FX Haircut Percentage - NY VM CSA Provision

In a Nutshell™ Section Template:11(c)(v)nycsaprov:

Template:Nutshell 11(c)(v) NY CSA 13(c)(v) view template

Template:11(c)(v)nycsa full text of Section Template:11(c)(v)nycsaprov:

Template:ISDA New York Law Credit Support Annex 11(c)(v) 13(c)(v) view template

Related Agreements
Click [[13(c)(v) - Template:Not11(c)(v)NY CSA Provision|here]] for the text of Section Template:Not11(c)(v)nycsaprov in the [[Template:Not11(c)(v) NY CSA Anatomy|Template:Not11(c)(v) New York law CSA]]
Click [[{{{3}}} - CSA Provision|here]] for the text of Section [[{{{3}}} - CSA Provision|{{{3}}}]] in the 1995 English Law CSA
Click [[{{{3}}} - VM CSA Provision|here]] for the text of Section [[{{{3}}} - VM CSA Provision|{{{3}}}]] in the 2016 English Law VM CSA
Comparisons
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Template:Nycsa capsule 13(c)(v)A provision that assuredly goes into the I’m sorry I asked category. Relevant to the calculation of Value of a gentleman’s Credit Support Balance. An observation one might make here is that if you have a cash-only CSA and as long as you only accept the Major Currencies, then this entire Rube Goldberg provision is unnecessary: The Valuation Percentage will (most likely) be 100%, the FX Haircut Percentage will be zero, so the definition of value that these definitions feed into amounts to the following:

The amount (call it n) multiplied by the sum of 100% minus zero%, or

n * (100% - 0%), or

n * 100%, or

n.

Sigh.

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