Template:ISDA New York Law Credit Support Annex 1994 3(b): Difference between revisions

{{nycsaprov|3(b)}} '''{{nycsaprov|Return Amount}}'''. Subject to Paragraphs 4 and 5, upon a demand made by the {{nycsaprov|Pledgor}} on or promptly following a {{nycsaprov|Valuation Date}}, if the {{nycsaprov|Return Amount}} for that {{nycsaprov|Valuation Date}} equals or exceeds the {{nycsaprov|Secured Party}}’s {{nycsaprov|Minimum Transfer Amount}}, then the {{nycsaprov|Secured Party}} will {{nycsaprov|Transfer}} to the {{nycsaprov|Pledgor}} {{nycsaprov|Posted Credit Support}} specified by the {{nycsaprov|Pledgor}} in that demand having a {{nycsaprov|Value}} as of the date of {{nycsaprov|Transfer}} as close as practicable to the applicable {{nycsaprov|Return Amount}} (rounded pursuant to Paragraph {{nycsaprov|13}}). Unless otherwise specified in Paragraph {{nycsaprov|13}}, the “'''{{nycsaprov|Return Amount}}'''” applicable to the {{nycsaprov|Secured Party}} for any {{nycsaprov|Valuation Date}} will equal the amount by which: <br>

:“'''{{nycsaprov|Credit Support Amount}}'''” means, unless otherwise specified in Paragraph {{nycsaprov|13}}, for any {{nycsaprov|Valuation Date}} (i) the {{nycsaprov|Secured Party}}’s {{nycsaprov|Exposure}} for that {{nycsaprov|Valuation Date}} plus (ii) the aggregate of all {{nycsaprov|Independent Amount}}s applicable to the {{nycsaprov|Pledgor}}, if any, minus (iii) all {{nycsaprov|Independent Amount}}s applicable to the {{nycsaprov|Secured Party}}, if any, minus (iv) the {{nycsaprov|Pledgor}}’s {{nycsaprov|Threshold}}; provided, however, that the {{nycsaprov|Credit Support Amount}} will be deemed to be zero whenever the calculation of {{nycsaprov|Credit Support Amount}} yields a number less than zero.<br>