Template:ISDA English Law Credit Support Deed 2018 Valuation

“Value” means, unless otherwise specified in Paragraph 13, for any Calculation Date (IM) or other date for which Value is calculated and subject to Paragraph 5 in the case of a dispute, with respect to:

(i) save as provided in clause (ii) below, Eligible Credit Support (IM) comprised in the Posted Credit Support (IM):

(A) an amount of Cash, the Base Currency Equivalent of such amount multiplied by (VP – HFX); and

(B) a security, the Base Currency Equivalent of the bid price obtained by the Calculation Agent (IM) multiplied by (VP – HFX):

where:

VP equals the applicable Valuation Percentage; and

HFX equals the applicable FX Haircut Percentage,

provided that, for the purposes of calculating Value under Paragraph 11(a), the VP will be 100% and HFX will be zero; and

(ii) Posted Credit Support (IM) that consists of items that are, in respect of the relevant posting obligation, deemed as of such date to have a Value of zero pursuant to Paragraph 13, zero.

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“Calculation Date (IM)” means, unless otherwise specified in Paragraph 13, each day from, and including the date of this Deed, that is a day on which commercial banks are open for general business in at least one Calculation Date Location (IM) for Party A and at least one Calculation Date Location (IM) for Party B.
“Calculation Time (IM)” has the meaning specified in Paragraph 13.
“Calculation Date Location (IM)” has the meaning specified in Paragraph 13.
“Valuation Percentage” means, for any item of Eligible Credit Support (IM), the percentage specified in accordance with Paragraph 13.