Template:ISDA English Law Credit Support Annex 2016 3(c): Difference between revisions
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{{vmcsaprov|3(c)}} '''{{vmcsaprov|Exchanges}}'''. <br> | {{vmcsaprov|3(c)}} '''{{vmcsaprov|Exchanges}}'''. <br> | ||
:(i) Unless otherwise specified in Paragraph {{vmcsaprov|11}}, the {{vmcsaprov|Transferor}} may on any {{vmcsaprov|Local Business Day}} by notice inform the {{vmcsaprov|Transferee}} that it wishes to transfer to the {{vmcsaprov|Transferee}} {{vmcsaprov|Eligible Credit Support (VM)}} specified in that notice (the “'''{{vmcsaprov|New Credit Support (VM)}}'''”) in exchange for certain {{vmcsaprov|Eligible Credit Support (VM)}} (the “'''{{vmcsaprov|Original Credit Support (VM)}}'''”) specified in that notice comprised in the {{vmcsaprov|Transferor}}’s | :(i) Unless otherwise specified in Paragraph {{vmcsaprov|11}}, the {{vmcsaprov|Transferor}} may on any {{vmcsaprov|Local Business Day}} by notice inform the {{vmcsaprov|Transferee}} that it wishes to transfer to the {{vmcsaprov|Transferee}} {{vmcsaprov|Eligible Credit Support (VM)}} specified in that notice (the “'''{{vmcsaprov|New Credit Support (VM)}}'''”) in exchange for certain {{vmcsaprov|Eligible Credit Support (VM)}} (the “'''{{vmcsaprov|Original Credit Support (VM)}}'''”) specified in that notice comprised in the {{vmcsaprov|Transferor}}’s {{vmcsaprov|Credit Support Balance (VM)}}. <br> | ||
:(ii) If the {{vmcsaprov|Transferee}} notifies the {{vmcsaprov|Transferor}} that it has consented to the proposed exchange, | :(ii) If the {{vmcsaprov|Transferee}} notifies the {{vmcsaprov|Transferor}} that it has consented to the proposed exchange, | ||
::(A) the {{vmcsaprov|Transferor}} will be obliged to transfer the {{vmcsaprov|New Credit Support (VM)}} to the {{vmcsaprov|Transferee}} on the first {{vmcsaprov|Settlement Day}} following the date on which it receives notice (which may be oral telephonic notice) from the {{vmcsaprov|Transferee}} of its consent and | ::(A) the {{vmcsaprov|Transferor}} will be obliged to transfer the {{vmcsaprov|New Credit Support (VM)}} to the {{vmcsaprov|Transferee}} on the first {{vmcsaprov|Settlement Day}} following the date on which it receives notice (which may be oral telephonic notice) from the {{vmcsaprov|Transferee}} of its consent and | ||
::(B) the {{vmcsaprov|Transferee}} will be obliged to transfer to the {{vmcsaprov|Transferor}} {{vmcsaprov|Equivalent Credit Support (VM)}} in respect of the {{vmcsaprov|Original Credit Support (VM)}} not later than the {{vmcsaprov|Settlement Day}} following the date on which the {{vmcsaprov|Transferee}} receives the {{vmcsaprov|New Credit Support (VM)}}, unless otherwise specified in Paragraph {{vmcsaprov|11(e)}} (the “'''{{vmcsaprov|Exchange Date}}'''”); provided that the {{vmcsaprov|Transferee}} will only be obliged to transfer {{vmcsaprov|Equivalent Credit Support (VM)}} with a {{vmcsaprov|Value}} as of the date of transfer as close as practicable to, but in any event not more than, the {{vmcsaprov|Value}} of the {{vmcsaprov|New Credit Support (VM)}} as of that date. <br> | ::(B) the {{vmcsaprov|Transferee}} will be obliged to transfer to the {{vmcsaprov|Transferor}} {{vmcsaprov|Equivalent Credit Support (VM)}} in respect of the {{vmcsaprov|Original Credit Support (VM)}} not later than the {{vmcsaprov|Settlement Day}} following the date on which the {{vmcsaprov|Transferee}} receives the {{vmcsaprov|New Credit Support (VM)}}, unless otherwise specified in Paragraph {{vmcsaprov|11(e)}} (the “'''{{vmcsaprov|Exchange Date}}'''”); provided that the {{vmcsaprov|Transferee}} will only be obliged to transfer {{vmcsaprov|Equivalent Credit Support (VM)}} with a {{vmcsaprov|Value}} as of the date of transfer as close as practicable to, but in any event not more than, the {{vmcsaprov|Value}} of the {{vmcsaprov|New Credit Support (VM)}} as of that date. <br> | ||
Latest revision as of 17:24, 6 January 2020
- (i) Unless otherwise specified in Paragraph 11, the Transferor may on any Local Business Day by notice inform the Transferee that it wishes to transfer to the Transferee Eligible Credit Support (VM) specified in that notice (the “New Credit Support (VM)”) in exchange for certain Eligible Credit Support (VM) (the “Original Credit Support (VM)”) specified in that notice comprised in the Transferor’s Credit Support Balance (VM).
- (ii) If the Transferee notifies the Transferor that it has consented to the proposed exchange,
- (A) the Transferor will be obliged to transfer the New Credit Support (VM) to the Transferee on the first Settlement Day following the date on which it receives notice (which may be oral telephonic notice) from the Transferee of its consent and
- (B) the Transferee will be obliged to transfer to the Transferor Equivalent Credit Support (VM) in respect of the Original Credit Support (VM) not later than the Settlement Day following the date on which the Transferee receives the New Credit Support (VM), unless otherwise specified in Paragraph 11(e) (the “Exchange Date”); provided that the Transferee will only be obliged to transfer Equivalent Credit Support (VM) with a Value as of the date of transfer as close as practicable to, but in any event not more than, the Value of the New Credit Support (VM) as of that date.