Template:ISDA English Law Credit Support Annex 2016 Value: Difference between revisions

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“'''{{csaprov|Value}}'''” means, for any {{csaprov|Valuation Date}} or other date for which {{csaprov|Value}} is calculated, and subject to Paragraph {{csaprov|4}} in the case of a dispute, with respect to: <br />
“'''{{vmcsaprov|Value}}'''” means, for any {{vmcsaprov|Valuation Date}} or other date for which {{vmcsaprov|Value}} is calculated, and subject to Paragraph {{vmcsaprov|4}} in the case of a dispute, with respect to: <br />
:(i) {{csaprov|Eligible Credit Support (VM)}} comprised in a {{csaprov|Credit Support Balance (VM)}} or {{csaprov|Equivalent Credit Support (VM)}} that is:  
:(i) {{vmcsaprov|Eligible Credit Support (VM)}} comprised in a {{vmcsaprov|Credit Support Balance (VM)}} or {{vmcsaprov|Equivalent Credit Support (VM)}} that is:  
::(A) an amount of cash, the {{csaprov|Base Currency Equivalent}} of such amount multiplied by (''VP – HFX''), provided that, in the case of a determination of a {{csaprov|Value}} for the purposes of Paragraph {{csaprov|6}}, the {{csaprov|Value}} will be the {{csaprov|Base Currency Equivalent}} of such amount; and  
::(A) an amount of cash, the {{vmcsaprov|Base Currency Equivalent}} of such amount multiplied by (''VP – HFX''), provided that, in the case of a determination of a {{vmcsaprov|Value}} for the purposes of Paragraph {{vmcsaprov|6}}, the {{vmcsaprov|Value}} will be the {{vmcsaprov|Base Currency Equivalent}} of such amount; and  
::(B) a security, the {{csaprov|Base Currency Equivalent}} of the bid price obtained by the {{csaprov|Valuation Agent}} multiplied by (''VP – HFX''), where: <br />
::(B) a security, the {{vmcsaprov|Base Currency Equivalent}} of the bid price obtained by the {{vmcsaprov|Valuation Agent}} multiplied by (''VP – HFX''), where: <br />
::'''VP''' equals the applicable {{csaprov|Valuation Percentage}}; and <br />
::'''VP''' equals the applicable {{vmcsaprov|Valuation Percentage}}; and <br />
::'''HFX''' equals the applicable {{csaprov|FX Haircut Percentage}},  
::'''HFX''' equals the applicable {{vmcsaprov|FX Haircut Percentage}},  
:provided that, in the case of a determination of a {{csaprov|Value}} for the purposes of Paragraph {{csaprov|6}}, the {{csaprov|Value}} will be the {{csaprov|Base Currency Equivalent}} of the bid price obtained by the {{csaprov|Valuation Agent}}; and <br />
:provided that, in the case of a determination of a {{vmcsaprov|Value}} for the purposes of Paragraph {{vmcsaprov|6}}, the {{vmcsaprov|Value}} will be the {{vmcsaprov|Base Currency Equivalent}} of the bid price obtained by the {{vmcsaprov|Valuation Agent}}; and <br />
:(ii) items that are comprised in a {{csaprov|Credit Support Balance (VM)}} and are not {{csaprov|Eligible Credit Support (VM)}} (including any item or any portion of any item that fails to satisfy any (A) {{csaprov|Credit Support Eligibility Conditions (VM)}} applicable to it or (B) applicable {{csaprov|Legal Eligibility Requirements}}), zero provided that any items that are comprised in a {{csaprov|Credit Support Balance (VM)}} that are not {{csaprov|Eligible Credit Support (VM)}} will, in the case of a determination of a {{csaprov|Value}} for the purposes of Paragraph {{csaprov|6}}, have a {{csaprov|Value}} determined in accordance with (i) above as if they were {{csaprov|Eligible Credit Support (VM)}}. <br />
:(ii) items that are comprised in a {{vmcsaprov|Credit Support Balance (VM)}} and are not {{vmcsaprov|Eligible Credit Support (VM)}} (including any item or any portion of any item that fails to satisfy any (A) {{vmcsaprov|Credit Support Eligibility Conditions (VM)}} applicable to it or (B) applicable {{vmcsaprov|Legal Eligibility Requirements}}), zero provided that any items that are comprised in a {{vmcsaprov|Credit Support Balance (VM)}} that are not {{vmcsaprov|Eligible Credit Support (VM)}} will, in the case of a determination of a {{vmcsaprov|Value}} for the purposes of Paragraph {{vmcsaprov|6}}, have a {{vmcsaprov|Value}} determined in accordance with (i) above as if they were {{vmcsaprov|Eligible Credit Support (VM)}}. <br />

Latest revision as of 13:13, 2 December 2019

“Value” means, for any Valuation Date or other date for which Value is calculated, and subject to Paragraph 4 in the case of a dispute, with respect to:

(i) Eligible Credit Support (VM) comprised in a Credit Support Balance (VM) or Equivalent Credit Support (VM) that is:
(A) an amount of cash, the Base Currency Equivalent of such amount multiplied by (VP – HFX), provided that, in the case of a determination of a Value for the purposes of Paragraph 6, the Value will be the Base Currency Equivalent of such amount; and
(B) a security, the Base Currency Equivalent of the bid price obtained by the Valuation Agent multiplied by (VP – HFX), where:
VP equals the applicable Valuation Percentage; and
HFX equals the applicable FX Haircut Percentage,
provided that, in the case of a determination of a Value for the purposes of Paragraph 6, the Value will be the Base Currency Equivalent of the bid price obtained by the Valuation Agent; and
(ii) items that are comprised in a Credit Support Balance (VM) and are not Eligible Credit Support (VM) (including any item or any portion of any item that fails to satisfy any (A) Credit Support Eligibility Conditions (VM) applicable to it or (B) applicable Legal Eligibility Requirements), zero provided that any items that are comprised in a Credit Support Balance (VM) that are not Eligible Credit Support (VM) will, in the case of a determination of a Value for the purposes of Paragraph 6, have a Value determined in accordance with (i) above as if they were Eligible Credit Support (VM).
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