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Template:ISDA English Law Credit Support Annex 2016 9(e): Difference between revisions
Template:ISDA English Law Credit Support Annex 2016 9(e) (view source)
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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 | 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}}, | :(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> | :(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}} | “'''{{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}}'''”), | :(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}}'''”), | ||