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Paragraph 12. Definitions
As used in this Deed:
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“Base Currency Equivalent” of an amount in a currency other than the Base Currency (the “Other Currency”) is the amount of Base Currency the Calculation Agent (IM) determines is needed to buy that Other Currency amount at the prevailing spot exchange rate on the Calculation Date (IM).
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“Chargor” means a party that is required to transfer Eligible Credit Support (IM) under Paragraph 3(a) (or on whose behalf the Custodian (IM) already holds Posted Credit Support (IM)).
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“Control Agreement” is defined in Paragraph 13.
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“Custodian (IM)” for each party as Chargor will be specified in Paragraph 13.
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“Other CSA” means any other collateral arrangement that is designated as a Credit Support Document or counts as a Transaction under the Agreement.
“Posted Credit Support (IM)” means all Eligible Credit Support (IM), Distributions, and other property that has been credited to the relevant Segregated Account by the Custodian (IM) and not transferred back to the Chargor or debited from the Segregated Account.
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“Secured Party” means a party to the extent it is entitled to Eligible Credit Support (IM) or benefits from a Security Interest over Posted Credit Support (IM) credited to the Segregated Accounts.
13(h) “Secured Party Rights Event” means:
- (i) an Early Termination Date for all Transactions happens because of an Event of Default or Access Condition for the Chargor [and the Chargor has not paid its Obligations in full when due]; or
- (ii) if “Failure to Pay Early Termination Amount” applies, the Chargor is suffering an ongoing Event of Default and its Section 6(e) payment obligation for an Early Termination Date for all Transactions [umm something seems to be missing here?]:
Failure to Pay Early Termination Amount [applies][does not apply].
- [(iii)] if “Control Agreement Secured Party Rights Event” applies to a Chargor, a “Secured Party Rights Event” will only occur Secured Party is contractually entitled to exercise exclusive control of the Posted Credit Support (IM).
Party A as Chargor: Control Agreement Secured Party Rights Event [applies][does not apply].
Party B as Chargor: Control Agreement Secured Party Rights Event [applies][does not apply].
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