|
|
| Line 24: |
Line 24: |
| {{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|3}} '''{{nyvmcsaprov|Credit Support Obligations}}'''===
| |
| {{nyvmcsaprov|3(a)}} {{nyvmcsaprov|Delivery Amount (VM)}}. Subject to Paragraphs 4 and 5, upon a demand made by the {{nyvmcsaprov|Secured Party}} on or promptly following a {{nyvmcsaprov|Valuation Date}}, if the {{nyvmcsaprov|Delivery Amount (VM)}} for that {{nyvmcsaprov|Valuation Date}} equals or exceeds the {{nyvmcsaprov|Pledgor}}’s {{nyvmcsaprov|Minimum Transfer Amount}}, then the {{nyvmcsaprov|Pledgor}} will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Secured Party}} {{nyvmcsaprov|Eligible Credit Support (VM)}} having a {{nyvmcsaprov|Value}} as of the date of {{nyvmcsaprov|Transfer}} at least equal to the applicable {{nyvmcsaprov|Delivery Amount (VM)}} (rounded pursuant to Paragraph {{nyvmcsaprov|13}}). Unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, the “'''{{nyvmcsaprov|Delivery Amount (VM)}}'''” applicable to the {{nyvmcsaprov|Pledgor}} for any {{nyvmcsaprov|Valuation Date}} will equal the amount by which:<br>
| |
| :(i) the {{nyvmcsaprov|Secured Party}}’s {{nyvmcsaprov|Exposure}}
| |
| :exceeds<br>
| |
| :(ii) the {{nyvmcsaprov|Value}} as of that {{nyvmcsaprov|Valuation Date}} of all {{nyvmcsaprov|Posted Credit Support (VM)}} held by the {{nyvmcsaprov|Secured Party}}.<br>
| |
| {{nyvmcsaprov|3(b)}} {{nyvmcsaprov|Return Amount (VM)}}. Subject to Paragraphs 4 and 5, upon a demand made by the {{nyvmcsaprov|Pledgor}} on or promptly following a {{nyvmcsaprov|Valuation Date}}, if the {{nyvmcsaprov|Return Amount (VM)}} for that {{nyvmcsaprov|Valuation Date}} equals or exceeds the {{nyvmcsaprov|Secured Party}}’s {{nyvmcsaprov|Minimum Transfer Amount}}, then the {{nyvmcsaprov|Secured Party}} will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Pledgor}} {{nyvmcsaprov|Posted Credit Support (VM)}} specified by the {{nyvmcsaprov|Pledgor}} in that demand having a {{nyvmcsaprov|Value}} as of the date of {{nyvmcsaprov|Transfer}} as close as practicable to the applicable {{nyvmcsaprov|Return Amount (VM)}} (rounded pursuant to Paragraph {{nyvmcsaprov|13}}). Unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, the “'''{{nyvmcsaprov|Return Amount}}'''” applicable to the {{nyvmcsaprov|Secured Party}} for any {{nyvmcsaprov|Valuation Date}} will equal the amount by which:<br>
| |
| :(i) the {{nyvmcsaprov|Value}} as of that {{nyvmcsaprov|Valuation Date}} of all {{nyvmcsaprov|Posted Credit Support (VM)}} held by the {{nyvmcsaprov|Secured Party}} <br>
| |
| :exceeds<br>
| |
| :(ii) the {{nyvmcsaprov|Secured Party}}’s {{nyvmcsaprov|Exposure}}.<br>
| |
|
| |
|
| ===Paragraph {{nyvmcsaprov|4}} '''{{nyvmcsaprov|Conditions Precedent, Transfer Timing, Calculations and Substitutions}}'''=== | | ===Paragraph {{nyvmcsaprov|4}} '''{{nyvmcsaprov|Conditions Precedent, Transfer Timing, Calculations and Substitutions}}'''=== |