Template:ISDA English Law Credit Support Annex 2016 Interest Payer (VM)

“Interest Payer (VM)” means the Transferee, provided that if “Negative Interest” is specified as applicable in Paragraph 11(g)(iii) and an Interest Payment (VM) is determined in respect of a negative Interest Amount (VM), the Interest Payer (VM) in respect of such Interest Payment (VM) will be the Transferor.