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(Bilateral Form) (ISDA Agreements Subject to New York Law Only)<br>
{{ISDA New York Law Credit Support Annex 2016 preamble}}
<br>
International Swaps and Derivatives Association, Inc.<br>
2016 CREDIT SUPPORT ANNEX FOR VARIATION MARGIN (VM)<br>
dated as of <br>
to the Schedule to the<br>
<br>
dated as of <br>
<br>
This Annex supplements, forms part of, and is subject to, the above-referenced Agreement, is part of its Schedule and is a {{isdaprov|Credit Support Document}} under this Agreement with respect to each party.<br>
Accordingly, the parties agree as follows:—<br>
 
{{ISDA New York Law Credit Support Annex 2016 1}}
{{ISDA New York Law Credit Support Annex 2016 1}}
{{ISDA New York Law Credit Support Annex 2016 2}}
{{ISDA New York Law Credit Support Annex 2016 2}}
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{{ISDA New York Law Credit Support Annex 2016 12}}
{{ISDA New York Law Credit Support Annex 2016 12}}
{{ISDA New York Law Credit Support Annex 2016 13}}
{{ISDA New York Law Credit Support Annex 2016 13}}
 
__NOTOC__
 
===Paragraph {{nyvmcsaprov|12}} '''{{nyvmcsaprov|Definitions}}'''===
As used in this Annex:—<br>
“'''{{nyvmcsaprov|Base Currency}}'''” means the currency specified as such in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Base Currency Equivalent}}'''” means, with respect to an amount on a {{nyvmcsaprov|Valuation Date}}, in the case of an amount denominated in the {{nyvmcsaprov|Base Currency}}, such {{nyvmcsaprov|Base Currency}} amount and, in the case of an amount denominated in a currency other than the {{nyvmcsaprov|Base Currency}} (the “'''{{nyvmcsaprov|Other Currency}}'''”), the amount of {{nyvmcsaprov|Base Currency}} required to purchase such amount of the Other Currency at the spot exchange rate on such {{nyvmcsaprov|Valuation Date}} as determined by the {{nyvmcsaprov|Valuation Agent}}.<br>
“'''{{nyvmcsaprov|Cash}}'''” means, respectively, the {{nyvmcsaprov|Base Currency}} and each other {{nyvmcsaprov|Eligible Currency}}. <br>
“'''{{nyvmcsaprov|Covered Transaction}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Credit Support Eligibility Condition (VM)}}'''” means, with respect to any item specified for a party as {{nyvmcsaprov|Eligible Collateral (VM)}} in Paragraph {{nyvmcsaprov|13}}, any condition specified for that item in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Custodian (VM)}}'''” has the meaning specified in Paragraphs 6(b)(i) and 13. <br>
“'''{{nyvmcsaprov|Delivery Amount (VM)}}'''” has the meaning specified in Paragraph 3(a).<br>
“'''{{nyvmcsaprov|Delivery Amount Reduction (VM)}}'''” has the meaning specified in Paragraph 6(d)(ii)(A)(II). <br>
“'''{{nyvmcsaprov|Disputing Party}}'''” has the meaning specified in Paragraph 5.<br>
“'''{{nyvmcsaprov|Distributions}}'''” means with respect to {{nyvmcsaprov|Posted Collateral (VM)}} other than {{nyvmcsaprov|Cash}}, all principal, interest and other payments and distributions of {{nyvmcsaprov|Cash}} or other property with respect thereto, regardless of whether the {{nyvmcsaprov|Secured Party}} has disposed of that {{nyvmcsaprov|Posted Collateral (VM)}} under Paragraph 6(c). {{nyvmcsaprov|Distributions}} will not include any item of property acquired by the {{nyvmcsaprov|Secured Party}} upon any disposition or liquidation of {{nyvmcsaprov|Posted Collateral (VM)}} or, with respect to any {{nyvmcsaprov|Posted Collateral (VM)}} in the form of {{nyvmcsaprov|Cash}}, any distributions on that collateral, unless otherwise specified herein.<br>
“'''{{nyvmcsaprov|Eligible Collateral (VM)}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Eligible Credit Support (VM)}}'''” means {{nyvmcsaprov|Eligible Collateral (VM)}} and {{nyvmcsaprov|Other Eligible Support (VM)}}.<br>
“'''{{nyvmcsaprov|Eligible Currency}}'''” means each currency specified as such in Paragraph {{nyvmcsaprov|13}}, if such currency is freely available. <br>
“'''{{nyvmcsaprov|Eligible Return Amount (VM)}}'''” has the meaning specified in Paragraph 6(d)(ii)(A)(I)(a).<br>
“'''{{nyvmcsaprov|Exposure}}'''” means, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, for any {{nyvmcsaprov|Valuation Date}} or other date for which {{nyvmcsaprov|Exposure}} is calculated and subject to Paragraph 5 in the case of a dispute:<br>
:{{nyvmcsaprov|(i)}} if this Agreement is a 1992 ISDA Master Agreement, the amount, if any, that would be payable to a party that is the {{nyvmcsaprov|Secured Party}} by the other party (expressed as a positive number) or by a party that is the {{nyvmcsaprov|Secured Party}} to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(2)(A) of this Agreement as if all {{nyvmcsaprov|Covered Transactions}} were being terminated as of the relevant {{nyvmcsaprov|Valuation Time}} on the basis that the {{nyvmcsaprov|Base Currency}} is the Termination Currency; provided that Market Quotation will be determined by the {{nyvmcsaprov|Valuation Agent}} on behalf of that party using its estimates at mid-market of the amounts that would be paid for Replacement {{isdaprov|Transaction}}s (as that term is defined in the definition of “Market Quotation”); and<br>
:{{nyvmcsaprov|(ii)}} if this Agreement is an ISDA 2002 Master Agreement or a 1992 ISDA Master Agreement in which the definition of Loss and/or Market Quotation has been amended (including where such amendment has occurred pursuant to the terms of a separate agreement or protocol) to reflect the definition of Close-out Amount from the pre-printed form of the ISDA 2002 Master Agreement as published by ISDA, the amount, if any, that would be payable to a party that is the {{nyvmcsaprov|Secured Party}} by the other party (expressed as a positive number) or by a party that is the {{nyvmcsaprov|Secured Party}} to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(1) (but without reference to clause (3) of Section 6(e)(ii)) of this Agreement as if all {{nyvmcsaprov|Covered Transactions}} were being terminated as of the relevant {{nyvmcsaprov|Valuation Time}} on the basis that the {{nyvmcsaprov|Base Currency}} is the Termination Currency; provided that the Close-out Amount will be determined by the {{nyvmcsaprov|Valuation Agent}} on behalf of that party using its estimates at mid-market of the amounts that would be paid for {{isdaprov|Transaction}}s providing the economic equivalent of (X) the material terms of the {{nyvmcsaprov|Covered Transactions}}, including the payments and deliveries by the parties under Section 2(a)(i) in respect of the {{nyvmcsaprov|Covered Transactions}} that would, but for the occurrence of the relevant {{isdaprov|Early Termination Date}}, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)), and (Y) the option rights of the parties in respect of the {{nyvmcsaprov|Covered Transactions}}.<br>
“'''{{nyvmcsaprov|Fungible Credit Support Type}}'''” has the meaning specified in Paragraph 11(j)(iii).<br>
“'''{{nyvmcsaprov|FX Haircut Percentage}}'''” means, for any item of {{nyvmcsaprov|Eligible Collateral (VM)}}, the percentage specified as such in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Interest Adjustment Reduction Amount (VM)}}'''” has the meaning specified in Paragraph 6(d)(ii)(B)(II).<br>
“'''{{nyvmcsaprov|Interest Amount (VM)}}'''” means, with respect to an {{nyvmcsaprov|Interest Period}}, the aggregate sum of the {{nyvmcsaprov|Base Currency Equivalent}}s of the amounts of interest determined for each relevant currency and calculated for each day in that {{nyvmcsaprov|Interest Period}} on any {{nyvmcsaprov|Posted Collateral (VM)}} in the form of {{nyvmcsaprov|Cash}} in such currency held by the {{nyvmcsaprov|Secured Party}} on that day, determined by the {{nyvmcsaprov|Secured Party}} for each such day as follows:<br>
:{{nyvmcsaprov|(i)}} the amount of {{nyvmcsaprov|Cash}} in such currency on that day plus, only if “{{nyvmcsaprov|Daily Interest Compounding}}” is specified as applicable in Paragraph {{nyvmcsaprov|13}}, the aggregate of each {{nyvmcsaprov|Interest Amount (VM)}} in respect of such currency determined for each preceding day, if any, in that {{nyvmcsaprov|Interest Period}}; multiplied by<br>
:{{nyvmcsaprov|(ii)}} the {{nyvmcsaprov|Interest Rate (VM)}} in effect for that day; divided by<br>
:{{nyvmcsaprov|(iii)}} 360 (or, in the case of pounds sterling or any other currency specified as an “A/365 Currency” in Paragraph {{nyvmcsaprov|13}}, 365);<br>
provided that, unless “{{nyvmcsaprov|Negative Interest}}” is specified as applicable in Paragraph {{nyvmcsaprov|13}}, if the {{nyvmcsaprov|Interest Amount (VM)}} for an {{nyvmcsaprov|Interest Period}} would be a negative amount, it will be deemed to be zero.<br>
“'''{{nyvmcsaprov|Interest Payee (VM)}}'''” means, in relation to an {{nyvmcsaprov|Interest Payer (VM)}}, the other party.<br>
“'''{{nyvmcsaprov|Interest Payer (VM)}}'''” means the {{nyvmcsaprov|Secured Party}}; provided that if "{{nyvmcsaprov|Negative Interest}}" is specified as applicable in Paragraph {{nyvmcsaprov|13 }} and an {{nyvmcsaprov|Interest Payment (VM)}} is determined in respect of a negative {{nyvmcsaprov|Interest Amount (VM)}}, the {{nyvmcsaprov|Interest Payer (VM)}} in respect of such {{nyvmcsaprov|Interest Payment (VM)}} will be the {{nyvmcsaprov|Pledgor}}.<br>
“'''{{nyvmcsaprov|Interest Payment (VM)}}'''” means, with respect to an {{nyvmcsaprov|Interest Period}}, the {{nyvmcsaprov|Interest Amount (VM)}} determined in respect of such {{nyvmcsaprov|Interest Period}}; provided that in respect of any negative {{nyvmcsaprov|Interest Amount (VM)}}, the {{nyvmcsaprov|Interest Payment (VM)}} will be the absolute {{nyvmcsaprov|Value}} of such negative {{nyvmcsaprov|Interest Amount (VM)}}.<br>
“'''{{nyvmcsaprov|Interest Period}}'''” means the period from (and including) the last day on which (i) a party became obligated to {{nyvmcsaprov|Transfer}} an {{nyvmcsaprov|Interest Payment (VM)}} or (ii) an {{nyvmcsaprov|Interest Amount (VM)}} was included or otherwise became constituted as part of {{nyvmcsaprov|Posted Collateral (VM)}} (or, if no {{nyvmcsaprov|Interest Payment (VM)}} or {{nyvmcsaprov|Interest Amount (VM)}} has yet fallen due or been included or otherwise became constituted as a part of {{nyvmcsaprov|Posted Collateral (VM)}}, respectively, the day on which {{nyvmcsaprov|Eligible Credit Support (VM)}} in the form of {{nyvmcsaprov|Cash}} was {{nyvmcsaprov|Transfer}}red to or received by the {{nyvmcsaprov|Secured Party}}) to (but excluding) the day on which (i) a party is obligated to {{nyvmcsaprov|Transfer}} the current {{nyvmcsaprov|Interest Payment (VM)}} or (ii) the current {{nyvmcsaprov|Interest Amount (VM)}} is included or otherwise becomes constituted as a part of {{nyvmcsaprov|Posted Collateral (VM)}}.<br>
“'''{{nyvmcsaprov|Interest Rate (VM)}}'''” means, with respect to an {{nyvmcsaprov|Eligible Currency}}, the rate specified in Paragraph {{nyvmcsaprov|13 }} for that currency.<br>
“'''{{nyvmcsaprov|Legal Eligibility Requirements}}'''” has the meaning specified in Paragraph 11(g). “'''{{nyvmcsaprov|Legal Ineligibility Notice}}'''” has the meaning specified in Paragraph 11(g). <br>
“'''{{nyvmcsaprov|Local Business Day}}'''”, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, means:<br>
:{{nyvmcsaprov|(i)}} in relation to a {{nyvmcsaprov|Transfer}} of {{nyvmcsaprov|Cash}} or other property (other than securities) under this Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place where the relevant account is located and, if different, in the principal financial center, if any, of the currency of such payment;<br>
:{{nyvmcsaprov|(ii)}} in relation to a {{nyvmcsaprov|Transfer}} of securities under this Annex, a day on which the clearance system agreed between the parties for delivery of the securities is open for the acceptance and execution of settlement instructions or, if delivery of the securities is contemplated by other means, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place(s) agreed between the parties for this purpose;<br>
:{{nyvmcsaprov|(iii)}} in relation to the {{nyvmcsaprov|Resolution Time}}, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in at least one {{nyvmcsaprov|Valuation Date Location}} for Party A and at least one {{nyvmcsaprov|Valuation Date Location}} for Party B; and<br>
:{{nyvmcsaprov|(iv)}} in relation to any notice or other communication under this Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place specified in the address for notice most recently provided by the recipient.<br>
“'''{{nyvmcsaprov|Minimum Transfer Amount}}'''” means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero.<br>
“'''{{nyvmcsaprov|Notification Time}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Obligations}}'''” means, with respect to a party, all present and future obligations of that party under this Agreement and any additional obligations specified for that party in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Other CSA}}'''” means, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, any other credit support annex or credit support deed that is in relation to, or that is a {{isdaprov|Credit Support Document)}} in relation to, this Agreement.<br>
“'''{{nyvmcsaprov|Other CSA Excluded Credit Support}}'''” means, with respect to an {{nyvmcsaprov|Other CSA}}, any amounts and items posted as margin under such {{nyvmcsaprov|Other CSA}}, which, pursuant to the terms of such {{nyvmcsaprov|Other CSA}}, Party A and Party B have agreed must be segregated in an account maintained by a third-party custodian or for which offsets are prohibited.<br>
“'''{{nyvmcsaprov|Other Eligible Support (VM)}}'''” means, with respect to a party, the items, if any, specified as such for that party in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Other Posted Support (VM)}}'''” means all {{nyvmcsaprov|Other Eligible Support (VM)}} {{nyvmcsaprov|Transfer}}red to the {{nyvmcsaprov|Secured Party}} that remains in effect for the benefit of that {{nyvmcsaprov|Secured Party}}.<br>
“'''{{nyvmcsaprov|Pledgor}}'''” means either party, when that party (i) receives a demand for or is required to {{nyvmcsaprov|Transfer}} {{nyvmcsaprov|Eligible Credit Support (VM)}} under Paragraph 3(a) or (ii) has {{nyvmcsaprov|Transfer}}red {{nyvmcsaprov|Eligible Credit Support (VM)}} under Paragraph 3(a).<br>
“'''{{nyvmcsaprov|Posted Collateral (VM)}}'''” means all {{nyvmcsaprov|Eligible Collateral (VM)}}, other property, {{nyvmcsaprov|Distributions}}, and all proceeds thereof that have been {{nyvmcsaprov|Transfer}}red to or received by the {{nyvmcsaprov|Secured Party}} under this Annex and not {{nyvmcsaprov|Transfer}}red to the {{nyvmcsaprov|Pledgor}} pursuant to Paragraph 3(b), 4(d)(ii), 6(d)(i) or 11(h) or released by the {{nyvmcsaprov|Secured Party}} under Paragraph '''{{nyvmcsaprov|8}}'''. With respect to any {{nyvmcsaprov|Other Eligible Support (VM)}} in respect of any {{nyvmcsaprov|Interest Payment (VM)}} or relevant part thereof not {{nyvmcsaprov|Transfer}}red pursuant to Paragraph 6(d)(ii)(A) or Paragraph 6(d)(ii)(B), as applicable, if such {{nyvmcsaprov|Interest Amount (VM)}} is a positive number, such {{nyvmcsaprov|Interest Amount (VM)}} will constitute {{nyvmcsaprov|Posted Collateral (VM)}} in the form of {{nyvmcsaprov|Cash}} in the {{nyvmcsaprov|Base Currency}}.<br>
“'''{{nyvmcsaprov|Posted Credit Support (VM)}}'''” means {{nyvmcsaprov|Posted Collateral (VM)}} and {{nyvmcsaprov|Other Posted Support (VM)}}.<br>
“'''{{nyvmcsaprov|Recalculation Date}}'''” means the {{nyvmcsaprov|Valuation Date}} that gives rise to the dispute under Paragraph 5; provided, however, that if a subsequent {{nyvmcsaprov|Valuation Date}} occurs under Paragraph 3 prior to the resolution of the dispute, then the “'''{{nyvmcsaprov|Recalculation Date}}'''” means the most recent {{nyvmcsaprov|Valuation Date}} under Paragraph 3.<br>
“'''{{nyvmcsaprov|Regular Settlement Day}}'''” means, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, the same {{nyvmcsaprov|Local Business Day}} on which a demand for the {{nyvmcsaprov|Transfer}} of {{nyvmcsaprov|Eligible Credit Support (VM)}} or {{nyvmcsaprov|Posted Credit Support (VM)}} is made.<br>
“'''{{nyvmcsaprov|Resolution Time}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|13}}. <br>
“'''{{nyvmcsaprov|Return Amount (VM)}}'''” has the meaning specified in Paragraph 3(b).<br>
“'''{{nyvmcsaprov|Return Amount Reduction (VM)}}'''” has the meaning specified in Paragraph 6(d)(ii)(A)(II).<br>
“'''{{nyvmcsaprov|Secured Party}}'''” means either party, when that party (i) makes a demand for or is entitled to receive {{nyvmcsaprov|Eligible Credit Support (VM)}} under Paragraph {{nyvmcsaprov|3(a)}} or (ii) holds or is deemed to hold {{nyvmcsaprov|Posted Credit Support (VM)}}.<br>
“'''{{nyvmcsaprov|Set-off}}'''” means {{nyvmcsaprov|Set-off}}, offset, combination of accounts, right of retention or withholding or similar right or requirement (whether arising under this Agreement, another contract, applicable law or otherwise) and, when used as a verb, the exercise of any such right or the imposition of any such requirement.<br>
“'''{{nyvmcsaprov|Specified Condition}}'''” means, with respect to a party, any event specified as such for that party in Paragraph '''{{nyvmcsaprov|13}}'''. <br>
“'''{{nyvmcsaprov|Substitute Credit Support (VM)}}'''” has the meaning specified in Paragraph 4(d)(i).<br>
“'''{{nyvmcsaprov|Substitution Date}}'''” has the meaning specified in Paragraph 4(d)(ii).<br>
“'''{{nyvmcsaprov|Total Ineligibility Date}}'''” has the meaning specified in Paragraph 11(g) unless otherwise specified in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Transfer}}'''” means, with respect to any {{nyvmcsaprov|Eligible Credit Support (VM)}}, {{nyvmcsaprov|Posted Credit Support (VM)}} or {{nyvmcsaprov|Interest Payment (VM)}}, and in accordance with the instructions of the {{nyvmcsaprov|Secured Party}}, {{nyvmcsaprov|Pledgor}} or {{nyvmcsaprov|Custodian (VM)}}, as applicable:<br>
:{{nyvmcsaprov|(i)}} in the case of {{nyvmcsaprov|Cash}}, payment or delivery by wire {{nyvmcsaprov|Transfer}} into one or more bank accounts specified by the recipient;<br>
:{{nyvmcsaprov|(ii)}} in the case of certificated securities that cannot be paid or delivered by book-entry, payment or delivery in appropriate physical form to the recipient or its account accompanied by any duly executed instruments of {{nyvmcsaprov|Transfer}}, assignments in blank, {{nyvmcsaprov|Transfer}} tax stamps and any other documents necessary to constitute a legally valid {{nyvmcsaprov|Transfer}} to the recipient;<br>
:{{nyvmcsaprov|(iii)}} in the case of securities that can be paid or delivered by book-entry, causing the relevant depository institution(s) or other securities intermediaries to make changes to their books and records sufficient to result in a legally effective {{nyvmcsaprov|Transfer}} of the relevant interest to the recipient or its agent; and<br>
:{{nyvmcsaprov|(iv)}} in the case of {{nyvmcsaprov|Other Eligible Support (VM)}} or {{nyvmcsaprov|Other Posted Support (VM)}}, as specified in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Transfer Ineligibility Date}}'''” has the meaning specified in Paragraph 11(g) unless otherwise specified in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Valuation Agent}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Valuation Date}}'''” means, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, each day from, and including, the date of this Annex, that is a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in at least one {{nyvmcsaprov|Valuation Date Location}} for Party A and at least one {{nyvmcsaprov|Valuation Date Location}} for Party B.<br>
“'''{{nyvmcsaprov|Valuation Date Location}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Valuation Percentage}}'''” means, for any item of {{nyvmcsaprov|Eligible Collateral (VM)}}, the percentage specified as such in Paragraph {{nyvmcsaprov|13}}.<br>
“'''{{nyvmcsaprov|Valuation Time}}'''” means, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, the time as of which the {{nyvmcsaprov|Valuation Agent}} computes its end of day valuations of derivatives {{isdaprov|Transaction}}s in the ordinary course of its business (or such other commercially reasonable convenient time on the relevant day as the {{nyvmcsaprov|Valuation Agent}} may determine).<br>
“'''{{nyvmcsaprov|Value}}'''” means for any {{nyvmcsaprov|Valuation Date}} or other date for which {{nyvmcsaprov|Value}} is calculated and subject to Paragraph 5 in the case of a dispute, with respect to:<br>
:{{nyvmcsaprov|(i)}} {{nyvmcsaprov|Eligible Collateral (VM)}} or {{nyvmcsaprov|Posted Collateral (VM)}} that is:<br>
::(A) an amount of {{nyvmcsaprov|Cash}}, the {{nyvmcsaprov|Base Currency Equivalent}} of such amount multiplied by (VP – HFX); and<br>
::(B) a security, the {{nyvmcsaprov|Base Currency Equivalent}} of the bid price obtained by the {{nyvmcsaprov|Valuation Agent}} multiplied by (VP – HFX), where:<br>
:::VP equals the applicable Valuation Percentage; and <br>
:::HFX equals the applicable '''{{nyvmcsaprov|FX Haircut Percentage)}}''';<br>
:{{nyvmcsaprov|(ii)}} {{nyvmcsaprov|Posted Collateral (VM)}} that consists of items that are not {{nyvmcsaprov|Eligible Collateral (VM)}} (including any item or any portion of any item that fails to satisfy any (A) {{nyvmcsaprov|Credit Support Eligibility Condition (VM))}} applicable to it or (B) applicable {{nyvmcsaprov|Legal Eligibility Requirements}}), zero; and<br>
:{{nyvmcsaprov|(iii)}} {{nyvmcsaprov|Other Eligible Support (VM) and Other Posted Support (VM)}}, as specified in Paragraph {{nyvmcsaprov|13}}.<br>
 
===Paragraph '''{{nyvmcsaprov|13}}'''. {{nyvmcsaprov|Elections and Variables}}===
(a) {{nyvmcsaprov|Base Currency and Eligible Currency}}.<br>
(i) “'''{{nyvmcsaprov|Base Currency}}'''” means United States Dollars, unless otherwise specified here: [...]<br>
[...]<br>
(ii) “'''{{nyvmcsaprov|Eligible Currency}}'''” means the {{nyvmcsaprov|Base Currency}} and each other currency specified here:[...]<br>
[...]<br>
(b) {{nyvmcsaprov|Covered Transactions; Security Interest for Obligations; Exposure}}.<br>
(i) The term “{{nyvmcsaprov|Covered Transactions}}” as used in this Annex includes any {{isdaprov|Transaction}} specified below that is entered into on or after [...], except as otherwise provided in the Confirmation of such {{isdaprov|Transaction}}:<br>
(A) For purposes of the foregoing, the term “{{nyvmcsaprov|Covered Transactions}}” includes: [Any {{isdaprov|Transaction}} [that is any of the following] [Swap], [Security-Based Swap], [OTC Derivative], [Physically Settled FX Forward] or [Physically Settled FX Swap]] [and is not any of the following: [Swap], [Security-Based Swap], [OTC Derivative], [Physically Settled FX Forward], or [Physically Settled FX Swap][...]]
As used above:<br>
[“OTC Derivative” means an “OTC derivative” or “OTC derivative contract” as defined in Article 2(7) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“EMIR”) other than one which constitutes (i) a “foreign exchange forward” as defined in Article 7(1)(a) of the final draft regulatory technical standards on risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP under Article 11(15) of EMIR dated March 8, 2016 (the “EMIR RTS”) for so long as such {{isdaprov|Transaction}}s are subject to the transitional exemption from the variation margin requirements under Article 39(6) of the EMIR RTS and<br>
(ii) a single stock equity option or index option {{isdaprov|Transaction}} as referred to in Article 39(7) of the EMIR RTS for so long as such {{isdaprov|Transaction}}s are subject to the transitional exemption from the variation margin requirements under Article 39(7) of the EMIR RTS.]<br>
[“Physically Settled FX Forward” means [...]]<br>
[“Physically Settled FX Swap” means [...]]<br>
[“Security-Based Swap” means a “security-based swap” as defined in Section 3(a)(68) of the U.S. Securities Exchange Act of 1934, as amended (“SEA”), and the rules adopted thereunder. For the avoidance of doubt, the term “Security-Based Swap” does not include a security-based swap that has been cleared by a “clearing agency,” as such term is defined in Section 3(a)(23) of the SEA and the rules adopted thereunder.]<br>
[“Swap” means a “swap” as defined in Section 1a(47) of the U.S. Commodity Exchange Act, as amended (“CEA”), and the regulations adopted thereunder. For the avoidance of doubt, the term “Swap” does not include a swap that has been cleared by a “derivatives clearing organization,” as such term is defined in Section 1a(15) of the CEA and the regulations adopted thereunder.]<br>
[For the purposes of the foregoing, a {{isdaprov|Transaction}} will be deemed to be entered into on or after the date specified in this Paragraph 13(b)(i) if an amendment, novation or other lifecycle event with respect to such {{isdaprov|Transaction}} would cause such {{isdaprov|Transaction}} to be entered into after such date under law applicable to either party requiring the collection or delivery of variation margin.]*<br>
(ii) The term “'''{{nyvmcsaprov|Obligations}}'''” as used in this Annex includes the following additional obligations:<br>
With respect to Party A: [...]<br>
With respect to Party B: [...]<br>
(iii) “'''{{nyvmcsaprov|{{nyvmcsaprov|Exposure}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br>
(c) {{nyvmcsaprov|Credit Support Obligations}}.<br>
(i) {{nyvmcsaprov|Delivery Amount (VM) and Return Amount (VM)}}.<br>
(A) “'''{{nyvmcsaprov|Delivery Amount (VM)}}'''” has the meaning specified in Paragraph 3(a), unless otherwise specified here: [...]<br>
(B) “'''{{nyvmcsaprov|Return Amount (VM)}}'''” has the meaning specified in Paragraph 3(b), unless otherwise specified here: [...]<br>
(ii) {{nyvmcsaprov|Eligible Collateral (VM)}}. Subject to Paragraph 11(g), if applicable, and each {{nyvmcsaprov|Credit Support Eligibility Condition (VM))}} applicable to it specified in Paragraph {{nyvmcsaprov|13}}, if any, the following items will qualify as “'''{{nyvmcsaprov|Eligible Collateral (VM)}}'''” for the party specified (as the {{nyvmcsaprov|Pledgor}}):<br>
 
<br>
Party A Valuation Percentage <br>
Party B Valuation Percentage
(A) {{nyvmcsaprov|Cash}} in an {{nyvmcsaprov|Eligible Currency}} [ ] [ ]% [ ] [ ]%
(B) other: [ ] [ ]% [ ] [ ]%
(iii) {{nyvmcsaprov|Legally Ineligible Credit Support (VM)}}. The provisions of Paragraph 11(g) will not apply to the [party/parties] specified here (as the {{nyvmcsaprov|Secured Party}}):**<br>
[ ] Party A [ ] Party B<br>
(A) “'''{{nyvmcsaprov|Total Ineligibility Date}}'''” has the meaning specified in Paragraph 11(g), unless otherwise specified here [...]<br>
(B) “{{nyvmcsaprov|Transfer}} Ineligibility Date” has the meaning specified in Paragraph 11(g), unless otherwise specified here: [...]<br>
(iv) Credit Support Eligibility Conditions (VM). The following conditions will each be a “'''{{nyvmcsaprov|Credit Support Eligibility Condition (VM)}}'''” for the party specified. Any item will not qualify as {{nyvmcsaprov|Eligible Collateral (VM)}} for a party (as the {{nyvmcsaprov|Pledgor}}) if such item does not satisfy each {{nyvmcsaprov|Credit Support Eligibility Condition (VM))}} applicable to it.<br>
[[...] ]<br>
[[...] ]<br>
(v) “'''{{nyvmcsaprov|Valuation Percentage}}'''”; “'''{{nyvmcsaprov|FX Haircut Percentage}}'''”<br>
(A) “'''{{nyvmcsaprov|Valuation Percentage}}'''” means, with respect to each party (as the {{nyvmcsaprov|Pledgor}}) and item of {{nyvmcsaprov|Eligible Collateral (VM)}}, the percentage (expressed as a decimal) specified in Paragraph 13(c)(ii); provided that if<br>
<br>
<br>
nothing is specified in Paragraph 13(c)(ii), the Valuation Percentage will be 100% unless otherwise specified below. The Valuation Percentage for either party and any item of {{nyvmcsaprov|Eligible Collateral (VM)}} will further be subject to the terms and conditions, if any, specified below as applicable to such party and item:<br>
[...]<br>
[If at any time the Valuation Percentage assigned to an item of {{nyvmcsaprov|Eligible Collateral (VM)}} with respect to a party (as the {{nyvmcsaprov|Pledgor}}) under this Annex is greater than the maximum permitted valuation percentage (prescribed or implied) for such item of collateral under any law requiring the collection of variation margin applicable to the other party (as the {{nyvmcsaprov|Secured Party}}), then the Valuation Percentage with respect to such item of {{nyvmcsaprov|Eligible Collateral (VM)}} and such party will be such maximum permitted valuation percentage.]*<br>
(B) “'''{{nyvmcsaprov|FX Haircut Percentage}}'''” means, with respect to each party (as the {{nyvmcsaprov|Pledgor}}) and item of {{nyvmcsaprov|Eligible Collateral (VM)}}, [[8]%, unless the {{nyvmcsaprov|Eligible Collateral (VM)}} or {{nyvmcsaprov|Posted Collateral (VM)}} is in the form of {{nyvmcsaprov|Cash}} [in a Major Currency] or is denominated in a currency that matches [an {{nyvmcsaprov|Eligible Currency}}], in which case the '''{{nyvmcsaprov|FX Haircut Percentage)}}''' will be 0%.]<br>
[As used above, “Major Currency” means any of: (1) United States Dollar; (2) Canadian Dollar;<br>
(3) Euro; (4) United Kingdom Pound; (5) Japanese Yen; (6) Swiss Franc; (7) New Zealand Dollar;<br>
(8) Australian Dollar; (9) Swedish Kronor; (10) Danish Kroner; (11) Norwegian Krone or any other currency specified below:<br>
[ [...]]]**<br>
(vi) {{nyvmcsaprov|Other Eligible Support (VM)}}. The following items will qualify as “'''{{nyvmcsaprov|Other Eligible Support (VM)}}'''” for the party specified (as the {{nyvmcsaprov|Pledgor}}):<br>
 
Party A Party B
(A) [...] [ ] [ ]
(B) [...] [ ] [ ]
(vii) {{nyvmcsaprov|Minimum Transfer Amount}}.<br>
(A) “'''{{nyvmcsaprov|Minimum Transfer Amount}}'''” means with respect to Party A: $ [...]<br>
“'''{{nyvmcsaprov|Minimum Transfer Amount}}'''” means with respect to Party B: $ [...]<br>
(B) Rounding. The {{nyvmcsaprov|Delivery Amount (VM)}} and the {{nyvmcsaprov|Return Amount (VM)}} will be rounded up and down respectively to the nearest integral multiple of $ [...]<br>
(viii) {{nyvmcsaprov|Transfer}} Timing. “Regular Settlement Day” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: ………………………………………………………………………………………...<br>
(d) {{nyvmcsaprov|Valuation and Timing}}.<br>
(i) “'''{{nyvmcsaprov|Valuation Agent}}'''” means, for purposes of Paragraphs 3 and 5, the party making the demand under Paragraph 3, and, for purposes of Paragraph 6(d), the {{nyvmcsaprov|Secured Party}}, as applicable, unless otherwise specified here: [...]<br>
(ii) “'''{{nyvmcsaprov|Valuation Date}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br>
[...]<br>
<br>
<br>
For purposes of determining the {{nyvmcsaprov|Valuation Date}} and clause (iii) of the definition of “'''{{nyvmcsaprov|Local Business Day}}'''” in Paragraph {{nyvmcsaprov|12)}}, “'''{{nyvmcsaprov|Valuation Date Location}}'''”* means, with respect to each party, each city, region, or country specified below:<br>
Party A: [...]<br>
Party B: [...]<br>
(iii) “'''{{nyvmcsaprov|Valuation Time}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br>
[...]<br>
(iv) “'''{{nyvmcsaprov|Notification Time}}'''” means 10:00 a.m., New York time, on a {{nyvmcsaprov|Local Business Day}}, unless otherwise specified here: [...]<br>
[...]<br>
(e) {{nyvmcsaprov|Conditions Precedent and Secured Party’s Rights and Remedies}}.<br>
(i) The provisions of Paragraph {{nyvmcsaprov|4(a)}} will apply, unless otherwise specified here: [...]<br>
[...]<br>
(ii) If the provisions of Paragraph {{nyvmcsaprov|4(a)}} are applicable, the following Termination Event(s) will be a “'''{{nyvmcsaprov|Specified Condition}}'''” for the party specified (that party being the {{isdaprov|Affected Party}} if the Termination Event occurs with respect to that party):<br>
 
Party A Party B
Illegality [ ] [ ]
Force Majeure Event** [ ] [ ]
Tax Event [ ] [ ]
Tax Event Upon Merger [ ] [ ]
Credit Event Upon Merger [ ] [ ]
Additional Termination Event(s): [ ] [ ]
(f) Substitution.<br>
(i) “'''{{nyvmcsaprov|Substitution Date}}'''” has the meaning specified in Paragraph 4(d)(ii), unless otherwise specified here: [...]<br>
(ii) Consent. If specified here as applicable, then the {{nyvmcsaprov|Pledgor}} must obtain the {{nyvmcsaprov|Secured Party}}’s consent for any substitution pursuant to Paragraph 4(d): [applicable/inapplicable]***<br>
(g) {{nyvmcsaprov|Dispute Resolution}}.<br>
(i) “'''{{nyvmcsaprov|Resolution Time}}'''” means 1:00 p.m., New York time, on the {{nyvmcsaprov|Local Business Day}} following the date on which the notice is given that gives rise to a dispute under Paragraph 5, unless otherwise specified here: [...]<br>
(ii) {{nyvmcsaprov|Value}}. For the purpose of Paragraphs 5(iv)(A)(3) and 5(iv)(B), the {{nyvmcsaprov|Value}} of {{nyvmcsaprov|Posted Credit Support (VM)}} will be calculated as follows: [...]<br>
(iii) Alternative. The provisions of Paragraph 5 will apply, unless an alternative {{nyvmcsaprov|Dispute Resolution}} procedure is specified here: [...]<br>
<br>
<br>
* If applicable, a party can specify more than one {{nyvmcsaprov|Valuation Date Location}}.<br>
** Include if the relevant ISDA Master Agreement is an ISDA 2002 Master Agreement.<br>
*** Parties should consider selecting “applicable” where substitution without consent could give rise to a registration requirement to perfect properly the security interest in Posted Collateral (e.g., where a party to the Annex is the New York branch of an English bank).<br>
(h) {{nyvmcsaprov|Holding and Using Posted Collateral (VM)}}.<br>
(i) Eligibility to Hold {{nyvmcsaprov|Posted Collateral (VM)}}; Custodians (VM). Party A and its {{nyvmcsaprov|Custodian (VM)}} will be entitled to hold {{nyvmcsaprov|Posted Collateral (VM)}} pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:<br>
(1) Party A is not a {{isdaprov|Defaulting Party}}.<br>
(2) [...] Initially, the {{nyvmcsaprov|Custodian (VM)}} for Party A is [...]<br>
[...]<br>
Party B and its {{nyvmcsaprov|Custodian (VM)}} will be entitled to hold {{nyvmcsaprov|Posted Collateral (VM)}} pursuant to Paragraph 6(b);<br>
provided that the following conditions applicable to it are satisfied:<br>
(1) Party B is not a {{isdaprov|Defaulting Party}}.<br>
(2) [...] Initially, the {{nyvmcsaprov|Custodian (VM)}} for Party B is [...]<br>
[...]<br>
(ii) Use of {{nyvmcsaprov|Posted Collateral (VM)}}. The provisions of Paragraph 6(c) will not apply to the [party/parties*] specified here:<br>
[ ] Party A [ ] Party B<br>
and [that party/those parties*] will not be permitted to: [...]<br>
(i) {{nyvmcsaprov|Distributions and Interest Payment (VM)}}.<br>
(i) {{nyvmcsaprov|Interest Rate (VM)}}. The “'''{{nyvmcsaprov|Interest Rate (VM)}}'''” in relation to each {{nyvmcsaprov|Eligible Currency}} specified below will be:<br>
 
{{nyvmcsaprov|Eligible Currency}} {{nyvmcsaprov|Interest Rate (VM)}} A/365 Currency
[...] [...] [...]
[...] [...] [...]
[...] [...] [...]
(ii) {{nyvmcsaprov|Transfer of Interest Payment (VM) or application of Interest Amount (VM)}}.<br>
Interest {{nyvmcsaprov|Transfer}}: [Applicable/Not Applicable]<br>
Interest Payment Netting: [Applicable/Not Applicable]<br>
[The {{nyvmcsaprov|Transfer}} of an {{nyvmcsaprov|Interest Payment (VM)}} by the {{nyvmcsaprov|Interest Payer (VM)}} will be made on [the last {{nyvmcsaprov|Local Business Day}} of each calendar month] [and on any {{nyvmcsaprov|Local Business Day}} that a {{nyvmcsaprov|Return Amount (VM)}} consisting wholly or partly of {{nyvmcsaprov|Cash}} is {{nyvmcsaprov|Transfer}}red to the {{nyvmcsaprov|Pledgor}} pursuant to Paragraph 3(b)]. The {{nyvmcsaprov|Transfer}} of an {{nyvmcsaprov|Interest Payment (VM)}} by the {{nyvmcsaprov|Interest Payer (VM)}} will be made on [the last {{nyvmcsaprov|Local Business Day}} of each calendar month] [and on any {{nyvmcsaprov|Local Business Day}} that a {{nyvmcsaprov|Delivery Amount (VM)}} consisting wholly or partly of {{nyvmcsaprov|Cash}} is {{nyvmcsaprov|Transfer}}red to the {{nyvmcsaprov|Secured Party}} pursuant to Paragraph 3(a)].]<br>
{{nyvmcsaprov|Interest Adjustment}}: [Applicable/Not Applicable]<br>
<br>
<br>
<br>
* Delete as applicable.<br>
[The {{nyvmcsaprov|Posted Collateral (VM)}} will be adjusted by the {{nyvmcsaprov|Secured Party}} on [the last {{nyvmcsaprov|Local Business Day}} of each calendar month][each day].]<br>
(iii) Other Interest Elections.<br>
{{nyvmcsaprov|Negative Interest}}: [Applicable/Not Applicable]<br>
{{nyvmcsaprov|Daily Interest Compounding}}: [Applicable/Not Applicable]<br>
(iv) Alternative to {{nyvmcsaprov|Interest Amount (VM)}} and {{nyvmcsaprov|Interest Payment (VM)}}. The provisions of Paragraph 6(d)(ii) will apply, unless otherwise specified here: [...]<br>
[...]<br>
(j) {{nyvmcsaprov|Credit Support Offsets}}.<br>
If specified here as applicable, then the “{{nyvmcsaprov|Credit Support Offsets}}” provisions in Paragraph 11(j) of this Annex will apply: [applicable/inapplicable].<br>
(k) Additional Representation(s).<br>
[Party A/Party B] represents to the other party (which representation(s) will be deemed to be repeated as of each date on which it, as the {{nyvmcsaprov|Pledgor}}, {{nyvmcsaprov|Transfer}}s {{nyvmcsaprov|Eligible Collateral (VM)}}) that:<br>
(i) [...]<br>
(ii) [...]<br>
(l) {{nyvmcsaprov|Other Eligible Support (VM) and Other Posted Support (VM)}}.<br>
(i) “'''{{nyvmcsaprov|Value}}'''” with respect to {{nyvmcsaprov|Other Eligible Support (VM)}} and {{nyvmcsaprov|Other Posted Support (VM)}} means: [...]<br>
[...]<br>
(ii) “'''{{nyvmcsaprov|Transfer}}'''” with respect to {{nyvmcsaprov|Other Eligible Support (VM)}} and {{nyvmcsaprov|Other Posted Support (VM)}} means: [...]<br>
[...]<br>
(m) {{nyvmcsaprov|Demands and Notices}}.<br>
All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise specified here:<br>
Party A: [...]<br>
[...]<br>
Party B: [...]<br>
[...]<br>
(n) Addresses for {{nyvmcsaprov|Transfer}}s.<br>
Party A: [...]<br>
[...]<br>
Party B: [...]<br>
[...]<br>
(o) “'''{{nyvmcsaprov|Other CSA}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: …………………...<br>
[...]<br>
(p) Other Provisions.<br>
(q)
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