Template:Nutshell 2016 CSA 3(c): Difference between revisions
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Amwelladmin (talk | contribs) Created page with "{{vmcsaprov|3(c)}} '''{{vmcsaprov|Exchanges}}'''. <br> :(i) On any {{vmcsaprov|Local Business Day}} the {{vmcsaprov|Transferor}} may ask the {{vmcsaprov|Transferee}} to exchan..." |
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{{vmcsaprov|3(c)}} '''{{vmcsaprov|Exchanges}}'''. <br> | {{vmcsaprov|3(c)}} '''{{vmcsaprov|Exchanges}}'''. <br> | ||
:(i) On any {{vmcsaprov|Local Business Day}} the {{vmcsaprov|Transferor}} may ask the {{vmcsaprov|Transferee}} to exchange some “'''{{vmcsaprov|New Credit Support (VM)}}'''” for some “'''{{vmcsaprov|Original Credit Support (VM)}}'''” already in its {{vmcsaprov|Credit Support Balance (VM)}}. <br> | :(i) On any {{vmcsaprov|Local Business Day}} the {{vmcsaprov|Transferor}} may ask the {{vmcsaprov|Transferee}} to exchange some “'''{{vmcsaprov|New Credit Support (VM)}}'''” for some “'''{{vmcsaprov|Original Credit Support (VM)}}'''” already in its {{vmcsaprov|Credit Support Balance (VM)}}. <br> | ||
:(ii) If the {{vmcsaprov|Transferee}} | :(ii) If the {{vmcsaprov|Transferee}} consents: | ||
::(A) the {{vmcsaprov|Transferor}} must transfer the {{vmcsaprov|New Credit Support (VM)}} to the {{vmcsaprov|Transferee}} on the {{vmcsaprov|Settlement Day}} after it receives the {{vmcsaprov|Transferee}}’s consent; and | ::(A) the {{vmcsaprov|Transferor}} must transfer the {{vmcsaprov|New Credit Support (VM)}} to the {{vmcsaprov|Transferee}} on the {{vmcsaprov|Settlement Day}} after it receives the {{vmcsaprov|Transferee}}’s consent; and | ||
::(B) the {{vmcsaprov|Transferee}} must transfer to equivalent {{vmcsaprov|Original Credit Support (VM)}}, with a prevailing {{vmcsaprov|Value}} as close as practicable to, but not more than, that of the {{vmcsaprov|New Credit Support (VM)}}, to the {{vmcsaprov|Transferor}} on the {{vmcsaprov|Settlement Day}} after the {{vmcsaprov|Transferee}} receives the {{vmcsaprov|New Credit Support (VM)}} (the “'''{{vmcsaprov|Exchange Date}}'''”). <br> | ::(B) the {{vmcsaprov|Transferee}} must transfer to equivalent {{vmcsaprov|Original Credit Support (VM)}}, with a prevailing {{vmcsaprov|Value}} as close as practicable to, but not more than, that of the {{vmcsaprov|New Credit Support (VM)}}, to the {{vmcsaprov|Transferor}} on the {{vmcsaprov|Settlement Day}} after the {{vmcsaprov|Transferee}} receives the {{vmcsaprov|New Credit Support (VM)}} (the “'''{{vmcsaprov|Exchange Date}}'''”). <br> | ||
Latest revision as of 11:35, 6 December 2021
- (i) On any Local Business Day the Transferor may ask the Transferee to exchange some “New Credit Support (VM)” for some “Original Credit Support (VM)” already in its Credit Support Balance (VM).
- (ii) If the Transferee consents:
- (A) the Transferor must transfer the New Credit Support (VM) to the Transferee on the Settlement Day after it receives the Transferee’s consent; and
- (B) the Transferee must transfer to equivalent Original Credit Support (VM), with a prevailing Value as close as practicable to, but not more than, that of the New Credit Support (VM), to the Transferor on the Settlement Day after the Transferee receives the New Credit Support (VM) (the “Exchange Date”).