Template:ISDA English Law Credit Support Deed 2018 Value

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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,
provided that, for the purposes of calculating Value under Paragraph 11(a), the VP will be 100% and HFX will be zero; 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.