Template:ISDA English Law Credit Support Deed 2018 Value: Difference between revisions
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“'''{{ | “'''{{imcsdprov|Value}}'''” means, unless otherwise specified in Paragraph {{imcsdprov|13}}, for any {{imcsdprov|Calculation Date (IM)}} or other date for which {{imcsdprov|Value}} is calculated and subject to Paragraph {{imcsdprov|5}} in the case of a dispute, with respect to:<br> | ||
:(i) save as provided in clause (ii) below, {{imcsdprov|Eligible Credit Support (IM)}} comprised in the {{imcsdprov|Posted Credit Support (IM)}}:<br> | :(i) save as provided in clause (ii) below, {{imcsdprov|Eligible Credit Support (IM)}} comprised in the {{imcsdprov|Posted Credit Support (IM)}}:<br> | ||
::(A) an amount of {{ | ::(A) an amount of {{imcsdprov|Cash}}, the {{imcsdprov|Base Currency Equivalent}} of such amount multiplied by ({{imcsdprov|VP}} – {{imcsdprov|HFX}}); and<br> | ||
::(B) a security, the {{imcsdprov|Base Currency Equivalent}} of the [[bid]] price obtained by the {{imcsdprov|Calculation Agent (IM)}} multiplied by (VP – HFX):<br> | ::(B) a security, the {{imcsdprov|Base Currency Equivalent}} of the [[bid]] price obtained by the {{imcsdprov|Calculation Agent (IM)}} multiplied by ({{imcsdprov|VP}} – {{imcsdprov|HFX}}):<br> | ||
::where:<br> | ::where:<br> | ||
::: | :::“{{imcsdprov|VP}}” equals the applicable {{imcsd|Valuation Percentage}}; and <br> | ||
::: | :::“{{imcsdprov|HFX}}” equals the [[applicable]] {{imcsdprov|FX Haircut Percentage}},<br> | ||
::provided that, for the purposes of calculating {{ | ::provided that, for the purposes of calculating {{imcsdprov|Value}} under Paragraph {{imcsdprov|11(a)}}, the {{imcsdprov|VP}} will be 100% and {{imcsdprov|HFX}} will be zero; and<br> | ||
:(ii) {{imcsdprov|Posted Credit Support (IM)}} that consists of items that are, in respect of the relevant posting obligation, deemed as of such date to have a {{ | :(ii) {{imcsdprov|Posted Credit Support (IM)}} that consists of items that are, in respect of the relevant posting obligation, deemed as of such date to have a {{imcsdprov|Value}} of zero pursuant to Paragraph {{imcsdprov|13}}, zero. <br> | ||
Latest revision as of 16:34, 20 April 2021
“Value” means, unless otherwise specified in Paragraph 13, for any Calculation Date (IM) or other date for which Value is calculated and subject to Paragraph 5 in the case of a dispute, with respect to:
- (i) save as provided in clause (ii) below, Eligible Credit Support (IM) comprised in the Posted Credit Support (IM):
- (A) an amount of Cash, the Base Currency Equivalent of such amount multiplied by (VP – HFX); and
- (B) a security, the Base Currency Equivalent of the bid price obtained by the Calculation Agent (IM) multiplied by (VP – HFX):
- where:
- “VP” equals the applicable 2018 English law IM CSD; and
- “HFX” equals the applicable FX Haircut Percentage,
- “VP” equals the applicable 2018 English law IM CSD; and
- provided that, for the purposes of calculating Value under Paragraph 11(a), the VP will be 100% and HFX will be zero; and
- (A) an amount of Cash, the Base Currency Equivalent of such amount multiplied by (VP – HFX); and
- (ii) Posted Credit Support (IM) that consists of items that are, in respect of the relevant posting obligation, deemed as of such date to have a Value of zero pursuant to Paragraph 13, zero.