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{{ | {{vmcsaprov|9(e)}} '''{{vmcsaprov|Legally Ineligible Credit Support (VM)}}'''. <br> | ||
Unless otherwise specified in Paragraph {{ | Unless otherwise specified in Paragraph {{vmcsaprov|11}}, upon delivery of a {{vmcsaprov|Legal Ineligibility Notice}} by a party, each item of {{vmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of such item) identified in such notice (i) will cease to be {{vmcsaprov|Eligible Credit Support (VM)}} for purposes of transfers to such party as the {{vmcsaprov|Transferee}} hereunder as of the applicable {{vmcsaprov|Transfer Ineligibility Date}}, (ii) will cease to be {{vmcsaprov|Eligible Credit Support (VM)}} for the other party as the {{vmcsaprov|Transferor}} for all purposes hereunder (other than for the purposes of the definitions of {{vmcsaprov|Credit Support Balance (VM)}} and {{vmcsaprov|Equivalent Credit Support (VM)}}) as of the {{vmcsaprov|Total Ineligibility Date}} and (iii) will have a Value of zero on and from the {{vmcsaprov|Total Ineligibility Date}}, other than for the purposes of Paragraph {{vmcsaprov|6}}. <br> | ||
“'''{{ | “'''{{vmcsaprov|Legal Ineligibility Notice}}'''” means a written notice from the {{vmcsaprov|Transferee}} to the {{vmcsaprov|Transferor}} in which the {{vmcsaprov|Transferee}} (i) represents that the {{vmcsaprov|Transferee}} has determined that one or more items of {{vmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of any such item) either has ceased to satisfy, or as of a specified date will cease to satisfy, collateral eligibility requirements under law applicable to the {{vmcsaprov|Transferee}} requiring the collection of variation margin (the “'''{{vmcsaprov|Legal Eligibility Requirements}}'''”), (ii) lists the item(s) of {{vmcsaprov|Eligible Credit Support (VM)}} (and, if [[applicable]], the specified amount of such item) that have ceased to satisfy, or as of a specified date will cease to satisfy, the {{vmcsaprov|Legal Eligibility Requirements}}, (iii) describes the reason(s) why such item(s) of {{vmcsaprov|Eligible Credit Support (VM)}} (or the specified amount thereof) have ceased to satisfy, or will cease to satisfy, the {{vmcsaprov|Legal Eligibility Requirements}} and (iv) specifies the {{vmcsaprov|Total Ineligibility Date}} and, if different, the {{vmcsaprov|Transfer Ineligibility Date}}. <br> | ||
“'''{{ | “'''{{vmcsaprov|Total Ineligibility Date}}'''” means the date on which the relevant item of {{vmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of such item) has ceased to satisfy, or will cease to satisfy, the {{vmcsaprov|Legal Eligibility Requirements}} applicable to the {{vmcsaprov|Transferee}} for all purposes hereunder, provided that, unless otherwise specified in Paragraph {{vmcsaprov|11}}, if such date is earlier than the fifth {{vmcsaprov|Local Business Day}} following the date on which the {{vmcsaprov|Legal Ineligibility Notice}} is delivered, the {{vmcsaprov|Total Ineligibility Date}} will be the fifth {{vmcsaprov|Local Business Day}} following the date of such delivery. <br> | ||
“'''{{ | “'''{{vmcsaprov|Transfer Ineligibility Date}}'''” means the date on which the relevant item of {{vmcsaprov|Eligible Credit Support (VM)}} (or a specified amount of such item) has ceased to satisfy, or will cease to satisfy, the {{vmcsaprov|Legal Eligibility Requirements}} for purposes of transfers to the {{vmcsaprov|Transferee}} hereunder, provided that, unless otherwise specified in Paragraph {{vmcsaprov|11}}, if such date is earlier than the fifth {{vmcsaprov|Local Business Day}} following the date on which the {{vmcsaprov|Legal Ineligibility Notice}} is delivered, the {{vmcsaprov|Transfer Ineligibility Date}} will be the fifth {{vmcsaprov|Local Business Day}} following the date of such delivery. <br> |