Support}} will be calculated as follows: [SPECIFY]<br>
:{{nycsaprov|13(f)(iii)}} Alternative. The provisions of Paragraph 5 will apply, unless an alternative dispute resolution procedure is specified here: [SPECIFY].<br>
{{nycsaprov|13(g)}} '''{{nycsaprov|Holding and Using Posted Collateral}}'''.<br>
:{{nycsaprov|13(g)(i)}} '''{{nycsaprov|Eligibility to Hold Posted Collateral; Custodians}}'''. Party A and its {{nycsaprov|Custodian}} will be entitled to hold {{nycsaprov|Posted Collateral}} pursuant to Paragraph {{nycsaprov|6(b)}}; provided that the following conditions applicable to it are satisfied:<br>
::{{nycsaprov|13(g)(i)(A)}} Party A is not a {{isdaprov|Defaulting Party}}.<br>
::{{nycsaprov|13(g)(i)(B)}} Posted Collateral may be held only in the following jurisdictions: [SPECIFY]<br>
::{{nycsaprov|13(g)(i)(C)}} [SPECIFY] Initially, the {{nycsaprov|Custodian}} for Party A is [SPECIFY]<br>
::Party B and its {{nycsaprov|Custodian}} will be entitled to hold {{nycsaprov|Posted Collateral}} pursuant to Paragraph {{nycsaprov|6(b)}}; provided that the following conditions applicable to it are satisfied:<br>
::{{nycsaprov|13(g)(i)(A)}} Party B is not a {{isdaprov|Defaulting Party}}.<br>
::{{nycsaprov|13(g)(i)(B)}} Posted Collateral may be held only in the following jurisdictions: [SPECIFY]<br>
::{{nycsaprov|13(g)(i)(C)}} [SPECIFY] Initially, the {{nycsaprov|Custodian}} for Party B is [SPECIFY]<br>
:{{nycsaprov|13(g)(ii)}} '''{{nycsaprov|Use of Posted Collateral}}'''. The provisions of Paragraph {{nycsaprov|6(c)}} will not apply to the [party/parties* ] specified here:<br>
::[ ] Party Av<br>
::[ ] Party B<br>
::and [that party/those parties * ] will not be permitted to: [SPECIFY]<br>
{{nycsaprov|13(h)}} '''{{nycsaprov|Distributions and Interest Amount}}}}'''.<br>
:{{nycsaprov|13(h)(i)}} '''{{nycsaprov|Interest Rate}}'''. The “'''{{nycsaprov|Interest Rate}}'''” will be: [SPECIFY].<br>
:{{nycsaprov|13(h)(ii)}} '''{{nycsaprov|Transfer of Interest Amount}}'''. The {{nycsaprov|Transfer}} of the {{nycsaprov|Interest Amount}} will be made on the last {{nycsaprov|Local Business Day}} of each calendar month and on any {{nycsaprov|Local Business Day}} that {{nycsaprov|Posted Collateral}} in the form of {{nycsaprov|Cash}} is {{nycsaprov|Transfer}}red to the {{nycsaprov|Pledgor}} pursuant to Paragraph 3 (b), unless otherwise specified here: [SPECIFY]<br>
:{{nycsaprov|13(h)(iii)}} '''{{nycsaprov|Alternative to Interest Amount}}'''. The provisions of Paragraph {{nycsaprov|6(d)(ii)}} will apply, unless otherwise specified here: [SPECIFY]<br>
{{nycsaprov|13(i)}} '''{{nycsaprov|Additional Representations}}'''.<br>
:[Party A/Party B*] represents to the other party (which representation(s) will be deemed to be repeated as of each date on which it, as the {{nycsaprov|Pledgor}}, {{nycsaprov|Transfer}}s {{nycsaprov|Eligible Collateral}}) that:<br>
:{{nycsaprov|13(i)(ii)}} [SPECIFY]<br>
:{{nycsaprov|13(i)(iii)}} [SPECIFY]<br>
{{nycsaprov|13(j)}} '''{{nycsaprov|Other Eligible Support and Posted Support}}'''.<br>
:{{nycsaprov|13(j)(i)}} “'''{{nycsaprov|Value}}'''” with respect to {{nycsaprov|Other Eligible Support and Posted Support}} means:[ SPECIFY] <br>
:{{nycsaprov|13(j)(ii)}} “'''{{nycsaprov|Transfer}}'''” with respect to {{nycsaprov|Other Eligible Support and Posted Support}} means:[SPECIFY]<br>
{{nycsaprov|13(k)}} '''{{nycsaprov|Demands and Notices}}'''.<br>
:All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise specified here:<br>
:Party A: [SPECIFY] [SPECIFY] Party B: [SPECIFY] [SPECIFY]<br>
{{nycsaprov|13(l)}} '''{{nycsaprov|Addresses for Transfers}}'''.<br>
Party A: [SPECIFY] [SPECIFY] Party B: [SPECIFY] [SPECIFY]<br>
{{nycsaprov|13(m)}} '''{{nycsaprov|Other Provisions}}'''.<br>