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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}} |
| ===Paragraph {{nyvmcsaprov|11}} '''{{nyvmcsaprov|Miscellaneous)}}'''===
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| {{nyvmcsaprov|11(a)}} '''{{nyvmcsaprov|Default Interest}}'''. A {{nyvmcsaprov|Secured Party}} that fails to make, when due, any {{nyvmcsaprov|Transfer}} of {{nyvmcsaprov|Posted Collateral (VM)}} will be obligated to pay the {{nyvmcsaprov|Pledgor}} (to the extent permitted under applicable law) an amount equal to interest at the Default Rate multiplied by the {{nyvmcsaprov|Value}} of the items of property that were required to be {{nyvmcsaprov|Transfer}}red, from (and including) the date that {{nyvmcsaprov|Posted Collateral (VM)}} was required to be {{nyvmcsaprov|Transfer}}red to (but excluding) the date of {{nyvmcsaprov|Transfer}} of that {{nyvmcsaprov|Posted Collateral (VM)}}. This interest will be calculated on the basis of daily compounding and the actual number of days elapsed. An {{nyvmcsaprov|Interest Payer (VM)}} that fails to make, when due, any {{nyvmcsaprov|Transfer}} of an {{nyvmcsaprov|Interest Payment (VM)}} will be obligated to pay the {{nyvmcsaprov|Interest Payee (VM)}} (to the extent permitted under applicable law) an amount equal to interest at the Default Rate (and for such purposes, if the Default Rate is less than zero, it will be deemed to be zero) multiplied by that {{nyvmcsaprov|Interest Payment (VM)}}, from (and including) the date that {{nyvmcsaprov|Interest Payment (VM)}} was required to be {{nyvmcsaprov|Transfer}}red to (but excluding) the date of {{nyvmcsaprov|Transfer}} of that {{nyvmcsaprov|Interest Payment (VM)}}. This interest will be calculated on the basis of daily compounding and the actual number of days elapsed.<br>
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| {{nyvmcsaprov|11(b)}} '''{{nyvmcsaprov|Further Assurances}}'''. Promptly following a demand made by a party, the other party will execute, deliver, file and record any financing statement, specific assignment or other document and take any other action that may be necessary or desirable and reasonably requested by that party to create, preserve, perfect or validate any security interest or lien granted under Paragraph 2, to enable that party to exercise or enforce its rights under this Annex with respect to {{nyvmcsaprov|Posted Credit Support (VM)}} or an {{nyvmcsaprov|Interest Payment (VM)}} or to effect or document a release of a security interest on {{nyvmcsaprov|Posted Collateral (VM)}} or an {{nyvmcsaprov|Interest Payment (VM)}}.<br>
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| {{nyvmcsaprov|11(c)}} '''{{nyvmcsaprov|Further Protection}}'''. The {{nyvmcsaprov|Pledgor}} will promptly give notice to the {{nyvmcsaprov|Secured Party}} of, and defend against, any suit, action, proceeding or lien that involves {{nyvmcsaprov|Posted Credit Support (VM)}} {{nyvmcsaprov|Transfer}}red by the {{nyvmcsaprov|Pledgor}} or that could adversely affect the security interest and lien granted by it under Paragraph 2, unless that suit, action, proceeding or lien results from the exercise of the {{nyvmcsaprov|Secured Party}}’s rights under Paragraph 6(c).<br>
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| {{nyvmcsaprov|11(d)}} '''{{nyvmcsaprov|Good Faith and Commercially Reasonable Manner}}'''. Performance of all obligations under this Annex, including, but not limited to, all calculations, valuations and determinations made by either party, will be made in good faith and in a commercially reasonable manner.<br>
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| {{nyvmcsaprov|11(e)}} {{nyvmcsaprov|Demands and Notices}}. All {{nyvmcsaprov|Demands and Notices}} made by a party under this Annex will be made as specified in the Notices Section of this Agreement, except as otherwise provided in Paragraph {{nyvmcsaprov|13}}.<br>
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| {{nyvmcsaprov|11(f)}} '''{{nyvmcsaprov|Specifications of Certain Matters}}'''. Anything referred to in this Annex as being specified in Paragraph {{nyvmcsaprov|13}} also may be specified in one or more Confirmations or other documents and this Annex will be construed accordingly.<br>
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| {{nyvmcsaprov|11(g)}} '''{{nyvmcsaprov|Legally Ineligible Credit Support (VM)}}'''. Unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, upon delivery of a {{nyvmcsaprov|Legal Ineligibility Notice}} by a party, each item of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of such item) identified in such notice (i) will cease to be {{nyvmcsaprov|Eligible Credit Support (VM)}} for purposes of {{nyvmcsaprov|Transfer}}s to such party as the {{nyvmcsaprov|Secured Party}} hereunder as of the applicable {{nyvmcsaprov|Transfer Ineligibility Date}}, (ii) will cease to be {{nyvmcsaprov|Eligible Credit Support (VM)}} for the other party as the {{nyvmcsaprov|Pledgor}} for all purposes hereunder as of the {{nyvmcsaprov|Total Ineligibility Date}} and (iii) will have a {{nyvmcsaprov|Value}} of zero on and from the {{nyvmcsaprov|Total Ineligibility Date}}.<br>
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| “'''{{nyvmcsaprov|Legal Ineligibility Notice}}'''” means a written notice from the {{nyvmcsaprov|Secured Party}} to the {{nyvmcsaprov|Pledgor}} in which the {{nyvmcsaprov|Secured Party}} (i) represents that the {{nyvmcsaprov|Secured Party}} has determined that one or more items of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of any such item) either has ceased to satisfy, or as of a specified date will cease to satisfy, collateral eligibility requirements under law applicable to the {{nyvmcsaprov|Secured Party}} requiring the collection of variation margin (the “'''{{nyvmcsaprov|Legal Eligibility Requirements}}'''”), (ii) lists the item(s) of {{nyvmcsaprov|Eligible Credit Support (VM)}} (and, if applicable, the specified amount) that have ceased to satisfy, or as of a specified date will cease to satisfy, the {{nyvmcsaprov|Legal Eligibility Requirements}}, (iii) describes the reason(s) why such item(s) of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or the specified amount thereof) have ceased to satisfy, or will cease to satisfy, the {{nyvmcsaprov|Legal Eligibility Requirements}} and (iv) specifies the {{nyvmcsaprov|Total Ineligibility Date}} and, if different, the {{nyvmcsaprov|Transfer Ineligibility Date}}.<br>
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| “'''{{nyvmcsaprov|Total Ineligibility Date}}'''” means the date on which the relevant item of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of such item) has ceased to satisfy, or will cease to satisfy, the {{nyvmcsaprov|Legal Eligibility Requirements}} applicable to the {{nyvmcsaprov|Secured Party}} for all purposes hereunder; provided that, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, if such date is earlier than the fifth {{nyvmcsaprov|Local Business Day}} following the date on which the {{nyvmcsaprov|Legal Ineligibility Notice}} is delivered, the {{nyvmcsaprov|Total Ineligibility Date}} will be the fifth {{nyvmcsaprov|Local Business Day}} following the date of such delivery.<br>
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| “'''{{nyvmcsaprov|Transfer Ineligibility Date}}'''” means the date on which the relevant item of {{nyvmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of such item) has ceased to satisfy, or will cease to satisfy, the {{nyvmcsaprov|Legal Eligibility Requirements}} for purposes of {{nyvmcsaprov|Transfer}}s to the {{nyvmcsaprov|Secured Party}} hereunder; provided that, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, if such date is earlier than the fifth {{nyvmcsaprov|Local Business Day}} following the date on which the {{nyvmcsaprov|Legal Ineligibility Notice}} is delivered, the {{nyvmcsaprov|Transfer Ineligibility Date}} will be the fifth {{nyvmcsaprov|Local Business Day}} following the date of such delivery.<br>
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| {{nyvmcsaprov|11(h)}} '''{{nyvmcsaprov|Return of Posted Credit Support (VM) with a Value of Zero}}'''. Subject to Paragraph {{nyvmcsaprov|4(a)}}, the {{nyvmcsaprov|Secured Party}} will, promptly upon demand (but in no event later than the time at which a {{nyvmcsaprov|Transfer}} would be due under Paragraph 4(b) with respect to a demand for the {{nyvmcsaprov|Transfer}} of {{nyvmcsaprov|Eligible Credit Support (VM)}} or {{nyvmcsaprov|Posted Credit Support (VM)}}), {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Pledgor}} any item of {{nyvmcsaprov|Posted Credit Support (VM)}} (or the specified amount of such item) that as of the date of such demand has a {{nyvmcsaprov|Value}} of zero; provided that the {{nyvmcsaprov|Secured Party}} will only be obligated to {{nyvmcsaprov|Transfer}} any {{nyvmcsaprov|Posted Credit Support (VM)}} in accordance with this Paragraph 11(h), if, as of the date of {{nyvmcsaprov|Transfer}} of such item, the {{nyvmcsaprov|Pledgor}} has satisfied all of its {{nyvmcsaprov|Transfer}} obligations under this Annex, if any.<br>
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| {{nyvmcsaprov|11(i)}} '''{{nyvmcsaprov|Reinstatement of Credit Support Eligibility}}'''. Upon a reasonable request by the {{nyvmcsaprov|Pledgor}}, the {{nyvmcsaprov|Secured Party}} will determine whether an item (or a specified amount of such item) of {{nyvmcsaprov|Eligible Credit Support (VM)}} that was the subject of a prior {{nyvmcsaprov|Legal Ineligibility Notice}} would currently satisfy the {{nyvmcsaprov|Legal Eligibility Requirements}} applicable to the {{nyvmcsaprov|Secured Party}}. If the {{nyvmcsaprov|Secured Party}} determines that as of such date of determination such item (or specified amount of such item) satisfies the {{nyvmcsaprov|Legal Eligibility Requirements}} applicable to the {{nyvmcsaprov|Secured Party}}, the {{nyvmcsaprov|Secured Party}} will promptly following such determination rescind the relevant {{nyvmcsaprov|Legal Ineligibility Notice}} with respect to such item (or specified amount of such item) by written notice to the {{nyvmcsaprov|Pledgor}}. Upon the delivery of such notice, the relevant item (or specified amount of such item) will constitute {{nyvmcsaprov|Eligible Credit Support (VM)}} hereunder.<br>
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| {{nyvmcsaprov|11(j)}} '''{{nyvmcsaprov|Credit Support Offsets}}'''. If the parties specify that “{{nyvmcsaprov|Credit Support Offsets}}” is applicable in Paragraph {{nyvmcsaprov|13}}, and on any date:<br>
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| :{{nyvmcsaprov|11(j)(i)}} a {{nyvmcsaprov|Transfer}} of {{nyvmcsaprov|Eligible Credit Support (VM)}} is due under this Annex to satisfy a {{nyvmcsaprov|Delivery Amount (VM)}} or a {{nyvmcsaprov|Return Amount (VM)}} obligation, and a {{nyvmcsaprov|Transfer}} of credit support (other than any {{nyvmcsaprov|Other CSA Excluded Credit Support}}) is also due under any {{nyvmcsaprov|Other CSA}};<br>
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| :{{nyvmcsaprov|11(j)(ii)}} the parties have notified each other of the credit support that they intend to {{nyvmcsaprov|Transfer}} under this Annex and {{nyvmcsaprov|Transfer}} under such {{nyvmcsaprov|Other CSA}} (other than any {{nyvmcsaprov|Other CSA Excluded Credit Support}}) to satisfy their respective obligations; and<br>
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| :{{nyvmcsaprov|11(j)(iii)}} in respect of Paragraph 11(j)(ii), each party intends to {{nyvmcsaprov|Transfer}} one or more types of credit support that is fully fungible with one or more types of credit support the other party intends to {{nyvmcsaprov|Transfer}} (each such credit support, a “'''{{nyvmcsaprov|Fungible Credit Support Type}}'''”),<br>
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| then, on such date and in respect of each such {{nyvmcsaprov|Fungible Credit Support Type}}, each party’s obligation to make a {{nyvmcsaprov|Transfer}} of any such {{nyvmcsaprov|Fungible Credit Support Type}} hereunder or under such {{nyvmcsaprov|Other CSA}} will be automatically satisfied and discharged and, if the aggregate amount that would have otherwise been {{nyvmcsaprov|Transfer}}red by one party exceeds the aggregate amount that would have otherwise been {{nyvmcsaprov|Transfer}}red by the other party, replaced by an obligation hereunder or under such {{nyvmcsaprov|Other CSA}}, as applicable, upon the party by which the larger aggregate amount would have been {{nyvmcsaprov|Transfer}}red to {{nyvmcsaprov|Transfer}} to the other party the excess of the larger aggregate amount over the smaller aggregate amount. If a party’s obligation to make a {{nyvmcsaprov|Transfer}} of credit support under this Annex or an {{nyvmcsaprov|Other CSA}} is automatically satisfied and discharged pursuant to this Paragraph 11(j), then, for purposes of this Annex or the {{nyvmcsaprov|Other CSA}}, as applicable, the other party will be deemed to have received credit support of the applicable {{nyvmcsaprov|Fungible Credit Support Type}} in the amount that would otherwise have been required to be {{nyvmcsaprov|Transfer}}red, in each case on the day on which the relevant {{nyvmcsaprov|Transfer}} was due.<br>
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| ===Paragraph {{nyvmcsaprov|12}} '''{{nyvmcsaprov|Definitions}}'''=== | | ===Paragraph {{nyvmcsaprov|12}} '''{{nyvmcsaprov|Definitions}}'''=== |