Template:ISDA English Law Credit Support Deed 2018 Value

“Value” means, unless otherwise specified in Paragraph 13, for any Calculation Date (IM) or other date for which Value is calculated and subject to Paragraph 5 in the case of a dispute, with respect to:

(i) save as provided in clause (ii) below, Eligible Credit Support (IM) comprised in the Posted Credit Support (IM):

(A) an amount of Cash, the Base Currency Equivalent of such amount multiplied by (VP – HFX); and

(B) a security, the Base Currency Equivalent of the bid price obtained by the Calculation Agent (IM) multiplied by (VP – HFX):

where:

“VP” equals the applicable 2018 English law IM CSD; and

“HFX” equals the applicable FX Haircut Percentage,

provided that, for the purposes of calculating Value under Paragraph 11(a), the VP will be 100% and HFX will be zero; and

(ii) Posted Credit Support (IM) that consists of items that are, in respect of the relevant posting obligation, deemed as of such date to have a Value of zero pursuant to Paragraph 13, zero.