Template:ISDA New York Law Credit Support Annex 2016 6(d): Difference between revisions
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:{{nyvmcsaprov|6(d)(i)}} '''{{nyvmcsaprov|Distributions}}'''. Subject to Paragraph {{nyvmcsaprov|4(a)}}, if the {{nyvmcsaprov|Secured Party}} receives or is deemed to receive {{nyvmcsaprov|Distributions}} on a {{nyvmcsaprov|Local Business Day}}, it will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Pledgor}} not later than the following {{nyvmcsaprov|Local Business Day}} any {{nyvmcsaprov|Distributions}} it receives or is deemed to receive to the extent that a {{nyvmcsaprov|Delivery Amount (VM)}} would not be created or increased by that {{nyvmcsaprov|Transfer}}, as calculated by the {{nyvmcsaprov|Valuation Agent}} (and the date of calculation will be deemed to be a {{nyvmcsaprov|Valuation Date}} for this purpose).<br> | :{{nyvmcsaprov|6(d)(i)}} '''{{nyvmcsaprov|Distributions}}'''. Subject to Paragraph {{nyvmcsaprov|4(a)}}, if the {{nyvmcsaprov|Secured Party}} receives or is deemed to receive {{nyvmcsaprov|Distributions}} on a {{nyvmcsaprov|Local Business Day}}, it will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Pledgor}} not later than the following {{nyvmcsaprov|Local Business Day}} any {{nyvmcsaprov|Distributions}} it receives or is deemed to receive to the extent that a {{nyvmcsaprov|Delivery Amount (VM)}} would not be created or increased by that {{nyvmcsaprov|Transfer}}, as calculated by the {{nyvmcsaprov|Valuation Agent}} (and the date of calculation will be deemed to be a {{nyvmcsaprov|Valuation Date}} for this purpose).<br> | ||
:{{nyvmcsaprov|6(d)(ii)}} {{nyvmcsaprov|Interest Amount (VM)}} and {{nyvmcsaprov|Interest Payment (VM)}}. Unless otherwise specified in Paragraph {{nyvmcsaprov|13 }} and subject to Paragraph {{nyvmcsaprov|4(a)}}, in lieu of any interest, dividends or other amounts paid or deemed to have been paid with respect to {{nyvmcsaprov|Posted Collateral (VM)}} in the form of {{nyvmcsaprov|Cash}} (all of which may be retained by the {{nyvmcsaprov|Secured Party}}),<br> | :{{nyvmcsaprov|6(d)(ii)}} {{nyvmcsaprov|Interest Amount (VM)}} and {{nyvmcsaprov|Interest Payment (VM)}}. Unless otherwise specified in Paragraph {{nyvmcsaprov|13 }} and subject to Paragraph {{nyvmcsaprov|4(a)}}, in lieu of any interest, dividends or other amounts paid or deemed to have been paid with respect to {{nyvmcsaprov|Posted Collateral (VM)}} in the form of {{nyvmcsaprov|Cash}} (all of which may be retained by the {{nyvmcsaprov|Secured Party}}),<br> | ||
::{{nyvmcsaprov|6(d)(ii)(A)}} if | ::{{nyvmcsaprov|6(d)(ii)(A)}} if “{{nyvmcsaprov|Interest Transfer}}” is specified as applicable in Paragraph {{nyvmcsaprov|13}}, the {{nyvmcsaprov|Interest Payer (VM)}} will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Interest Payee (VM)}}, at the times specified in Paragraph {{nyvmcsaprov|13}}, the relevant {{nyvmcsaprov|Interest Payment (VM)}}; provided that if “Interest Payment Netting” is specified as applicable in Paragraph {{nyvmcsaprov|13}}: <br> | ||
:::{{nyvmcsaprov|6(d)(ii)(A)(I)}} if the {{nyvmcsaprov|Interest Payer (VM)}} is entitled to demand a {{nyvmcsaprov|Delivery Amount (VM)}} or {{nyvmcsaprov|Return Amount (VM)}}, in respect of the date such {{nyvmcsaprov|Interest Payment (VM)}} is required to be {{nyvmcsaprov|Transfer}}red:<br> | :::{{nyvmcsaprov|6(d)(ii)(A)(I)}} if the {{nyvmcsaprov|Interest Payer (VM)}} is entitled to demand a {{nyvmcsaprov|Delivery Amount (VM)}} or {{nyvmcsaprov|Return Amount (VM)}}, in respect of the date such {{nyvmcsaprov|Interest Payment (VM)}} is required to be {{nyvmcsaprov|Transfer}}red:<br> | ||
::::{{nyvmcsaprov|6(d)(ii)(A)(I)(a)}} such {{nyvmcsaprov|Delivery Amount (VM)}} or {{nyvmcsaprov|Return Amount (VM)}} will be reduced (but not below zero) by such {{nyvmcsaprov|Interest Payment (VM)}}; provided that, in case of such {{nyvmcsaprov|Return Amount (VM)}}, if the amount of {{nyvmcsaprov|Posted Collateral (VM)}} which is comprised of {{nyvmcsaprov|Cash}} in the {{nyvmcsaprov|Base Currency}} is less than such {{nyvmcsaprov|Interest Payment (VM)}}, such reduction will only be to the extent of the amount of such {{nyvmcsaprov|Cash}} which is {{nyvmcsaprov|Posted Collateral (VM)}} (the “'''{{nyvmcsaprov|Eligible Return Amount (VM)}}'''”); and<br> | ::::{{nyvmcsaprov|6(d)(ii)(A)(I)(a)}} such {{nyvmcsaprov|Delivery Amount (VM)}} or {{nyvmcsaprov|Return Amount (VM)}} will be reduced (but not below zero) by such {{nyvmcsaprov|Interest Payment (VM)}}; provided that, in case of such {{nyvmcsaprov|Return Amount (VM)}}, if the amount of {{nyvmcsaprov|Posted Collateral (VM)}} which is comprised of {{nyvmcsaprov|Cash}} in the {{nyvmcsaprov|Base Currency}} is less than such {{nyvmcsaprov|Interest Payment (VM)}}, such reduction will only be to the extent of the amount of such {{nyvmcsaprov|Cash}} which is {{nyvmcsaprov|Posted Collateral (VM)}} (the “'''{{nyvmcsaprov|Eligible Return Amount (VM)}}'''”); and<br> |