Template:ISDA New York Law Credit Support Annex 2016 Interest Payer (VM)

“Interest Payer (VM)” means the Secured Party; provided that if "Negative Interest" is specified as applicable in Paragraph 13 and an Interest Payment (VM) is determined in respect of a negative Interest Amount (VM), the Interest Payer (VM) in respect of such Interest Payment (VM) will be the Pledgor.