|
|
| Line 25: |
Line 25: |
| {{ISDA New York Law Credit Support Annex 2016 13}} | | {{ISDA New York Law Credit Support Annex 2016 13}} |
|
| |
|
| ===Paragraph {{nyvmcsaprov|4}} '''{{nyvmcsaprov|Conditions Precedent, Transfer Timing, Calculations and Substitutions}}'''===
| | |
| {{nyvmcsaprov|4(a)}} '''{{nyvmcsaprov|Conditions Precedent}}'''. Unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, each {{nyvmcsaprov|Transfer}} obligation of the {{nyvmcsaprov|Pledgor}} under Paragraphs 3, 5 and 6(d) and of the {{nyvmcsaprov|Secured Party}} under Paragraphs 3, 4(d)(ii), 5, 6(d) and 11(h) is subject to the conditions precedent that:<br>
| |
| (i) no {{isdaprov|Event of Default}}, {{isdaprov|Potential Event of Default}} or {{nyvmcsaprov|Specified Condition}} has occurred and is continuing with respect to the other party; and<br>
| |
| (ii) no {{isdaprov|Early Termination Date}} for which any unsatisfied payment obligations exist has occurred or been designated as the result of an {{isdaprov|Event of Default}} or {{nyvmcsaprov|Specified Condition}} with respect to the other party.<br>
| |
| {{nyvmcsaprov|4(b)}} '''{{nyvmcsaprov|Transfer Timing}}'''. Subject to Paragraphs 4(a) and 5 and unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, if a demand for the {{nyvmcsaprov|Transfer}} of {{nyvmcsaprov|Eligible Credit Support (VM)}} or {{nyvmcsaprov|Posted Credit Support (VM)}} is made by the Paragraph {{nyvmcsaprov|Notification Time}}, then the relevant {{nyvmcsaprov|Transfer}} will be made not later than the close of business on the {{nyvmcsaprov|Regular Settlement Day}}; if a demand is made after the Paragraph {{nyvmcsaprov|Notification Time}}, then the relevant {{nyvmcsaprov|Transfer}} will be made not later than the close of business on the next {{nyvmcsaprov|Local Business Day}} following the {{nyvmcsaprov|Regular Settlement Day}}.<br>
| |
| {{nyvmcsaprov|4(c)}} '''{{nyvmcsaprov|Calculations}}'''. All calculations of {{nyvmcsaprov|Value}} and {{nyvmcsaprov|Exposure}} for purposes of Paragraphs 3 and 6(d) will be made by the {{nyvmcsaprov|Valuation Agent}} as of the {{nyvmcsaprov|Valuation Time}}; provided that the {{nyvmcsaprov|Valuation Agent}} may use, in the case of any calculation of (i) {{nyvmcsaprov|Value}}, {{nyvmcsaprov|Value}}s most recently reasonably available for close of business in the relevant market for the relevant {{nyvmcsaprov|Eligible Credit Support (VM)}} as of the {{nyvmcsaprov|Valuation Time}} and (ii) {{nyvmcsaprov|Exposure}}, relevant information or data most recently reasonably available for close of business in the relevant market(s) as of the {{nyvmcsaprov|Valuation Time}}. The {{nyvmcsaprov|Valuation Agent}} will notify each party (or the other party, if the {{nyvmcsaprov|Valuation Agent}} is a party) of its calculations not later than the Paragraph {{nyvmcsaprov|Notification Time}} on the {{nyvmcsaprov|Local Business Day}} following the applicable {{nyvmcsaprov|Valuation Date}} (or in the case of Paragraph 6(d), following the date of calculation).<br>
| |
| {{nyvmcsaprov|4(d)}} '''{{nyvmcsaprov|Substitutions}}'''.<br>
| |
| :(i) Unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, upon notice to the {{nyvmcsaprov|Secured Party}} specifying the items of {{nyvmcsaprov|Posted Credit Support (VM)}} to be exchanged, the {{nyvmcsaprov|Pledgor}} may, on any {{nyvmcsaprov|Local Business Day}}, {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Secured Party}} substitute {{nyvmcsaprov|Eligible Credit Support (VM)}} (the “'''{{nyvmcsaprov|Substitute Credit Support (VM)}}'''”); and<br>
| |
| :(ii) subject to Paragraph {{nyvmcsaprov|4(a)}}, the {{nyvmcsaprov|Secured Party}} will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Pledgor}} the items of {{nyvmcsaprov|Posted Credit Support (VM)}} specified by the {{nyvmcsaprov|Pledgor}} in its notice not later than the {{nyvmcsaprov|Local Business Day}} following the date on which the {{nyvmcsaprov|Secured Party}} receives the {{nyvmcsaprov|Substitute Credit Support (VM)}}, unless otherwise specified in Paragraph {{nyvmcsaprov|13 }} (the “'''{{nyvmcsaprov|Substitution Date}}'''”); provided that the {{nyvmcsaprov|Secured Party}} will only be obligated to {{nyvmcsaprov|Transfer}} {{nyvmcsaprov|Posted Credit Support (VM)}} with a {{nyvmcsaprov|Value}} as of the date of {{nyvmcsaprov|Transfer}} of that {{nyvmcsaprov|Posted Credit Support (VM)}} equal to the {{nyvmcsaprov|Value}} as of that date of the {{nyvmcsaprov|Substitute Credit Support (VM)}}.<br>
| |
|
| |
|
| ===Paragraph {{nyvmcsaprov|5}} '''{{nyvmcsaprov|Dispute Resolution}}'''=== | | ===Paragraph {{nyvmcsaprov|5}} '''{{nyvmcsaprov|Dispute Resolution}}'''=== |