Credit Support Offsets - NY VM CSA Provision: Difference between revisions
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{{Nycsaanat|11(j)|9(h)}} | {{Nycsaanat|11(j)|2016|9(h)}} |
Revision as of 22:35, 22 January 2020
2016 NY VM CSA Anatomy™
then, on such date and in respect of each such Fungible Credit Support Type, each party’s obligation to make a Transfer of any such Fungible Credit Support Type hereunder or under such Other CSA will be automatically satisfied and discharged and, if the aggregate amount that would have otherwise been Transferred by one party exceeds the aggregate amount that would have otherwise been Transferred by the other party, replaced by an obligation hereunder or under such Other CSA, as applicable, upon the party by which the larger aggregate amount would have been Transferred to Transfer to the other party the excess of the larger aggregate amount over the smaller aggregate amount. If a party’s obligation to make a Transfer of credit support under this Annex or an Other CSA is automatically satisfied and discharged pursuant to this Paragraph 11(j), then, for purposes of this Annex or the Other CSA, as applicable, the other party will be deemed to have received credit support of the applicable Fungible Credit Support Type in the amount that would otherwise have been required to be Transferred, in each case on the day on which the relevant Transfer was due.
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