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Template:ISDA English Law Credit Support Annex 2016 5(c)(ii)(B): Difference between revisions
Template:ISDA English Law Credit Support Annex 2016 5(c)(ii)(B) (view source)
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::{{vmcsaprov|5(c)(ii)(B)}} if “'''{{vmcsaprov|Interest Adjustment}}'''” is specified as applicable in Paragraph {{vmcsaprov|11(g)(ii)}}, the {{vmcsaprov|Credit Support Balance (VM)}} will be adjusted by the Transferee, at the times specified in Paragraph {{vmcsaprov|11(g)(ii)}} and on any {{isdaprov|Early Termination Date}} referred to in Paragraph 6 as follows: | ::{{vmcsaprov|5(c)(ii)(B)}} if “'''{{vmcsaprov|Interest Adjustment}}'''” is specified as applicable in Paragraph {{vmcsaprov|11(g)(ii)}}, the {{vmcsaprov|Credit Support Balance (VM)}} will be adjusted by the Transferee, at the times specified in Paragraph {{vmcsaprov|11(g)(ii)}} and on any {{isdaprov|Early Termination Date}} referred to in Paragraph 6 as follows: | ||
:::(I) if the {{isdaprov|Interest Amount (VM)}} for an {{isdaprov|Interest Period }} is a positive number, the {{isdaprov|Interest Amount (VM)}} will constitute an addition of an amount of cash in the {{vmcsaprov|Base Currency}} comprised in the {{vmcsaprov|Credit Support Balance (VM)}}; and | :::(I) if the {{isdaprov|Interest Amount (VM)}} for an {{isdaprov|Interest Period }} is a positive number, the {{isdaprov|Interest Amount (VM)}} will constitute an addition of an amount of cash in the {{vmcsaprov|Base Currency}} comprised in the {{vmcsaprov|Credit Support Balance (VM)}}; and | ||
:::(II) if the {{isdaprov|Interest Amount (VM)}} for an {{isdaprov|Interest Period }} is a negative number, the {{isdaprov|Interest Amount (VM)}} will constitute a reduction to the amount of cash in the {{vmcsaprov|Base Currency}} comprised in the {{vmcsaprov|Credit Support Balance (VM)}} in an amount (such amount, the “{{vmcsaprov|Interest Adjustment Reduction Amount (VM)}}”) equal to the absolute value of the {{isdaprov|Interest Amount (VM)}}; provided that if the amount in the {{vmcsaprov|Credit Support Balance (VM)}} which is comprised of cash in the {{vmcsaprov|Base Currency}} is less than the {{vmcsaprov|Interest Adjustment Reduction Amount (VM)}}, such reduction will only be to the extent of the amount of such cash comprised in the {{vmcsaprov|Credit Support Balance (VM)}} and the Transferor will be obliged to transfer the remainder of the {{vmcsaprov|Interest Adjustment Reduction Amount (VM)}} to the Transferee on the day that such reduction occurred. | :::(II) if the {{isdaprov|Interest Amount (VM)}} for an {{isdaprov|Interest Period }} is a negative number, the {{isdaprov|Interest Amount (VM)}} will constitute a reduction to the amount of cash in the {{vmcsaprov|Base Currency}} comprised in the {{vmcsaprov|Credit Support Balance (VM)}} in an amount (such amount, the “{{vmcsaprov|Interest Adjustment Reduction Amount (VM)}}”) equal to the absolute value of the {{isdaprov|Interest Amount (VM)}}; provided that if the amount in the {{vmcsaprov|Credit Support Balance (VM)}} which is comprised of cash in the {{vmcsaprov|Base Currency}} is less than the {{vmcsaprov|Interest Adjustment Reduction Amount (VM)}}, such reduction will only be to the extent of the amount of such cash comprised in the {{vmcsaprov|Credit Support Balance (VM)}} and the Transferor will be obliged to transfer the remainder of the {{vmcsaprov|Interest Adjustment Reduction Amount (VM)}} to the Transferee on the day that such reduction occurred. <br> | ||