Template:ISDA New York Law Credit Support Annex 2016 3: Difference between revisions

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(Created page with "===Paragraph {{nyvmcsaprov|3}} '''{{nyvmcsaprov|Credit Support Obligations}}'''=== {{nyvmcsaprov|3(a)}} {{nyvmcsaprov|Delivery Amount (VM)}}. Subject to Paragraphs 4 and 5, up...")
 
(Replaced content with "===Paragraph {{nyvmcsaprov|3}} '''{{nyvmcsaprov|Credit Support Obligations}}'''=== {{ISDA New York Law Credit Support Annex 2016 3(a)}} {{ISDA New York Law Credit Support...")
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===Paragraph {{nyvmcsaprov|3}} '''{{nyvmcsaprov|Credit Support Obligations}}'''===
===Paragraph {{nyvmcsaprov|3}} '''{{nyvmcsaprov|Credit Support Obligations}}'''===
{{nyvmcsaprov|3(a)}} {{nyvmcsaprov|Delivery Amount (VM)}}. Subject to Paragraphs 4 and 5, upon a demand made by the {{nyvmcsaprov|Secured Party}} on or promptly following a {{nyvmcsaprov|Valuation Date}}, if the {{nyvmcsaprov|Delivery Amount (VM)}} for that {{nyvmcsaprov|Valuation Date}} equals or exceeds the {{nyvmcsaprov|Pledgor}}’s {{nyvmcsaprov|Minimum Transfer Amount}}, then the {{nyvmcsaprov|Pledgor}} will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Secured Party}} {{nyvmcsaprov|Eligible Credit Support (VM)}} having a {{nyvmcsaprov|Value}} as of the date of {{nyvmcsaprov|Transfer}} at least equal to the applicable {{nyvmcsaprov|Delivery Amount (VM)}} (rounded pursuant to Paragraph {{nyvmcsaprov|13}}). Unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, the “'''{{nyvmcsaprov|Delivery Amount (VM)}}'''” applicable to the {{nyvmcsaprov|Pledgor}} for any {{nyvmcsaprov|Valuation Date}} will equal the amount by which:<br>
{{ISDA New York Law Credit Support Annex 2016 3(a)}}
:(i) the {{nyvmcsaprov|Secured Party}}’s {{nyvmcsaprov|Exposure}}  
{{ISDA New York Law Credit Support Annex 2016 3(b)}}
:exceeds<br>
:(ii) the {{nyvmcsaprov|Value}} as of that {{nyvmcsaprov|Valuation Date}} of all {{nyvmcsaprov|Posted Credit Support (VM)}} held by the {{nyvmcsaprov|Secured Party}}.<br>
{{nyvmcsaprov|3(b)}} {{nyvmcsaprov|Return Amount (VM)}}. Subject to Paragraphs 4 and 5, upon a demand made by the {{nyvmcsaprov|Pledgor}} on or promptly following a {{nyvmcsaprov|Valuation Date}}, if the {{nyvmcsaprov|Return Amount (VM)}} for that {{nyvmcsaprov|Valuation Date}} equals or exceeds the {{nyvmcsaprov|Secured Party}}’s {{nyvmcsaprov|Minimum Transfer Amount}}, then the {{nyvmcsaprov|Secured Party}} will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Pledgor}} {{nyvmcsaprov|Posted Credit Support (VM)}} specified by the {{nyvmcsaprov|Pledgor}} in that demand having a {{nyvmcsaprov|Value}} as of the date of {{nyvmcsaprov|Transfer}} as close as practicable to the applicable {{nyvmcsaprov|Return Amount (VM)}} (rounded pursuant to Paragraph {{nyvmcsaprov|13}}). Unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, the “'''{{nyvmcsaprov|Return Amount}}'''” applicable to the {{nyvmcsaprov|Secured Party}} for any {{nyvmcsaprov|Valuation Date}} will equal the amount by which:<br>
:(i) the {{nyvmcsaprov|Value}} as of that {{nyvmcsaprov|Valuation Date}} of all {{nyvmcsaprov|Posted Credit Support (VM)}} held by the {{nyvmcsaprov|Secured Party}} <br>
:exceeds<br>
:(ii) the {{nyvmcsaprov|Secured Party}}’s {{nyvmcsaprov|Exposure}}.<br>

Revision as of 09:40, 10 January 2020

Paragraph 3 Credit Support Obligations

3(a) Delivery Amount (VM). Subject to Paragraphs 4 and 5, upon a demand made by the Secured Party on or promptly following a Valuation Date, if the Delivery Amount (VM) for that Valuation Date equals or exceeds the Pledgor’s Minimum Transfer Amount, then the Pledgor will Transfer to the Secured Party Eligible Credit Support (VM) having a Value as of the date of Transfer at least equal to the applicable Delivery Amount (VM) (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the “Delivery Amount (VM)” applicable to the Pledgor for any Valuation Date will equal the amount by which:

(i) the Secured Party’s Exposure
exceeds
(ii) the Value as of that Valuation Date of all Posted Credit Support (VM) held by the Secured Party.

3(b) Return Amount (VM). Subject to Paragraphs 4 and 5, upon a demand made by the Pledgor on or promptly following a Valuation Date, if the Return Amount (VM) for that Valuation Date equals or exceeds the Secured Party’s Minimum Transfer Amount, then the Secured Party will Transfer to the Pledgor Posted Credit Support (VM) specified by the Pledgor in that demand having a Value as of the date of Transfer as close as practicable to the applicable Return Amount (VM) (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the “Return Amount” applicable to the Secured Party for any Valuation Date will equal the amount by which:

(i) the Value as of that Valuation Date of all Posted Credit Support (VM) held by the Secured Party
exceeds
(ii) the Secured Party’s Exposure.
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