Template:ISDA New York Law Credit Support Annex 2016 1: Difference between revisions

Template:ISDA New York Law Credit Support Annex 2016 1 (view source)

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 {{ISDA New York Law Credit Support Annex 2016 1(b)}}
 {{ISDA New York Law Credit Support Annex 2016 1(c)}}
-{{nyvmcsaprov|1(b)}} '''{{nyvmcsaprov|Secured Party and Pledgor}}'''. All references in this Annex to the “'''{{nyvmcsaprov|Secured Party}}'''” will be to either party when acting in that capacity and all corresponding references to the “'''{{nyvmcsaprov|Pledgor}}'''” will be to the other party when acting in that capacity; provided, however, that if {{nyvmcsaprov|Other Posted Support (VM)}} is held by a party to this Annex, all references herein to that party as the {{nyvmcsaprov|Secured Party}} with respect to that {{nyvmcsaprov|Other Posted Support (VM)}} will be to that party as the beneficiary thereof and will not subject that support or that party as the beneficiary thereof to provisions of law generally relating to security interests and secured parties.<br>
 {{nyvmcsaprov|1(c)}} {{nyvmcsaprov|Scope of this Annex and the Other CSA}}. The only {{isdaprov|Transaction}}s which will be relevant for the purposes of determining “'''{{nyvmcsaprov|Exposure}}'''” under this Annex will be the {{nyvmcsaprov|Covered Transactions}} specified in Paragraph '''{{nyvmcsaprov|13}}'''. Each {{nyvmcsaprov|Other CSA}}, if any, is hereby amended such that the {{isdaprov|Transaction}}s that will be relevant for purposes of determining “'''{{nyvmcsaprov|Exposure}}'''” thereunder, if any, will exclude the {{nyvmcsaprov|Covered Transactions}}. Except as provided in Paragraphs 8(a), 8(b) and 11(j), nothing in this Annex will affect the rights and obligations, if any, of either party with respect to “independent amounts” or initial margin under each {{nyvmcsaprov|Other CSA}}, if any, with respect to {{isdaprov|Transaction}}s that are {{nyvmcsaprov|Covered Transactions}}.<br>