83,547
edits
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
Line 1: | Line 1: | ||
{{vmcsaprov|3(c)}} '''{{vmcsaprov|Exchanges}}'''. <br> | {{vmcsaprov|3(c)}} '''{{vmcsaprov|Exchanges}}'''. <br> | ||
:(i) Unless otherwise specified in Paragraph {{vmcsaprov|11}}, the {{vmcsaprov|Transferor}} may on any {{vmcsaprov|Local Business Day}} by notice inform the {{vmcsaprov|Transferee}} that it wishes to transfer to the {{vmcsaprov|Transferee}} {{vmcsaprov|Eligible Credit Support (VM)}} specified in that notice (the “'''{{vmcsaprov|New Credit Support (VM)}}'''”) in exchange for certain {{vmcsaprov|Eligible Credit Support (VM)}} (the “'''{{vmcsaprov|Original Credit Support (VM)}}'''”) specified in that notice comprised in the {{vmcsaprov|Transferor}}’s | :(i) Unless otherwise specified in Paragraph {{vmcsaprov|11}}, the {{vmcsaprov|Transferor}} may on any {{vmcsaprov|Local Business Day}} by notice inform the {{vmcsaprov|Transferee}} that it wishes to transfer to the {{vmcsaprov|Transferee}} {{vmcsaprov|Eligible Credit Support (VM)}} specified in that notice (the “'''{{vmcsaprov|New Credit Support (VM)}}'''”) in exchange for certain {{vmcsaprov|Eligible Credit Support (VM)}} (the “'''{{vmcsaprov|Original Credit Support (VM)}}'''”) specified in that notice comprised in the {{vmcsaprov|Transferor}}’s {{vmcsaprov|Credit Support Balance (VM)}}. <br> | ||
:(ii) If the {{vmcsaprov|Transferee}} notifies the {{vmcsaprov|Transferor}} that it has consented to the proposed exchange, | :(ii) If the {{vmcsaprov|Transferee}} notifies the {{vmcsaprov|Transferor}} that it has consented to the proposed exchange, | ||
::(A) the {{vmcsaprov|Transferor}} will be obliged to transfer the {{vmcsaprov|New Credit Support (VM)}} to the {{vmcsaprov|Transferee}} on the first {{vmcsaprov|Settlement Day}} following the date on which it receives notice (which may be oral telephonic notice) from the {{vmcsaprov|Transferee}} of its consent and | ::(A) the {{vmcsaprov|Transferor}} will be obliged to transfer the {{vmcsaprov|New Credit Support (VM)}} to the {{vmcsaprov|Transferee}} on the first {{vmcsaprov|Settlement Day}} following the date on which it receives notice (which may be oral telephonic notice) from the {{vmcsaprov|Transferee}} of its consent and | ||
::(B) the {{vmcsaprov|Transferee}} will be obliged to transfer to the {{vmcsaprov|Transferor}} {{vmcsaprov|Equivalent Credit Support (VM)}} in respect of the {{vmcsaprov|Original Credit Support (VM)}} not later than the {{vmcsaprov|Settlement Day}} following the date on which the {{vmcsaprov|Transferee}} receives the {{vmcsaprov|New Credit Support (VM)}}, unless otherwise specified in Paragraph {{vmcsaprov|11(e)}} (the “'''{{vmcsaprov|Exchange Date}}'''”); provided that the {{vmcsaprov|Transferee}} will only be obliged to transfer {{vmcsaprov|Equivalent Credit Support (VM)}} with a {{vmcsaprov|Value}} as of the date of transfer as close as practicable to, but in any event not more than, the {{vmcsaprov|Value}} of the {{vmcsaprov|New Credit Support (VM)}} as of that date. <br> | ::(B) the {{vmcsaprov|Transferee}} will be obliged to transfer to the {{vmcsaprov|Transferor}} {{vmcsaprov|Equivalent Credit Support (VM)}} in respect of the {{vmcsaprov|Original Credit Support (VM)}} not later than the {{vmcsaprov|Settlement Day}} following the date on which the {{vmcsaprov|Transferee}} receives the {{vmcsaprov|New Credit Support (VM)}}, unless otherwise specified in Paragraph {{vmcsaprov|11(e)}} (the “'''{{vmcsaprov|Exchange Date}}'''”); provided that the {{vmcsaprov|Transferee}} will only be obliged to transfer {{vmcsaprov|Equivalent Credit Support (VM)}} with a {{vmcsaprov|Value}} as of the date of transfer as close as practicable to, but in any event not more than, the {{vmcsaprov|Value}} of the {{vmcsaprov|New Credit Support (VM)}} as of that date. <br> |