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In a Nutshell™ Section Interest Period:
“Interest Period” means the period from and including the date on which a Credit Support Balance (VM) is first transferred to a party to but excluding the first day on which interest becomes due on (or is applied to) that Credit Support Balance (VM), and from (and including) that day to but excluding the next one.
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2016 VM CSA full text of Section Interest Period:
“Interest Period” means the period from (and including) the last day on which:[1]
- (i) a party became obliged to transfer an Interest Payment (VM) or
- (ii) an Interest Amount (VM) was added to the Credit Support Balance (VM)
- (or, if no Interest Payment (VM) or Interest Amount (VM) has yet fallen due or been added to the Credit Support Balance (VM), respectively, the day on which Eligible Credit Support (VM) or Equivalent Credit Support (VM) in the form of cash was transferred to or received by the Transferee)
to (but excluding) the day on which:
- (i) a party is obliged to transfer the current Interest Payment (VM) or
- (ii) the current Interest Amount (VM) is added to the Credit Support Balance (VM).
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Related Agreements
Click here for the text of Section Interest Period in the 1995 English Law CSA
Click here for the text of Section Interest Period in the 2016 English Law VM CSA
Click [[{{{3}}} - NY VM CSA Provision|here]] for the text of the equivalent, Section [[{{{3}}} - NY VM CSA Provision|{{{3}}}]] in the 2016 NY Law VM CSA
Comparisons
1995 CSA and 2016 VM CSA: click for comparison
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