Template:ISDA New York Law Credit Support Annex 2016 13: Difference between revisions
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=== Paragraph '''{{nyvmcsaprov|13}}'''. {{nyvmcsaprov|Elections and Variables}}=== {{nyvmcsaprov|13(a)}} '''{{nyvmcsaprov|Base Currency and Eligible Currency}}'''.<br> | === Paragraph '''{{nyvmcsaprov|13}}'''. {{nyvmcsaprov|Elections and Variables}}=== | ||
{{nyvmcsaprov|13(a)}} '''{{nyvmcsaprov|Base Currency and Eligible Currency}}'''.<br> | |||
::{{nyvmcsaprov|13(a)(i)}} “'''{{nyvmcsaprov|Base Currency}}'''” means United States Dollars, unless otherwise specified here: [...]<br> | ::{{nyvmcsaprov|13(a)(i)}} “'''{{nyvmcsaprov|Base Currency}}'''” means United States Dollars, unless otherwise specified here: [...]<br> | ||
::{{nyvmcsaprov|13(a)(ii)}} “'''{{nyvmcsaprov|Eligible Currency}}'''” means the {{nyvmcsaprov|Base Currency}} and each other currency specified here:[...]<br> | ::{{nyvmcsaprov|13(a)(ii)}} “'''{{nyvmcsaprov|Eligible Currency}}'''” means the {{nyvmcsaprov|Base Currency}} and each other currency specified here:[...]<br> | ||
{{nyvmcsaprov|13(b)}} '''{{nyvmcsaprov|Covered Transactions; Security Interest for Obligations; Exposure}}'''.<br> | |||
::{{nyvmcsaprov|13(b)(i)}} The term “{{nyvmcsaprov|Covered Transactions}}” as used in this Annex includes any {{isdaprov|Transaction)}} specified below that is entered into on or after [...], except as otherwise provided in the Confirmation of such {{isdaprov|Transaction)}}:<br> | ::{{nyvmcsaprov|13(b)(i)}} The term “{{nyvmcsaprov|Covered Transactions}}” as used in this Annex includes any {{isdaprov|Transaction)}} specified below that is entered into on or after [...], except as otherwise provided in the Confirmation of such {{isdaprov|Transaction)}}:<br> | ||
:::{{nyvmcsaprov|13(b)(i)(A)}} For purposes of the foregoing, the term “{{nyvmcsaprov|Covered Transactions}}” includes: [Any {{isdaprov|Transaction)}} [that is any of the following] [Swap], [Security-Based Swap], [OTC Derivative], [Physically Settled FX Forward] or [Physically Settled FX Swap]] [and is not any of the following: [Swap], [Security-Based Swap], [OTC Derivative], [Physically Settled FX Forward], or [Physically Settled FX Swap][...]] | :::{{nyvmcsaprov|13(b)(i)(A)}} For purposes of the foregoing, the term “{{nyvmcsaprov|Covered Transactions}}” includes: [Any {{isdaprov|Transaction)}} [that is any of the following] [Swap], [Security-Based Swap], [OTC Derivative], [Physically Settled FX Forward] or [Physically Settled FX Swap]] [and is not any of the following: [Swap], [Security-Based Swap], [OTC Derivative], [Physically Settled FX Forward], or [Physically Settled FX Swap][...]] | ||
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::With respect to Party A: [...]<br> | ::With respect to Party A: [...]<br> | ||
::With respect to Party B: [...]<br> | ::With respect to Party B: [...]<br> | ||
::{{nyvmcsaprov|13(b)(iii)}} “'''{{nyvmcsaprov|{{nyvmcsaprov|Exposure}}}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br> | ::{{nyvmcsaprov|13(b)(iii)}} “'''{{nyvmcsaprov|{{nyvmcsaprov|Exposure}}}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br> | ||
{{nyvmcsaprov|13(c)}} '''{{nyvmcsaprov|Credit Support Obligations}}'''.<br> | |||
::{{nyvmcsaprov|13(c)(i)}} '''{{nyvmcsaprov|Delivery Amount (VM) and Return Amount (VM)}}'''.<br> | ::{{nyvmcsaprov|13(c)(i)}} '''{{nyvmcsaprov|Delivery Amount (VM) and Return Amount (VM)}}'''.<br> | ||
:::{{nyvmcsaprov|13(c)(i)(A)}} “'''{{nyvmcsaprov|Delivery Amount (VM)}}'''” has the meaning specified in Paragraph 3(a), unless otherwise specified here: [...]<br> | :::{{nyvmcsaprov|13(c)(i)(A)}} “'''{{nyvmcsaprov|Delivery Amount (VM)}}'''” has the meaning specified in Paragraph 3(a), unless otherwise specified here: [...]<br> | ||
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:::“'''{{nyvmcsaprov|Minimum Transfer Amount}}'''” means with respect to Party B: $ [...]<br> | :::“'''{{nyvmcsaprov|Minimum Transfer Amount}}'''” means with respect to Party B: $ [...]<br> | ||
:::{{nyvmcsaprov|13(c)(vii)(B)}} Rounding. The {{nyvmcsaprov|Delivery Amount (VM)}} and the {{nyvmcsaprov|Return Amount (VM)}} will be rounded up and down respectively to the nearest integral multiple of $ [...]<br> | :::{{nyvmcsaprov|13(c)(vii)(B)}} Rounding. The {{nyvmcsaprov|Delivery Amount (VM)}} and the {{nyvmcsaprov|Return Amount (VM)}} will be rounded up and down respectively to the nearest integral multiple of $ [...]<br> | ||
::{{nyvmcsaprov|13(c)(viii)}} '''{{nyvmcsaprov|Transfer Timing}}'''. “Regular Settlement Day” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: […]<br> | ::{{nyvmcsaprov|13(c)(viii)}} '''{{nyvmcsaprov|Transfer Timing}}'''. “Regular Settlement Day” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: […]<br> | ||
{{nyvmcsaprov|13(d)}} '''{{nyvmcsaprov|Valuation and Timing}}'''.<br> | |||
::{{nyvmcsaprov|13(d)(i)}} “'''{{nyvmcsaprov|Valuation Agent}}'''” means, for purposes of Paragraphs 3 and 5, the party making the demand under Paragraph 3, and, for purposes of Paragraph 6(d), the {{nyvmcsaprov|Secured Party}}, as applicable, unless otherwise specified here: [...]<br> | ::{{nyvmcsaprov|13(d)(i)}} “'''{{nyvmcsaprov|Valuation Agent}}'''” means, for purposes of Paragraphs 3 and 5, the party making the demand under Paragraph 3, and, for purposes of Paragraph 6(d), the {{nyvmcsaprov|Secured Party}}, as applicable, unless otherwise specified here: [...]<br> | ||
::{{nyvmcsaprov|13(d)(ii)}} “'''{{nyvmcsaprov|Valuation Date}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br> | ::{{nyvmcsaprov|13(d)(ii)}} “'''{{nyvmcsaprov|Valuation Date}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br> | ||
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::Party B: [...]<br> | ::Party B: [...]<br> | ||
::{{nyvmcsaprov|13(d)(iii)}} “'''{{nyvmcsaprov|Valuation Time}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br> | ::{{nyvmcsaprov|13(d)(iii)}} “'''{{nyvmcsaprov|Valuation Time}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br> | ||
::{{nyvmcsaprov|13(d)(iv)}} “'''{{nyvmcsaprov|Notification Time}}'''” means 10:{{nyvmcsaprov|00}} a.m., New York time, on a {{nyvmcsaprov|Local Business Day}}, unless otherwise specified here: [...]<br> | ::{{nyvmcsaprov|13(d)(iv)}} “'''{{nyvmcsaprov|Notification Time}}'''” means 10:{{nyvmcsaprov|00}} a.m., New York time, on a {{nyvmcsaprov|Local Business Day}}, unless otherwise specified here: [...]<br> | ||
{{nyvmcsaprov|13(e)}} '''{{nyvmcsaprov|Conditions Precedent and Secured Party’s Rights and Remedies}}'''.<br> | |||
::{{nyvmcsaprov|13(e)(i)}} The provisions of Paragraph {{nyvmcsaprov|4(a)}} will apply, unless otherwise specified here: [...]<br> | ::{{nyvmcsaprov|13(e)(i)}} The provisions of Paragraph {{nyvmcsaprov|4(a)}} will apply, unless otherwise specified here: [...]<br> | ||
::{{nyvmcsaprov|13(e)(ii)}} If the provisions of Paragraph {{nyvmcsaprov|4(a)}} are applicable, the following Termination Event(s) will be a “'''{{nyvmcsaprov|Specified Condition}}'''” for the party specified (that party being the {{isdaprov|Affected Party}} if the Termination Event occurs with respect to that party):<br> | ::{{nyvmcsaprov|13(e)(ii)}} If the provisions of Paragraph {{nyvmcsaprov|4(a)}} are applicable, the following Termination Event(s) will be a “'''{{nyvmcsaprov|Specified Condition}}'''” for the party specified (that party being the {{isdaprov|Affected Party}} if the Termination Event occurs with respect to that party):<br> | ||
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| […] | | […] | ||
| […] | | […] | ||
{{tablebottom}} | {{tablebottom}} | ||
{{nyvmcsaprov|13(f)}} '''{{nyvmcsaprov|Substitution}}'''.<br> | |||
::{{nyvmcsaprov|13(f)(i)}} “'''{{nyvmcsaprov|Substitution Date}}'''” has the meaning specified in Paragraph 4(d)(ii), unless otherwise specified here: [...]<br> | ::{{nyvmcsaprov|13(f)(i)}} “'''{{nyvmcsaprov|Substitution Date}}'''” has the meaning specified in Paragraph 4(d)(ii), unless otherwise specified here: [...]<br> | ||
::{{nyvmcsaprov|13(f)(ii)}} '''Consent'''. If specified here as applicable, then the {{nyvmcsaprov|Pledgor}} must obtain the {{nyvmcsaprov|Secured Party}}’s consent for any substitution pursuant to Paragraph 4(d): [applicable/inapplicable]<ref>Parties should consider selecting “applicable” where substitution without consent could give rise to a registration requirement to perfect properly the security interest in Posted Collateral (e.g., where a party to the Annex is the New York branch of an English bank)</ref><br> | ::{{nyvmcsaprov|13(f)(ii)}} '''Consent'''. If specified here as applicable, then the {{nyvmcsaprov|Pledgor}} must obtain the {{nyvmcsaprov|Secured Party}}’s consent for any substitution pursuant to Paragraph 4(d): [applicable/inapplicable]<ref>Parties should consider selecting “applicable” where substitution without consent could give rise to a registration requirement to perfect properly the security interest in Posted Collateral (e.g., where a party to the Annex is the New York branch of an English bank)</ref><br> | ||
{{nyvmcsaprov|13(g)}} '''{{nyvmcsaprov|Dispute Resolution}}'''.<br> | |||
::{{nyvmcsaprov|13(g)(i)}} “'''{{nyvmcsaprov|Resolution Time}}'''” means 1:{{nyvmcsaprov|00}} p.m., New York time, on the {{nyvmcsaprov|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: [...]<br> | ::{{nyvmcsaprov|13(g)(i)}} “'''{{nyvmcsaprov|Resolution Time}}'''” means 1:{{nyvmcsaprov|00}} p.m., New York time, on the {{nyvmcsaprov|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: [...]<br> | ||
::{{nyvmcsaprov|13(g)(ii)}} '''{{nyvmcsaprov|Value}}'''. For the purpose of Paragraphs 5(iv)(A)(3) and 5(iv)(B), the {{nyvmcsaprov|Value}} of {{nyvmcsaprov|Posted Credit Support (VM)}} will be calculated as follows: [...]<br> | ::{{nyvmcsaprov|13(g)(ii)}} '''{{nyvmcsaprov|Value}}'''. For the purpose of Paragraphs 5(iv)(A)(3) and 5(iv)(B), the {{nyvmcsaprov|Value}} of {{nyvmcsaprov|Posted Credit Support (VM)}} will be calculated as follows: [...]<br> | ||
::{{nyvmcsaprov|13(g)(iii)}} '''Alternative'''. The provisions of Paragraph 5 will apply, unless an alternative {{nyvmcsaprov|Dispute Resolution}} procedure is specified here: [...]<br> | ::{{nyvmcsaprov|13(g)(iii)}} '''Alternative'''. The provisions of Paragraph 5 will apply, unless an alternative {{nyvmcsaprov|Dispute Resolution}} procedure is specified here: [...]<br> | ||
{{nyvmcsaprov|13(h)}} '''{{nyvmcsaprov|Holding and Using Posted Collateral (VM)}}'''.<br> | |||
::{{nyvmcsaprov|13(h)(i)}} '''{{nyvmcsaprov|Eligibility to Hold Posted Collateral (VM); Custodians (VM)}}'''. Party A and its {{nyvmcsaprov|Custodian (VM)}} will be entitled to hold {{nyvmcsaprov|Posted Collateral (VM)}} pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:<br> | ::{{nyvmcsaprov|13(h)(i)}} '''{{nyvmcsaprov|Eligibility to Hold Posted Collateral (VM); Custodians (VM)}}'''. Party A and its {{nyvmcsaprov|Custodian (VM)}} will be entitled to hold {{nyvmcsaprov|Posted Collateral (VM)}} pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:<br> | ||
:::{{nyvmcsaprov|13(h)(i)(A)}} Party A is not a {{isdaprov|Defaulting Party}}.<br> | :::{{nyvmcsaprov|13(h)(i)(A)}} Party A is not a {{isdaprov|Defaulting Party}}.<br> | ||
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::[…] Party A <br> | ::[…] Party A <br> | ||
::[…] Party B<br> | ::[…] Party B<br> | ||
::and [that party/those parties*] will not be permitted to: [...]<br> | ::and [that party/those parties*] will not be permitted to: [...]<br> | ||
{{nyvmcsaprov|13(i)}} '''{{nyvmcsaprov|Distributions and Interest Payment (VM)}}'''.<br> | |||
::{{nyvmcsaprov|13(i)(i)}} '''{{nyvmcsaprov|Interest Rate (VM)}}'''. The “'''{{nyvmcsaprov|Interest Rate (VM)}}'''” in relation to each {{nyvmcsaprov|Eligible Currency}} specified below will be:<br> | ::{{nyvmcsaprov|13(i)(i)}} '''{{nyvmcsaprov|Interest Rate (VM)}}'''. The “'''{{nyvmcsaprov|Interest Rate (VM)}}'''” in relation to each {{nyvmcsaprov|Eligible Currency}} specified below will be:<br> | ||
{{tabletopalign|align=left|width=80|background=white|left margin=20|right margin=10}} | {{tabletopalign|align=left|width=80|background=white|left margin=20|right margin=10}} | ||
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::'''{{nyvmcsaprov|Negative Interest}}''': [Applicable/Not Applicable]<br> | ::'''{{nyvmcsaprov|Negative Interest}}''': [Applicable/Not Applicable]<br> | ||
::'''{{nyvmcsaprov|Daily Interest Compounding}}''': [Applicable/Not Applicable]<br> | ::'''{{nyvmcsaprov|Daily Interest Compounding}}''': [Applicable/Not Applicable]<br> | ||
::{{nyvmcsaprov|13(i)(iv)}} '''{{nyvmcsaprov|Alternative to Interest Amount (VM) and Interest Payment (VM)}}'''. The provisions of Paragraph 6(d)(ii) will apply, unless otherwise specified here: [...]<br> | ::{{nyvmcsaprov|13(i)(iv)}} '''{{nyvmcsaprov|Alternative to Interest Amount (VM) and Interest Payment (VM)}}'''. The provisions of Paragraph 6(d)(ii) will apply, unless otherwise specified here: [...]<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 {{nyvmcsaprov|Pledgor}}, {{nyvmcsaprov|Transfer}}s {{nyvmcsaprov|Eligible Collateral (VM)}}) that: […]<br> | {{nyvmcsaprov|13(j)}} '''{{nyvmcsaprov|Credit Support Offsets}}'''. If specified here as applicable, then the “{{nyvmcsaprov|Credit Support Offsets}}” provisions in Paragraph 11(j) of this Annex will apply: [applicable/inapplicable].<br> | ||
{{nyvmcsaprov|13(k)}} '''{{csaprov|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 {{nyvmcsaprov|Pledgor}}, {{nyvmcsaprov|Transfer}}s {{nyvmcsaprov|Eligible Collateral (VM)}}) that: […]<br> | |||
{{nyvmcsaprov|13(l)}} '''{{nyvmcsaprov|Other Eligible Support (VM) and Other Posted Support (VM)}}'''.<br> | |||
::{{nyvmcsaprov|13(l)(i)}} “'''{{nyvmcsaprov|Value}}'''” with respect to {{nyvmcsaprov|Other Eligible Support (VM)}} and {{nyvmcsaprov|Other Posted Support (VM)}} means: [...]<br> | ::{{nyvmcsaprov|13(l)(i)}} “'''{{nyvmcsaprov|Value}}'''” with respect to {{nyvmcsaprov|Other Eligible Support (VM)}} and {{nyvmcsaprov|Other Posted Support (VM)}} means: [...]<br> | ||
::{{nyvmcsaprov|13(l)(ii)}} “'''{{nyvmcsaprov|Transfer}}'''” with respect to {{nyvmcsaprov|Other Eligible Support (VM)}} and {{nyvmcsaprov|Other Posted Support (VM)}} means: [...]<br> | ::{{nyvmcsaprov|13(l)(ii)}} “'''{{nyvmcsaprov|Transfer}}'''” with respect to {{nyvmcsaprov|Other Eligible Support (VM)}} and {{nyvmcsaprov|Other Posted Support (VM)}} means: [...]<br> | ||
{{nyvmcsaprov|13(m)}} '''{{nyvmcsaprov|Demands and Notices}}'''. 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: [...]<br> | :Party A: [...]<br> | ||
:Party B: [...]<br> | :Party B: [...]<br> | ||
{{nyvmcsaprov|13(n)}} '''{{nyvmcsaprov|Addresses for Transfers}}'''.<br> | |||
:Party A: [...]<br> | :Party A: [...]<br> | ||
:Party B: [...]<br> | :Party B: [...]<br> | ||
{{nyvmcsaprov|13(o)}} “'''{{nyvmcsaprov|Other CSA}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br> | |||
{{nyvmcsaprov|13(p)}} '''{{nyvmcsaprov|Other Provisions}}'''.<br> |