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Template:ISDA English Law Credit Support Annex 2016 5(c)(ii)(A): Difference between revisions
Template:ISDA English Law Credit Support Annex 2016 5(c)(ii)(A) (view source)
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::{{vmcsaprov|5(c)(ii)(A)}} if “'''{{vmcsaprov|Interest Transfer}}'''” is specified as applicable in Paragraph {{vmcsaprov|11(g)(ii)}}, the {{vmcsaprov|Interest Payer (VM)}} will transfer to the {{vmcsaprov|Interest | ::{{vmcsaprov|5(c)(ii)(A)}} if “'''{{vmcsaprov|Interest Transfer}}'''” is specified as applicable in Paragraph {{vmcsaprov|11(g)(ii)}}, the {{vmcsaprov|Interest Payer (VM)}} will transfer to the {{vmcsaprov|Interest Payee (VM)}}, at the times specified in Paragraph {{vmcsaprov|11(g)(ii)}} and on any {{isdaprov|Early Termination Date}} referred to in Paragraph {{vmcsaprov|6}}, the relevant {{vmcsaprov|Interest Payment (VM)}}, ''provided'' that if “{{vmcsaprov|Interest Payment Netting}}” is specified as applicable in Paragraph {{vmcsaprov|11(g)(ii)}}: | ||
:::(I) if the {{vmcsaprov|Interest Payer (VM)}} is entitled to demand a {{vmcsaprov|Delivery Amount (VM)}} or {{vmcsaprov|Return Amount (VM)}} in respect of the date such {{vmcsaprov|Interest Payment (VM)}} is required to be transferred: | :::(I) if the {{vmcsaprov|Interest Payer (VM)}} is entitled to demand a {{vmcsaprov|Delivery Amount (VM)}} or {{vmcsaprov|Return Amount (VM)}} in respect of the date such {{vmcsaprov|Interest Payment (VM)}} is required to be transferred: | ||
::::(a) such {{vmcsaprov|Delivery Amount (VM)}} or {{vmcsaprov|Return Amount (VM)}} will be reduced (but not below zero) by the {{vmcsaprov|Interest Payment (VM)}}, provided that, in case of such {{vmcsaprov|Return Amount (VM)}}, if the amount in the {{vmcsaprov|Credit Support Balance (VM)}} which is comprised of cash in the {{vmcsaprov|Base Currency}} is less than such {{vmcsaprov|Interest Payment (VM)}}, such reduction will only be to the extent of the amount of such cash comprised in the {{vmcsaprov|Credit Support Balance (VM)}} (the “'''{{vmcsaprov|Eligible Return Amount (VM)}}'''”); and | ::::(a) such {{vmcsaprov|Delivery Amount (VM)}} or {{vmcsaprov|Return Amount (VM)}} will be reduced (but not below zero) by the {{vmcsaprov|Interest Payment (VM)}}, provided that, in case of such {{vmcsaprov|Return Amount (VM)}}, if the amount in the {{vmcsaprov|Credit Support Balance (VM)}} which is comprised of cash in the {{vmcsaprov|Base Currency}} is less than such {{vmcsaprov|Interest Payment (VM)}}, such reduction will only be to the extent of the amount of such cash comprised in the {{vmcsaprov|Credit Support Balance (VM)}} (the “'''{{vmcsaprov|Eligible Return Amount (VM)}}'''”); and | ||
::::(b) the {{vmcsaprov|Interest Payer (VM)}} will transfer to the {{vmcsaprov|Interest | ::::(b) the {{vmcsaprov|Interest Payer (VM)}} will transfer to the {{vmcsaprov|Interest Payee (VM)}} the amount of the excess, if any, of such {{vmcsaprov|Interest Payment (VM)}} over such {{vmcsaprov|Delivery Amount (VM)}} or {{vmcsaprov|Eligible Return Amount (VM)}}, as applicable; | ||
:::(II) if under Paragraph 5(c)(ii)(A)(I)(a) a {{vmcsaprov|Delivery Amount (VM)}} is reduced (the amount of such reduction, the “{{vmcsaprov|Delivery Amount Reduction (VM)}}”) or a {{vmcsaprov|Return Amount (VM)}} is reduced (the amount of such reduction, the “'''{{vmcsaprov|Return Amount Reduction (VM)}}'''”), then for purposes of calculating the {{vmcsaprov|Credit Support Balance (VM)}} only, the Transferee will be deemed to have received an amount in cash in the {{vmcsaprov|Base Currency}} equal to any {{vmcsaprov|Delivery Amount Reduction (VM)}} and will be deemed to have transferred an amount in cash in the {{vmcsaprov|Base Currency}} equal to any {{vmcsaprov|Return Amount Reduction (VM)}}, as applicable, in each case on the day on which the relevant {{vmcsaprov|Interest Payment (VM)}} was due to be transferred; and | :::(II) if under Paragraph {{vmcsaprov|5(c)(ii)(A)}}(I)(a) a {{vmcsaprov|Delivery Amount (VM)}} is reduced (the amount of such reduction, the “'''{{vmcsaprov|Delivery Amount Reduction (VM)}}'''”) or a {{vmcsaprov|Return Amount (VM)}} is reduced (the amount of such reduction, the “'''{{vmcsaprov|Return Amount Reduction (VM)}}'''”), then for purposes of calculating the {{vmcsaprov|Credit Support Balance (VM)}} only, the Transferee will be deemed to have received an amount in cash in the {{vmcsaprov|Base Currency}} equal to any {{vmcsaprov|Delivery Amount Reduction (VM)}} and will be deemed to have transferred an amount in cash in the {{vmcsaprov|Base Currency}} equal to any {{vmcsaprov|Return Amount Reduction (VM)}}, as applicable, in each case on the day on which the relevant {{vmcsaprov|Interest Payment (VM)}} was due to be transferred; and | ||