Template:Nutshell 2016 CSA 5(c)(ii)(A): Difference between revisions

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::{{vmcsaprov|5(c)(ii)(A)}} if “'''{{vmcsaprov|Interest Transfer}}'''” applies the {{vmcsaprov|Interest Payer (VM)}} must transfer an {{vmcsaprov|Interest Payment (VM)}} to the {{vmcsaprov|Interest Payer (VM)}}, as required under Paragraph {{vmcsaprov|11(g)(ii)}} and on any {{isdaprov|Early Termination Date}} provided that if “{{vmcsaprov|Interest Payment Netting}}” applies:  
::{{vmcsaprov|5(c)(ii)(A)}} if “'''{{vmcsaprov|Interest Transfer}}'''” applies the {{vmcsaprov|Interest Payer (VM)}} must transfer an {{vmcsaprov|Interest Payment (VM)}} to the {{vmcsaprov|Interest Payee (VM)}}, as required under Paragraph {{vmcsaprov|11(g)(ii)}} and on any {{isdaprov|Early Termination Date}} provided that if “{{vmcsaprov|Interest Payment Netting}}” applies:  
:::(I) if the {{vmcsaprov|Interest Payer (VM)}} is due a payment under the [[VM CSA]] on the same date:  
:::(I) if the {{vmcsaprov|Interest Payer (VM)}} is due a payment under the [[VM CSA]] on the same date:  
::::(a) it will be reduced by the {{vmcsaprov|Interest Payment (VM)}} (but not below zero), provided that for a {{vmcsaprov|Return Amount (VM)}}, the deduction will only apply to the extent of any {{vmcsaprov|Base Currency}} cash portion of the {{vmcsaprov|Credit Support Balance (VM)}}; and  
::::(a) it will be reduced by the {{vmcsaprov|Interest Payment (VM)}} (but not below zero), provided that for a {{vmcsaprov|Return Amount (VM)}}, the deduction will only apply to the extent of any {{vmcsaprov|Base Currency}} cash portion of the {{vmcsaprov|Credit Support Balance (VM)}}; and  
::::(b) after any such reduction the {{vmcsaprov|Interest Payer (VM)}} must transfer the remaining {{vmcsaprov|Interest Payment (VM)}} to the {{vmcsaprov|Transferee}};  
::::(b) after any such reduction the {{vmcsaprov|Interest Payer (VM)}} must transfer the remaining {{vmcsaprov|Interest Payment (VM)}} to the {{vmcsaprov|Interest Payee (VM)}};  
:::(II) following such a reduction, when working out the {{vmcsaprov|Credit Support Balance (VM)}}, the {{vmcsaprov|Transferee}} will be deemed to have received or transferred the {{vmcsaprov|Base Currency}} cash equivalent of the reduced amount, on the due date for the {{vmcsaprov|Interest Payment (VM)}}; and <br>
:::(II) following such a reduction, when working out the {{vmcsaprov|Credit Support Balance (VM)}}, the {{vmcsaprov|Transferee}} will be deemed to have received or transferred the {{vmcsaprov|Base Currency}} cash equivalent of the reduced amount, on the due date for the {{vmcsaprov|Interest Payment (VM)}}; and <br>

Latest revision as of 10:42, 6 January 2020

5(c)(ii)(A) if “Interest Transfer” applies the Interest Payer (VM) must transfer an Interest Payment (VM) to the Interest Payee (VM), as required under Paragraph 11(g)(ii) and on any Early Termination Date provided that if “Interest Payment Netting” applies:
(I) if the Interest Payer (VM) is due a payment under the VM CSA on the same date:
(a) it will be reduced by the Interest Payment (VM) (but not below zero), provided that for a Return Amount (VM), the deduction will only apply to the extent of any Base Currency cash portion of the Credit Support Balance (VM); and
(b) after any such reduction the Interest Payer (VM) must transfer the remaining Interest Payment (VM) to the Interest Payee (VM);
(II) following such a reduction, when working out the Credit Support Balance (VM), the Transferee will be deemed to have received or transferred the Base Currency cash equivalent of the reduced amount, on the due date for the Interest Payment (VM); and
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