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| ===Paragraph {{nyvmcsaprov|12}} '''{{nyvmcsaprov|Definitions}}'''=== | | ===Paragraph {{nyvmcsaprov|12}} '''{{nyvmcsaprov|Definitions}}'''=== |
| As used in this Annex:—<br> | | As used in this Annex:—<br> |
| “'''{{nyvmcsaprov|Base Currency}}'''” means the currency specified as such in Paragraph {{nyvmcsaprov|13}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Base Currency}} |
| “'''{{nyvmcsaprov|Base Currency Equivalent}}'''” means, with respect to an amount on a {{nyvmcsaprov|Valuation Date}}, in the case of an amount denominated in the {{nyvmcsaprov|Base Currency}}, such {{nyvmcsaprov|Base Currency}} amount and, in the case of an amount denominated in a currency other than the {{nyvmcsaprov|Base Currency}} (the “'''{{nyvmcsaprov|Other Currency}}'''”), the amount of {{nyvmcsaprov|Base Currency}} required to purchase such amount of the Other Currency at the spot exchange rate on such {{nyvmcsaprov|Valuation Date}} as determined by the {{nyvmcsaprov|Valuation Agent}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Base Currency Equivalent}} |
| “'''{{nyvmcsaprov|Cash}}'''” means, respectively, the {{nyvmcsaprov|Base Currency}} and each other {{nyvmcsaprov|Eligible Currency}}. <br>
| | {{ISDA New York Law Credit Support Annex 2016 Cash}} |
| “'''{{nyvmcsaprov|Covered Transaction}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|13}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Covered Transaction}} |
| “'''{{nyvmcsaprov|Credit Support Eligibility Condition (VM)}}'''” means, with respect to any item specified for a party as {{nyvmcsaprov|Eligible Collateral (VM)}} in Paragraph {{nyvmcsaprov|13}}, any condition specified for that item in Paragraph {{nyvmcsaprov|13}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Credit Support Eligibility Condition (VM)}} |
| “'''{{nyvmcsaprov|Custodian (VM)}}'''” has the meaning specified in Paragraphs 6(b)(i) and 13. <br>
| | {{ISDA New York Law Credit Support Annex 2016 Custodian (VM)}} |
| “'''{{nyvmcsaprov|Delivery Amount (VM)}}'''” has the meaning specified in Paragraph 3(a).<br>
| | {{ISDA New York Law Credit Support Annex 2016 Delivery Amount (VM)}} |
| “'''{{nyvmcsaprov|Delivery Amount Reduction (VM)}}'''” has the meaning specified in Paragraph 6(d)(ii)(A)(II). <br>
| | {{ISDA New York Law Credit Support Annex 2016 Delivery Amount Reduction (VM)}} |
| “'''{{nyvmcsaprov|Disputing Party}}'''” has the meaning specified in Paragraph 5.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Disputing Party}} |
| “'''{{nyvmcsaprov|Distributions}}'''” means with respect to {{nyvmcsaprov|Posted Collateral (VM)}} other than {{nyvmcsaprov|Cash}}, all principal, interest and other payments and distributions of {{nyvmcsaprov|Cash}} or other property with respect thereto, regardless of whether the {{nyvmcsaprov|Secured Party}} has disposed of that {{nyvmcsaprov|Posted Collateral (VM)}} under Paragraph 6(c). {{nyvmcsaprov|Distributions}} will not include any item of property acquired by the {{nyvmcsaprov|Secured Party}} upon any disposition or liquidation of {{nyvmcsaprov|Posted Collateral (VM)}} or, with respect to any {{nyvmcsaprov|Posted Collateral (VM)}} in the form of {{nyvmcsaprov|Cash}}, any distributions on that collateral, unless otherwise specified herein.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Distributions}} |
| “'''{{nyvmcsaprov|Eligible Collateral (VM)}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|13}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Eligible Collateral (VM)}} |
| “'''{{nyvmcsaprov|Eligible Credit Support (VM)}}'''” means {{nyvmcsaprov|Eligible Collateral (VM)}} and {{nyvmcsaprov|Other Eligible Support (VM)}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Eligible Credit Support (VM)}} |
| “'''{{nyvmcsaprov|Eligible Currency}}'''” means each currency specified as such in Paragraph {{nyvmcsaprov|13}}, if such currency is freely available. <br>
| | {{ISDA New York Law Credit Support Annex 2016 Eligible Currency}} |
| “'''{{nyvmcsaprov|Eligible Return Amount (VM)}}'''” has the meaning specified in Paragraph 6(d)(ii)(A)(I)(a).<br>
| | {{ISDA New York Law Credit Support Annex 2016 Eligible Return Amount (VM)}} |
| “'''{{nyvmcsaprov|Exposure}}'''” means, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, for any {{nyvmcsaprov|Valuation Date}} or other date for which {{nyvmcsaprov|Exposure}} is calculated and subject to Paragraph 5 in the case of a dispute:<br>
| | {{ISDA New York Law Credit Support Annex 2016 Exposure}} |
| :{{nyvmcsaprov|(i)}} if this Agreement is a 1992 ISDA Master Agreement, the amount, if any, that would be payable to a party that is the {{nyvmcsaprov|Secured Party}} by the other party (expressed as a positive number) or by a party that is the {{nyvmcsaprov|Secured Party}} to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(2)(A) of this Agreement as if all {{nyvmcsaprov|Covered Transactions}} were being terminated as of the relevant {{nyvmcsaprov|Valuation Time}} on the basis that the {{nyvmcsaprov|Base Currency}} is the Termination Currency; provided that Market Quotation will be determined by the {{nyvmcsaprov|Valuation Agent}} on behalf of that party using its estimates at mid-market of the amounts that would be paid for Replacement {{isdaprov|Transaction}}s (as that term is defined in the definition of “Market Quotation”); and<br>
| | {{ISDA New York Law Credit Support Annex 2016 Fungible Credit Support Type}} |
| :{{nyvmcsaprov|(ii)}} if this Agreement is an ISDA 2002 Master Agreement or a 1992 ISDA Master Agreement in which the definition of Loss and/or Market Quotation has been amended (including where such amendment has occurred pursuant to the terms of a separate agreement or protocol) to reflect the definition of Close-out Amount from the pre-printed form of the ISDA 2002 Master Agreement as published by ISDA, the amount, if any, that would be payable to a party that is the {{nyvmcsaprov|Secured Party}} by the other party (expressed as a positive number) or by a party that is the {{nyvmcsaprov|Secured Party}} to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(1) (but without reference to clause (3) of Section 6(e)(ii)) of this Agreement as if all {{nyvmcsaprov|Covered Transactions}} were being terminated as of the relevant {{nyvmcsaprov|Valuation Time}} on the basis that the {{nyvmcsaprov|Base Currency}} is the Termination Currency; provided that the Close-out Amount will be determined by the {{nyvmcsaprov|Valuation Agent}} on behalf of that party using its estimates at mid-market of the amounts that would be paid for {{isdaprov|Transaction}}s providing the economic equivalent of (X) the material terms of the {{nyvmcsaprov|Covered Transactions}}, including the payments and deliveries by the parties under Section 2(a)(i) in respect of the {{nyvmcsaprov|Covered Transactions}} that would, but for the occurrence of the relevant {{isdaprov|Early Termination Date}}, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)), and (Y) the option rights of the parties in respect of the {{nyvmcsaprov|Covered Transactions}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 FX Haircut Percentage}} |
| “'''{{nyvmcsaprov|Fungible Credit Support Type}}'''” has the meaning specified in Paragraph 11(j)(iii).<br>
| | {{ISDA New York Law Credit Support Annex 2016 Interest Adjustment Reduction Amount (VM)}} |
| “'''{{nyvmcsaprov|FX Haircut Percentage}}'''” means, for any item of {{nyvmcsaprov|Eligible Collateral (VM)}}, the percentage specified as such in Paragraph {{nyvmcsaprov|13}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Interest Amount (VM)}} |
| “'''{{nyvmcsaprov|Interest Adjustment Reduction Amount (VM)}}'''” has the meaning specified in Paragraph 6(d)(ii)(B)(II).<br>
| | {{ISDA New York Law Credit Support Annex 2016 Interest Payee (VM)}} |
| “'''{{nyvmcsaprov|Interest Amount (VM)}}'''” means, with respect to an {{nyvmcsaprov|Interest Period}}, the aggregate sum of the {{nyvmcsaprov|Base Currency Equivalent}}s of the amounts of interest determined for each relevant currency and calculated for each day in that {{nyvmcsaprov|Interest Period}} on any {{nyvmcsaprov|Posted Collateral (VM)}} in the form of {{nyvmcsaprov|Cash}} in such currency held by the {{nyvmcsaprov|Secured Party}} on that day, determined by the {{nyvmcsaprov|Secured Party}} for each such day as follows:<br>
| | {{ISDA New York Law Credit Support Annex 2016 Interest Payer (VM)}} |
| :{{nyvmcsaprov|(i)}} the amount of {{nyvmcsaprov|Cash}} in such currency on that day plus, only if “{{nyvmcsaprov|Daily Interest Compounding}}” is specified as applicable in Paragraph {{nyvmcsaprov|13}}, the aggregate of each {{nyvmcsaprov|Interest Amount (VM)}} in respect of such currency determined for each preceding day, if any, in that {{nyvmcsaprov|Interest Period}}; multiplied by<br>
| | {{ISDA New York Law Credit Support Annex 2016 Interest Payment (VM)}} |
| :{{nyvmcsaprov|(ii)}} the {{nyvmcsaprov|Interest Rate (VM)}} in effect for that day; divided by<br>
| | {{ISDA New York Law Credit Support Annex 2016 Interest Period}} |
| :{{nyvmcsaprov|(iii)}} 360 (or, in the case of pounds sterling or any other currency specified as an “A/365 Currency” in Paragraph {{nyvmcsaprov|13}}, 365);<br>
| | {{ISDA New York Law Credit Support Annex 2016 Interest Rate (VM)}} |
| provided that, unless “{{nyvmcsaprov|Negative Interest}}” is specified as applicable in Paragraph {{nyvmcsaprov|13}}, if the {{nyvmcsaprov|Interest Amount (VM)}} for an {{nyvmcsaprov|Interest Period}} would be a negative amount, it will be deemed to be zero.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Legal Eligibility Requirements}} |
| “'''{{nyvmcsaprov|Interest Payee (VM)}}'''” means, in relation to an {{nyvmcsaprov|Interest Payer (VM)}}, the other party.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Legal Ineligibility Notice}} |
| “'''{{nyvmcsaprov|Interest Payer (VM)}}'''” means the {{nyvmcsaprov|Secured Party}}; provided that if "{{nyvmcsaprov|Negative Interest}}" is specified as applicable in Paragraph {{nyvmcsaprov|13 }} and an {{nyvmcsaprov|Interest Payment (VM)}} is determined in respect of a negative {{nyvmcsaprov|Interest Amount (VM)}}, the {{nyvmcsaprov|Interest Payer (VM)}} in respect of such {{nyvmcsaprov|Interest Payment (VM)}} will be the {{nyvmcsaprov|Pledgor}}.<br>
| |
| “'''{{nyvmcsaprov|Interest Payment (VM)}}'''” means, with respect to an {{nyvmcsaprov|Interest Period}}, the {{nyvmcsaprov|Interest Amount (VM)}} determined in respect of such {{nyvmcsaprov|Interest Period}}; provided that in respect of any negative {{nyvmcsaprov|Interest Amount (VM)}}, the {{nyvmcsaprov|Interest Payment (VM)}} will be the absolute {{nyvmcsaprov|Value}} of such negative {{nyvmcsaprov|Interest Amount (VM)}}.<br>
| |
| “'''{{nyvmcsaprov|Interest Period}}'''” means the period from (and including) the last day on which (i) a party became obligated to {{nyvmcsaprov|Transfer}} an {{nyvmcsaprov|Interest Payment (VM)}} or (ii) an {{nyvmcsaprov|Interest Amount (VM)}} was included or otherwise became constituted as part of {{nyvmcsaprov|Posted Collateral (VM)}} (or, if no {{nyvmcsaprov|Interest Payment (VM)}} or {{nyvmcsaprov|Interest Amount (VM)}} has yet fallen due or been included or otherwise became constituted as a part of {{nyvmcsaprov|Posted Collateral (VM)}}, respectively, the day on which {{nyvmcsaprov|Eligible Credit Support (VM)}} in the form of {{nyvmcsaprov|Cash}} was {{nyvmcsaprov|Transfer}}red to or received by the {{nyvmcsaprov|Secured Party}}) to (but excluding) the day on which (i) a party is obligated to {{nyvmcsaprov|Transfer}} the current {{nyvmcsaprov|Interest Payment (VM)}} or (ii) the current {{nyvmcsaprov|Interest Amount (VM)}} is included or otherwise becomes constituted as a part of {{nyvmcsaprov|Posted Collateral (VM)}}.<br>
| |
| “'''{{nyvmcsaprov|Interest Rate (VM)}}'''” means, with respect to an {{nyvmcsaprov|Eligible Currency}}, the rate specified in Paragraph {{nyvmcsaprov|13 }} for that currency.<br>
| |
| “'''{{nyvmcsaprov|Legal Eligibility Requirements}}'''” has the meaning specified in Paragraph 11(g). “'''{{nyvmcsaprov|Legal Ineligibility Notice}}'''” has the meaning specified in Paragraph 11(g). <br>
| |
| {{ISDA New York Law Credit Support Annex 2016 Local Business Day}} | | {{ISDA New York Law Credit Support Annex 2016 Local Business Day}} |
| “'''{{nyvmcsaprov|Minimum Transfer Amount}}'''” means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Minimum Transfer Amount}} |
| “'''{{nyvmcsaprov|Notification Time}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|13}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Notification Time}} |
| “'''{{nyvmcsaprov|Obligations}}'''” means, with respect to a party, all present and future obligations of that party under this Agreement and any additional obligations specified for that party in Paragraph {{nyvmcsaprov|13}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Obligations}} |
| “'''{{nyvmcsaprov|Other CSA}}'''” means, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, any other credit support annex or credit support deed that is in relation to, or that is a {{isdaprov|Credit Support Document)}} in relation to, this Agreement.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Other CSA}} |
| “'''{{nyvmcsaprov|Other CSA Excluded Credit Support}}'''” means, with respect to an {{nyvmcsaprov|Other CSA}}, any amounts and items posted as margin under such {{nyvmcsaprov|Other CSA}}, which, pursuant to the terms of such {{nyvmcsaprov|Other CSA}}, Party A and Party B have agreed must be segregated in an account maintained by a third-party custodian or for which offsets are prohibited.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Other CSA Excluded Credit Support}} |
| “'''{{nyvmcsaprov|Other Eligible Support (VM)}}'''” means, with respect to a party, the items, if any, specified as such for that party in Paragraph {{nyvmcsaprov|13}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Other Eligible Support (VM)}} |
| {{ISDA New York Law Credit Support Annex 2016 Other Posted Support (VM)}} | | {{ISDA New York Law Credit Support Annex 2016 Other Posted Support (VM)}} |
| “'''{{nyvmcsaprov|Pledgor}}'''” means either party, when that party (i) receives a demand for or is required to {{nyvmcsaprov|Transfer}} {{nyvmcsaprov|Eligible Credit Support (VM)}} under Paragraph 3(a) or (ii) has {{nyvmcsaprov|Transfer}}red {{nyvmcsaprov|Eligible Credit Support (VM)}} under Paragraph 3(a).<br>
| | {{ISDA New York Law Credit Support Annex 2016 Pledgor}} |
| {{ISDA New York Law Credit Support Annex 2016 Posted Collateral (VM)}} | | {{ISDA New York Law Credit Support Annex 2016 Posted Collateral (VM)}} |
| {{ISDA New York Law Credit Support Annex 2016 Posted Credit Support (VM)}} | | {{ISDA New York Law Credit Support Annex 2016 Posted Credit Support (VM)}} |
| “'''{{nyvmcsaprov|Recalculation Date}}'''” means the {{nyvmcsaprov|Valuation Date}} that gives rise to the dispute under Paragraph 5; provided, however, that if a subsequent {{nyvmcsaprov|Valuation Date}} occurs under Paragraph 3 prior to the resolution of the dispute, then the “'''{{nyvmcsaprov|Recalculation Date}}'''” means the most recent {{nyvmcsaprov|Valuation Date}} under Paragraph 3.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Recalculation Date}} |
| “'''{{nyvmcsaprov|Regular Settlement Day}}'''” means, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, the same {{nyvmcsaprov|Local Business Day}} on which a demand for the {{nyvmcsaprov|Transfer}} of {{nyvmcsaprov|Eligible Credit Support (VM)}} or {{nyvmcsaprov|Posted Credit Support (VM)}} is made.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Regular Settlement Day}} |
| “'''{{nyvmcsaprov|Resolution Time}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|13}}. <br>
| | {{ISDA New York Law Credit Support Annex 2016 Resolution Time}} |
| “'''{{nyvmcsaprov|Return Amount (VM)}}'''” has the meaning specified in Paragraph 3(b).<br>
| | {{ISDA New York Law Credit Support Annex 2016 Return Amount (VM)}} |
| “'''{{nyvmcsaprov|Return Amount Reduction (VM)}}'''” has the meaning specified in Paragraph 6(d)(ii)(A)(II).<br>
| | {{ISDA New York Law Credit Support Annex 2016 Return Amount Reduction (VM)}} |
| “'''{{nyvmcsaprov|Secured Party}}'''” means either party, when that party (i) makes a demand for or is entitled to receive {{nyvmcsaprov|Eligible Credit Support (VM)}} under Paragraph {{nyvmcsaprov|3(a)}} or (ii) holds or is deemed to hold {{nyvmcsaprov|Posted Credit Support (VM)}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Secured Party}} |
| “'''{{nyvmcsaprov|Set-off}}'''” means {{nyvmcsaprov|Set-off}}, offset, combination of accounts, right of retention or withholding or similar right or requirement (whether arising under this Agreement, another contract, applicable law or otherwise) and, when used as a verb, the exercise of any such right or the imposition of any such requirement.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Set-off}} |
| {{ISDA New York Law Credit Support Annex 2016 Specified Condition}} | | {{ISDA New York Law Credit Support Annex 2016 Specified Condition}} |
| “'''{{nyvmcsaprov|Substitute Credit Support (VM)}}'''” has the meaning specified in Paragraph 4(d)(i).<br>
| | {{ISDA New York Law Credit Support Annex 2016 Substitute Credit Support (VM)}} |
| “'''{{nyvmcsaprov|Substitution Date}}'''” has the meaning specified in Paragraph 4(d)(ii).<br>
| | {{ISDA New York Law Credit Support Annex 2016 Substitution Date}} |
| “'''{{nyvmcsaprov|Total Ineligibility Date}}'''” has the meaning specified in Paragraph 11(g) unless otherwise specified in Paragraph {{nyvmcsaprov|13}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Total Ineligibility Date}} |
| “'''{{nyvmcsaprov|Transfer}}'''” means, with respect to any {{nyvmcsaprov|Eligible Credit Support (VM)}}, {{nyvmcsaprov|Posted Credit Support (VM)}} or {{nyvmcsaprov|Interest Payment (VM)}}, and in accordance with the instructions of the {{nyvmcsaprov|Secured Party}}, {{nyvmcsaprov|Pledgor}} or {{nyvmcsaprov|Custodian (VM)}}, as applicable:<br>
| | {{ISDA New York Law Credit Support Annex 2016 Transfer}} |
| :{{nyvmcsaprov|(i)}} in the case of {{nyvmcsaprov|Cash}}, payment or delivery by wire {{nyvmcsaprov|Transfer}} into one or more bank accounts specified by the recipient;<br>
| | {{ISDA New York Law Credit Support Annex 2016 Transfer Ineligibility Date}} |
| :{{nyvmcsaprov|(ii)}} in the case of certificated securities that cannot be paid or delivered by book-entry, payment or delivery in appropriate physical form to the recipient or its account accompanied by any duly executed instruments of {{nyvmcsaprov|Transfer}}, assignments in blank, {{nyvmcsaprov|Transfer}} tax stamps and any other documents necessary to constitute a legally valid {{nyvmcsaprov|Transfer}} to the recipient;<br>
| | {{ISDA New York Law Credit Support Annex 2016 Valuation Agent}} |
| :{{nyvmcsaprov|(iii)}} in the case of securities that can be paid or delivered by book-entry, causing the relevant depository institution(s) or other securities intermediaries to make changes to their books and records sufficient to result in a legally effective {{nyvmcsaprov|Transfer}} of the relevant interest to the recipient or its agent; and<br>
| | {{ISDA New York Law Credit Support Annex 2016 Valuation Date}} |
| :{{nyvmcsaprov|(iv)}} in the case of {{nyvmcsaprov|Other Eligible Support (VM)}} or {{nyvmcsaprov|Other Posted Support (VM)}}, as specified in Paragraph {{nyvmcsaprov|13}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Valuation Date Location}} |
| “'''{{nyvmcsaprov|Transfer Ineligibility Date}}'''” has the meaning specified in Paragraph 11(g) unless otherwise specified in Paragraph {{nyvmcsaprov|13}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Valuation Percentage}} |
| “'''{{nyvmcsaprov|Valuation Agent}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|13}}.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Valuation Time}} |
| “'''{{nyvmcsaprov|Valuation Date}}'''” means, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, each day from, and including, the date of this Annex, that is a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in at least one {{nyvmcsaprov|Valuation Date Location}} for Party A and at least one {{nyvmcsaprov|Valuation Date Location}} for Party B.<br>
| | {{ISDA New York Law Credit Support Annex 2016 Value}} |
| “'''{{nyvmcsaprov|Valuation Date Location}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|13}}.<br>
| |
| “'''{{nyvmcsaprov|Valuation Percentage}}'''” means, for any item of {{nyvmcsaprov|Eligible Collateral (VM)}}, the percentage specified as such in Paragraph {{nyvmcsaprov|13}}.<br>
| |
| “'''{{nyvmcsaprov|Valuation Time}}'''” means, unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, the time as of which the {{nyvmcsaprov|Valuation Agent}} computes its end of day valuations of derivatives {{isdaprov|Transaction}}s in the ordinary course of its business (or such other commercially reasonable convenient time on the relevant day as the {{nyvmcsaprov|Valuation Agent}} may determine).<br>
| |
| “'''{{nyvmcsaprov|Value}}'''” means for any {{nyvmcsaprov|Valuation Date}} or other date for which {{nyvmcsaprov|Value}} is calculated and subject to Paragraph 5 in the case of a dispute, with respect to:<br>
| |
| :{{nyvmcsaprov|(i)}} {{nyvmcsaprov|Eligible Collateral (VM)}} or {{nyvmcsaprov|Posted Collateral (VM)}} that is:<br>
| |
| ::(A) an amount of {{nyvmcsaprov|Cash}}, the {{nyvmcsaprov|Base Currency Equivalent}} of such amount multiplied by (VP – HFX); and<br>
| |
| ::(B) a security, the {{nyvmcsaprov|Base Currency Equivalent}} of the bid price obtained by the {{nyvmcsaprov|Valuation Agent}} multiplied by (VP – HFX), where:<br>
| |
| :::VP equals the applicable Valuation Percentage; and <br>
| |
| :::HFX equals the applicable '''{{nyvmcsaprov|FX Haircut Percentage)}}''';<br>
| |
| :{{nyvmcsaprov|(ii)}} {{nyvmcsaprov|Posted Collateral (VM)}} that consists of items that are not {{nyvmcsaprov|Eligible Collateral (VM)}} (including any item or any portion of any item that fails to satisfy any (A) {{nyvmcsaprov|Credit Support Eligibility Condition (VM))}} applicable to it or (B) applicable {{nyvmcsaprov|Legal Eligibility Requirements}}), zero; and<br>
| |
| :{{nyvmcsaprov|(iii)}} {{nyvmcsaprov|Other Eligible Support (VM) and Other Posted Support (VM)}}, as specified in Paragraph {{nyvmcsaprov|13}}.<br>
| |