Template:ISDA New York Law Credit Support Annex 2016 11(g): Difference between revisions

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Template:ISDA New York Law Credit Support Annex 2016 11(g) (view source)

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-{{nyvmcsaprov|11(g)}} '''{{nyvmcsaprov|Legally Ineligible Credit Support (VM)}}'''. Unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, upon delivery of a {{nyvmcsaprov|Legal Ineligibility Notice}} by a party, each item of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of such item) identified in such notice (i) will cease to be {{nyvmcsaprov|Eligible Credit Support (VM)}} for purposes of {{nyvmcsaprov|Transfer}}s to such party as the {{nyvmcsaprov|Secured Party}} hereunder as of the applicable {{nyvmcsaprov|Transfer Ineligibility Date}}, (ii) will cease to be {{nyvmcsaprov|Eligible Credit Support (VM)}} for the other party as the {{nyvmcsaprov|Pledgor}} for all purposes hereunder as of the {{nyvmcsaprov|Total Ineligibility Date}} and (iii) will have a {{nyvmcsaprov|Value}} of zero on and from the {{nyvmcsaprov|Total Ineligibility Date}}.<br>
+{{nyvmcsaprov|11(g)}} '''{{nyvmcsaprov|Legally Ineligible Credit Support (VM)}}'''. Unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, upon delivery of a {{nyvmcsaprov|Legal Ineligibility Notice}} by a party, each item of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of such item) identified in such notice
-“'''{{nyvmcsaprov|Legal Ineligibility Notice}}'''” means a written notice from the {{nyvmcsaprov|Secured Party}} to the {{nyvmcsaprov|Pledgor}} in which the {{nyvmcsaprov|Secured Party}} (i) represents that the {{nyvmcsaprov|Secured Party}} has determined that one or more items of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of any such item) either has ceased to satisfy, or as of a specified date will cease to satisfy, collateral eligibility requirements under law applicable to the {{nyvmcsaprov|Secured Party}} requiring the collection of variation margin (the “'''{{nyvmcsaprov|Legal Eligibility Requirements}}'''”), (ii) lists the item(s) of {{nyvmcsaprov|Eligible Credit Support (VM)}} (and, if applicable, the specified amount) that have ceased to satisfy, or as of a specified date will cease to satisfy, the {{nyvmcsaprov|Legal Eligibility Requirements}}, (iii) describes the reason(s) why such item(s) of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or the specified amount thereof) have ceased to satisfy, or will cease to satisfy, the {{nyvmcsaprov|Legal Eligibility Requirements}} and (iv) specifies the {{nyvmcsaprov|Total Ineligibility Date}} and, if different, the {{nyvmcsaprov|Transfer Ineligibility Date}}.<br>
+:(i) will cease to be {{nyvmcsaprov|Eligible Credit Support (VM)}} for purposes of {{nyvmcsaprov|Transfer}}s to such party as the {{nyvmcsaprov|Secured Party}} hereunder as of the applicable {{nyvmcsaprov|Transfer Ineligibility Date}},
+:(ii) will cease to be {{nyvmcsaprov|Eligible Credit Support (VM)}} for the other party as the {{nyvmcsaprov|Pledgor}} for all purposes hereunder as of the {{nyvmcsaprov|Total Ineligibility Date}} and
+:(iii) will have a {{nyvmcsaprov|Value}} of zero on and from the {{nyvmcsaprov|Total Ineligibility Date}}.<br>
+“'''{{nyvmcsaprov|Legal Ineligibility Notice}}'''” means a written notice from the {{nyvmcsaprov|Secured Party}} to the {{nyvmcsaprov|Pledgor}} in which the {{nyvmcsaprov|Secured Party}}
+:(i) represents that the {{nyvmcsaprov|Secured Party}} has determined that one or more items of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of any such item) either has ceased to satisfy, or as of a specified date will cease to satisfy, collateral eligibility requirements under law applicable to the {{nyvmcsaprov|Secured Party}} requiring the collection of variation margin (the “'''{{nyvmcsaprov|Legal Eligibility Requirements}}'''”),
+:(ii) lists the item(s) of {{nyvmcsaprov|Eligible Credit Support (VM)}} (and, if applicable, the specified amount) that have ceased to satisfy, or as of a specified date will cease to satisfy, the {{nyvmcsaprov|Legal Eligibility Requirements}},
+:(iii) describes the reason(s) why such item(s) of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or the specified amount thereof) have ceased to satisfy, or will cease to satisfy, the {{nyvmcsaprov|Legal Eligibility Requirements}} and
+:(iv) specifies the {{nyvmcsaprov|Total Ineligibility Date}} and, if different, the {{nyvmcsaprov|Transfer Ineligibility Date}}.<br>
 “'''{{nyvmcsaprov|Total Ineligibility Date}}'''” means the date on which the relevant item of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of such item) has ceased to satisfy, or will cease to satisfy, the {{nyvmcsaprov|Legal Eligibility Requirements}} applicable to the {{nyvmcsaprov|Secured Party}} for all purposes hereunder; provided that, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, if such date is earlier than the fifth {{nyvmcsaprov|Local Business Day}} following the date on which the {{nyvmcsaprov|Legal Ineligibility Notice}} is delivered, the {{nyvmcsaprov|Total Ineligibility Date}} will be the fifth {{nyvmcsaprov|Local Business Day}} following the date of such delivery.<br>
 “'''{{nyvmcsaprov|Transfer Ineligibility Date}}'''” means the date on which the relevant item of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of such item) has ceased to satisfy, or will cease to satisfy, the {{nyvmcsaprov|Legal Eligibility Requirements}} for purposes of {{nyvmcsaprov|Transfer}}s to the {{nyvmcsaprov|Secured Party}} hereunder; provided that, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, if such date is earlier than the fifth {{nyvmcsaprov|Local Business Day}} following the date on which the {{nyvmcsaprov|Legal Ineligibility Notice}} is delivered, the {{nyvmcsaprov|Transfer Ineligibility Date}} will be the fifth {{nyvmcsaprov|Local Business Day}} following the date of such delivery.<br>