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Template:ISDA English Law Credit Support Annex 2016 3(c): Difference between revisions
Template:ISDA English Law Credit Support Annex 2016 3(c) (view source)
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Amwelladmin (talk | contribs) (Created page with "{{csaprov|3(c)}} '''{{csaprov|Exchanges}}'''. <br> :(i) Unless otherwise specified in Paragraph {{csaprov|11}}, the {{csaprov|Transferor}} may on any {{csaprov|Local Business...") |
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{{csaprov|3(c)}} '''{{csaprov|Exchanges}}'''. <br> | {{csaprov|3(c)}} '''{{csaprov|Exchanges}}'''. <br> | ||
:(i) Unless otherwise specified in Paragraph {{csaprov|11}}, the {{csaprov|Transferor}} may on any {{csaprov|Local Business Day}} by notice inform the {{csaprov|Transferee}} that it wishes to transfer to the {{csaprov|Transferee}} {{csaprov|Eligible Credit Support (VM)}} specified in that notice (the “{{csaprov|New Credit Support (VM)}}”) in exchange for certain {{csaprov|Eligible Credit Support (VM)}} (the “{{csaprov|Original Credit Support (VM)}}”) specified in that notice comprised in the {{csaprov|Transferor}}’s Credit {{csaprov|Support Balance (VM)}}. <br> | :(i) Unless otherwise specified in Paragraph {{csaprov|11}}, the {{csaprov|Transferor}} may on any {{csaprov|Local Business Day}} by notice inform the {{csaprov|Transferee}} that it wishes to transfer to the {{csaprov|Transferee}} {{csaprov|Eligible Credit Support (VM)}} specified in that notice (the “'''{{csaprov|New Credit Support (VM)}}'''”) in exchange for certain {{csaprov|Eligible Credit Support (VM)}} (the “'''{{csaprov|Original Credit Support (VM)}}'''”) specified in that notice comprised in the {{csaprov|Transferor}}’s Credit {{csaprov|Support Balance (VM)}}. <br> | ||
:(ii) If the {{csaprov|Transferee}} notifies the {{csaprov|Transferor}} that it has consented to the proposed exchange, | :(ii) If the {{csaprov|Transferee}} notifies the {{csaprov|Transferor}} that it has consented to the proposed exchange, | ||
::(A) the {{csaprov|Transferor}} will be obliged to transfer the {{csaprov|New Credit Support (VM)}} to the {{csaprov|Transferee}} on the first {{csaprov|Settlement Day}} following the date on which it receives notice (which may be oral telephonic notice) from the {{csaprov|Transferee}} of its consent and | ::(A) the {{csaprov|Transferor}} will be obliged to transfer the {{csaprov|New Credit Support (VM)}} to the {{csaprov|Transferee}} on the first {{csaprov|Settlement Day}} following the date on which it receives notice (which may be oral telephonic notice) from the {{csaprov|Transferee}} of its consent and | ||
::(B) the {{csaprov|Transferee}} will be obliged to transfer to the {{csaprov|Transferor}} {{csaprov|Equivalent Credit Support (VM)}} in respect of the {{csaprov|Original Credit Support (VM)}} not later than the {{csaprov|Settlement Day}} following the date on which the {{csaprov|Transferee}} receives the {{csaprov|New Credit Support (VM)}}, unless otherwise specified in Paragraph {{csaprov|11(e)}} (the “{{csaprov|Exchange Date}}”); provided that the {{csaprov|Transferee}} will only be obliged to transfer {{csaprov|Equivalent Credit Support (VM)}} with a {{csaprov|Value}} as of the date of transfer as close as practicable to, but in any event not more than, the {{csaprov|Value}} of the {{csaprov|New Credit Support (VM)}} as of that date. <br> | ::(B) the {{csaprov|Transferee}} will be obliged to transfer to the {{csaprov|Transferor}} {{csaprov|Equivalent Credit Support (VM)}} in respect of the {{csaprov|Original Credit Support (VM)}} not later than the {{csaprov|Settlement Day}} following the date on which the {{csaprov|Transferee}} receives the {{csaprov|New Credit Support (VM)}}, unless otherwise specified in Paragraph {{csaprov|11(e)}} (the “'''{{csaprov|Exchange Date}}'''”); provided that the {{csaprov|Transferee}} will only be obliged to transfer {{csaprov|Equivalent Credit Support (VM)}} with a {{csaprov|Value}} as of the date of transfer as close as practicable to, but in any event not more than, the {{csaprov|Value}} of the {{csaprov|New Credit Support (VM)}} as of that date. <br> | ||