Template:ISDA English Law Credit Support Annex 2016 6: Difference between revisions

{{csaprov|6}}. '''{{csaprov|Default}}'''. <br>

If an {{isdaprov|Early Termination Date}} is designated or deemed to occur as a result of an {{isdaprov|Event of Default}} in relation to a party, an amount equal to the {{csaprov|Value}} of the {{csaprov|Credit Support Balance (VM)}}, determined as though the {{isdaprov|Early Termination Date}} were a {{csaprov|Valuation Date}}, will be deemed to be an {{isdaprov|Unpaid Amount}} due to the {{csaprov|Transferor}} (which may or may not be the Defaulting Party) for purposes of Section {{isdaprov|6(e)}}. {{f|For the avoidance of doubt}} (a) any {{isdaprov|Market Quotation}} determined under Section {{csaprov|6(e)}} in relation to the {{isdaprov|Transaction}} constituted by this {{csaprov|Annex}} will be deemed to be zero, (b) any {{isdaprov|Loss}} determined under Section {{isdaprov|6(e)}} in relation to the {{isdaprov|Transaction}} constituted by this {{csaprov|Annex}} will be limited to the {{isdaprov|Unpaid Amount}} representing the {{csaprov|Value }} of the relevant {{csaprov|Credit Support Balance (VM)}} and any unsatisfied obligations with respect to the transfer of an {{csaprov|Interest Payment (VM)}}; (c) any {{isdaprov|Close-out Amount}} determined under Section {{isdaprov|6(e)}} in relation to the {{isdaprov|Transaction}} constituted by this {{csaprov|Annex}} will be deemed to be zero; and (d) no {{isdaprov|Unpaid Amount}} will be determined with respect to an unsatisfied obligation under Paragraph {{csaprov|2}} and Paragraph {{csaprov|3(c)}}. <br />