Template:ISDA New York Law Credit Support Annex 2016 13: Difference between revisions

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=== Paragraph '''{{nyvmcsaprov|13}}'''. {{nyvmcsaprov|Elections and Variables}}===
=== Paragraph '''{{nyvmcsaprov|13}}'''. {{nyvmcsaprov|Elections and Variables}}=== {{nyvmcsa|13(a)}} '''{{nyvmcsaprov|Base Currency and Eligible Currency}}'''.<br>
13(a) {{nyvmcsaprov|Base Currency and Eligible Currency}}.<br>
::{{nyvmcsa|13(a)(i)}} “'''{{nyvmcsaprov|Base Currency}}'''” means United States Dollars, unless otherwise specified here: [...]<br>
::13(a)(i) “'''{{nyvmcsaprov|Base Currency}}'''” means United States Dollars, unless otherwise specified here: [...]<br>
::{{nyvmcsa|13(a)(ii)}} “'''{{nyvmcsaprov|Eligible Currency}}'''” means the {{nyvmcsaprov|Base Currency}} and each other currency specified here:[...]<br>
::13(a)(ii) “'''{{nyvmcsaprov|Eligible Currency}}'''” means the {{nyvmcsaprov|Base Currency}} and each other currency specified here:[...]<br>
:{{nyvmcsa|13(b)}} '''{{nyvmcsaprov|Covered Transactions; Security Interest for Obligations; Exposure}}'''.<br>
:13(b) {{nyvmcsaprov|Covered Transactions; Security Interest for Obligations; Exposure}}.<br>
::{{nyvmcsa|13(b)(i)}} The term “{{nyvmcsaprov|Covered Transactions}}” as used in this Annex includes any {{isdaprov|Transaction)}} specified below that is entered into on or after [...], except as otherwise provided in the Confirmation of such {{isdaprov|Transaction)}}:<br>
::13(b)(i) The term “{{nyvmcsaprov|Covered Transactions}}” as used in this Annex includes any {{isdaprov|Transaction)}} specified below that is entered into on or after [...], except as otherwise provided in the Confirmation of such {{isdaprov|Transaction)}}:<br>
:::{{nyvmcsa|13(b)(i)(A)}} For purposes of the foregoing, the term “{{nyvmcsaprov|Covered Transactions}}” includes: [Any {{isdaprov|Transaction)}} [that is any of the following] [Swap], [Security-Based Swap], [OTC Derivative], [Physically Settled FX Forward] or [Physically Settled FX Swap]] [and is not any of the following: [Swap], [Security-Based Swap], [OTC Derivative], [Physically Settled FX Forward], or [Physically Settled FX Swap][...]]
:::13(b)(i)(A) For purposes of the foregoing, the term “{{nyvmcsaprov|Covered Transactions}}” includes: [Any {{isdaprov|Transaction)}} [that is any of the following] [Swap], [Security-Based Swap], [OTC Derivative], [Physically Settled FX Forward] or [Physically Settled FX Swap]] [and is not any of the following: [Swap], [Security-Based Swap], [OTC Derivative], [Physically Settled FX Forward], or [Physically Settled FX Swap][...]]
:::As used above:<br>
:::As used above:<br>
:::[“OTC Derivative” means an “OTC derivative” or “OTC derivative contract” as defined in Article 2(7) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“EMIR”) other than one which constitutes (i) a “foreign exchange forward” as defined in Article 7(1)(a) of the final draft regulatory technical standards on risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP under Article 11(15) of EMIR dated March 8, 2016 (the “EMIR RTS”) for so long as such {{isdaprov|Transaction)}}s are subject to the transitional exemption from the variation margin requirements under Article 39(6) of the EMIR RTS and a single stock equity option or index option {{isdaprov|Transaction)}} as referred to in Article 39(7) of the EMIR RTS for so long as such {{isdaprov|Transaction)}}s are subject to the transitional exemption from the variation margin requirements under Article 39(7) of the EMIR RTS.]<br>
:::[“OTC Derivative” means an “OTC derivative” or “OTC derivative contract” as defined in Article 2(7) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“EMIR”) other than one which constitutes (i) a “foreign exchange forward” as defined in Article 7(1)(a) of the final draft regulatory technical standards on risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP under Article 11(15) of EMIR dated March 8, 2016 (the “EMIR RTS”) for so long as such {{isdaprov|Transaction)}}s are subject to the transitional exemption from the variation margin requirements under Article 39(6) of the EMIR RTS and a single stock equity option or index option {{isdaprov|Transaction)}} as referred to in Article 39(7) of the EMIR RTS for so long as such {{isdaprov|Transaction)}}s are subject to the transitional exemption from the variation margin requirements under Article 39(7) of the EMIR RTS.]<br>
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:::[“Swap” means a “swap” as defined in Section 1a(47) of the U.S. Commodity Exchange Act, as amended (“CEA”), and the regulations adopted thereunder. For the avoidance of doubt, the term “Swap” does not include a swap that has been cleared by a “derivatives clearing organization,” as such term is defined in Section 1a(15) of the CEA and the regulations adopted thereunder.]<br>
:::[“Swap” means a “swap” as defined in Section 1a(47) of the U.S. Commodity Exchange Act, as amended (“CEA”), and the regulations adopted thereunder. For the avoidance of doubt, the term “Swap” does not include a swap that has been cleared by a “derivatives clearing organization,” as such term is defined in Section 1a(15) of the CEA and the regulations adopted thereunder.]<br>
[For the purposes of the foregoing, a {{isdaprov|Transaction)}} will be deemed to be entered into on or after the date specified in this Paragraph 13(b)(i) if an amendment, novation or other lifecycle event with respect to such {{isdaprov|Transaction)}} would cause such {{isdaprov|Transaction)}} to be entered into after such date under law applicable to either party requiring the collection or delivery of variation margin.]*<br>
[For the purposes of the foregoing, a {{isdaprov|Transaction)}} will be deemed to be entered into on or after the date specified in this Paragraph 13(b)(i) if an amendment, novation or other lifecycle event with respect to such {{isdaprov|Transaction)}} would cause such {{isdaprov|Transaction)}} to be entered into after such date under law applicable to either party requiring the collection or delivery of variation margin.]*<br>
::13(b)(ii) The term “'''{{nyvmcsaprov|Obligations}}'''” as used in this Annex includes the following additional obligations:<br>
::{{nyvmcsa|13(b)(ii)}} The term “'''{{nyvmcsaprov|Obligations}}'''” as used in this Annex includes the following additional obligations:<br>
::With respect to Party A: [...]<br>
::With respect to Party A: [...]<br>
::With respect to Party B: [...]<br>
::With respect to Party B: [...]<br>
::13(b)(iii) “'''{{nyvmcsaprov|{{nyvmcsaprov|Exposure}}}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br>
::{{nyvmcsa|13(b)(iii)}} “'''{{nyvmcsaprov|{{nyvmcsaprov|Exposure}}}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br>
:13(c) {{nyvmcsaprov|Credit Support Obligations}}.<br>
:{{nyvmcsa|13(c)}} '''{{nyvmcsaprov|Credit Support Obligations}}'''.<br>
::13(c)(i) {{nyvmcsaprov|Delivery Amount (VM) and Return Amount (VM)}}.<br>
::{{nyvmcsa|13(c)(i)}} '''{{nyvmcsaprov|Delivery Amount (VM) and Return Amount (VM)}}'''.<br>
:::13(c)(i)(A) “'''{{nyvmcsaprov|Delivery Amount (VM)}}'''” has the meaning specified in Paragraph 3(a), unless otherwise specified here: [...]<br>
:::{{nyvmcsa|13(c)(i)(A)}} “'''{{nyvmcsaprov|Delivery Amount (VM)}}'''” has the meaning specified in Paragraph 3(a), unless otherwise specified here: [...]<br>
:::13(c)(i)(B) “'''{{nyvmcsaprov|Return Amount (VM)}}'''” has the meaning specified in Paragraph 3(b), unless otherwise specified here: [...]<br>
:::{{nyvmcsa|13(c)(i)(B)}} “'''{{nyvmcsaprov|Return Amount (VM)}}'''” has the meaning specified in Paragraph 3(b), unless otherwise specified here: [...]<br>
::13(c)(ii) {{nyvmcsaprov|Eligible Collateral (VM)}}. Subject to Paragraph 11(g), if applicable, and each {{nyvmcsaprov|Credit Support Eligibility Condition (VM))}} applicable to it specified in Paragraph {{nyvmcsaprov|13}}, if any, the following items will qualify as “'''{{nyvmcsaprov|Eligible Collateral (VM)}}'''” for the party specified (as the {{nyvmcsaprov|Pledgor}}):<br>
::{{nyvmcsa|13(c)(ii)}} '''{{nyvmcsaprov|Eligible Collateral (VM)}}'''. Subject to Paragraph 11(g), if applicable, and each {{nyvmcsaprov|Credit Support Eligibility Condition (VM))}} applicable to it specified in Paragraph {{nyvmcsaprov|13}}, if any, the following items will qualify as “'''{{nyvmcsaprov|Eligible Collateral (VM)}}'''” for the party specified (as the {{nyvmcsaprov|Pledgor}}):<br>


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{{tablebottom}} ::13(c)(iii) {{nyvmcsaprov|Legally Ineligible Credit Support (VM)}}. The provisions of Paragraph 11(g) will not apply to the [party/parties] specified here (as the {{nyvmcsaprov|Secured Party}}):
{{tablebottom}}
::{{nyvmcsa|13(c)(iii)}} '''{{nyvmcsaprov|Legally Ineligible Credit Support (VM)}}'''. The provisions of Paragraph 11(g) will not apply to the [party/parties] specified here (as the {{nyvmcsaprov|Secured Party}}):
::[ ] Party A <br>
::[ ] Party A <br>
::[ ] Party B<br>
::[ ] Party B<br>
:::13(c)(iii)(A) “'''{{nyvmcsaprov|Total Ineligibility Date}}'''” has the meaning specified in Paragraph 11(g), unless otherwise specified here [...]<br>
:::{{nyvmcsa|13(c)(iii)(A)}} “'''{{nyvmcsaprov|Total Ineligibility Date}}'''” has the meaning specified in Paragraph 11(g), unless otherwise specified here [...]<br>
:::13(c)(iii)(B) “{{nyvmcsaprov|Transfer}} Ineligibility Date” has the meaning specified in Paragraph 11(g), unless otherwise specified here: [...]<br>
:::{{nyvmcsa|13(c)(iii)(B)}} “{{nyvmcsaprov|Transfer}} Ineligibility Date” has the meaning specified in Paragraph 11(g), unless otherwise specified here: [...]<br>
::13(c)(iv) Credit Support Eligibility Conditions (VM). The following conditions will each be a “'''{{nyvmcsaprov|Credit Support Eligibility Condition (VM)}}'''” for the party specified. Any item will not qualify as {{nyvmcsaprov|Eligible Collateral (VM)}} for a party (as the {{nyvmcsaprov|Pledgor}}) if such item does not satisfy each {{nyvmcsaprov|Credit Support Eligibility Condition (VM))}} applicable to it.<br>
::{{nyvmcsa|13(c)(iv)}} Credit Support Eligibility Conditions (VM). The following conditions will each be a “'''{{nyvmcsaprov|Credit Support Eligibility Condition (VM)}}'''” for the party specified. Any item will not qualify as {{nyvmcsaprov|Eligible Collateral (VM)}} for a party (as the {{nyvmcsaprov|Pledgor}}) if such item does not satisfy each {{nyvmcsaprov|Credit Support Eligibility Condition (VM))}} applicable to it.<br>
::[...]<br>
::[...]<br>
::[...]<br>
::[...]<br>
::13(c)(v) “'''{{nyvmcsaprov|Valuation Percentage}}'''”; “'''{{nyvmcsaprov|FX Haircut Percentage}}'''”<br>
::{{nyvmcsa|13(c)(v)}} “'''{{nyvmcsaprov|Valuation Percentage}}'''”; “'''{{nyvmcsaprov|FX Haircut Percentage}}'''”<br>
:::13(c)(v)(A) “'''{{nyvmcsaprov|Valuation Percentage}}'''” means, with respect to each party (as the {{nyvmcsaprov|Pledgor}}) and item of {{nyvmcsaprov|Eligible Collateral (VM)}}, the percentage (expressed as a decimal) specified in Paragraph 13(c)(ii); provided that if nothing is specified in Paragraph 13(c)(ii), the Valuation Percentage will be 100% unless otherwise specified below. The Valuation Percentage for either party and any item of {{nyvmcsaprov|Eligible Collateral (VM)}} will further be subject to the terms and conditions, if any, specified below as applicable to such party and item: [...]<br>
:::{{nyvmcsa|13(c)(v)(A)}} “'''{{nyvmcsaprov|Valuation Percentage}}'''” means, with respect to each party (as the {{nyvmcsaprov|Pledgor}}) and item of {{nyvmcsaprov|Eligible Collateral (VM)}}, the percentage (expressed as a decimal) specified in Paragraph 13(c)(ii); provided that if nothing is specified in Paragraph 13(c)(ii), the Valuation Percentage will be 100% unless otherwise specified below. The Valuation Percentage for either party and any item of {{nyvmcsaprov|Eligible Collateral (VM)}} will further be subject to the terms and conditions, if any, specified below as applicable to such party and item: [...]<br>
:::[If at any time the Valuation Percentage assigned to an item of {{nyvmcsaprov|Eligible Collateral (VM)}} with respect to a party (as the {{nyvmcsaprov|Pledgor}}) under this Annex is greater than the maximum permitted valuation percentage (prescribed or implied) for such item of collateral under any law requiring the collection of variation margin applicable to the other party (as the {{nyvmcsaprov|Secured Party}}), then the Valuation Percentage with respect to such item of {{nyvmcsaprov|Eligible Collateral (VM)}} and such party will be such maximum permitted valuation percentage.]*<br>
:::[If at any time the Valuation Percentage assigned to an item of {{nyvmcsaprov|Eligible Collateral (VM)}} with respect to a party (as the {{nyvmcsaprov|Pledgor}}) under this Annex is greater than the maximum permitted valuation percentage (prescribed or implied) for such item of collateral under any law requiring the collection of variation margin applicable to the other party (as the {{nyvmcsaprov|Secured Party}}), then the Valuation Percentage with respect to such item of {{nyvmcsaprov|Eligible Collateral (VM)}} and such party will be such maximum permitted valuation percentage.]*<br>
:::13(c)(v)(B) “'''{{nyvmcsaprov|FX Haircut Percentage}}'''” means, with respect to each party (as the {{nyvmcsaprov|Pledgor}}) and item of {{nyvmcsaprov|Eligible Collateral (VM)}}, [[8]%, unless the {{nyvmcsaprov|Eligible Collateral (VM)}} or {{nyvmcsaprov|Posted Collateral (VM)}} is in the form of {{nyvmcsaprov|Cash)}} [in a Major Currency] or is denominated in a currency that matches [an {{nyvmcsaprov|Eligible Currency}}], in which case the '''{{nyvmcsaprov|FX Haircut Percentage)}}''' will be 0%.]<br>
:::{{nyvmcsa|13(c)(v)(B)}} “'''{{nyvmcsaprov|FX Haircut Percentage}}'''” means, with respect to each party (as the {{nyvmcsaprov|Pledgor}}) and item of {{nyvmcsaprov|Eligible Collateral (VM)}}, [[8]%, unless the {{nyvmcsaprov|Eligible Collateral (VM)}} or {{nyvmcsaprov|Posted Collateral (VM)}} is in the form of {{nyvmcsaprov|Cash)}} [in a Major Currency] or is denominated in a currency that matches [an {{nyvmcsaprov|Eligible Currency}}], in which case the '''{{nyvmcsaprov|FX Haircut Percentage)}}''' will be 0%.]<br>
:::[As used above, “Major Currency” means any of: (1) United States Dollar; (2) Canadian Dollar;<br>
:::[As used above, “Major Currency” means any of: (1) United States Dollar; (2) Canadian Dollar;<br>
(3) Euro; (4) United Kingdom Pound; (5) Japanese Yen; (6) Swiss Franc; (7) New Zealand Dollar;<br>
(3) Euro; (4) United Kingdom Pound; (5) Japanese Yen; (6) Swiss Franc; (7) New Zealand Dollar;<br>
(8) Australian Dollar; (9) Swedish Kronor; (10) Danish Kroner; (11) Norwegian Krone or any other currency specified below: [...] <br>
(8) Australian Dollar; (9) Swedish Kronor; (10) Danish Kroner; (11) Norwegian Krone or any other currency specified below: [...] <br>
::13(c)(vi) {{nyvmcsaprov|Other Eligible Support (VM)}}. The following items will qualify as “'''{{nyvmcsaprov|Other Eligible Support (VM)}}'''” for the party specified (as the {{nyvmcsaprov|Pledgor}}):<br>
::{{nyvmcsa|13(c)(vi)}} '''{{nyvmcsaprov|Other Eligible Support (VM)}}'''. The following items will qualify as “'''{{nyvmcsaprov|Other Eligible Support (VM)}}'''” for the party specified (as the {{nyvmcsaprov|Pledgor}}):<br>
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{{tablebottom}} ::13(c)(vii) {{nyvmcsaprov|Minimum Transfer Amount}}.<br>
{{tablebottom}}
:::13(c)(vii)(A) “'''{{nyvmcsaprov|Minimum Transfer Amount}}'''” means with respect to Party A: $ [...]<br>
::{{nyvmcsa|13(c)(vii)}} '''{{nyvmcsaprov|Minimum Transfer Amount}}'''.<br>
:::{{nyvmcsa|13(c)(vii)(A)}} “'''{{nyvmcsaprov|Minimum Transfer Amount}}'''” means with respect to Party A: $ [...]<br>
:::“'''{{nyvmcsaprov|Minimum Transfer Amount}}'''” means with respect to Party B: $ [...]<br>
:::“'''{{nyvmcsaprov|Minimum Transfer Amount}}'''” means with respect to Party B: $ [...]<br>
:::13(c)(vii)(B) Rounding. The {{nyvmcsaprov|Delivery Amount (VM)}} and the {{nyvmcsaprov|Return Amount (VM)}} will be rounded up and down respectively to the nearest integral multiple of $ [...]<br>
:::{{nyvmcsa|13(c)(vii)(B)}} Rounding. The {{nyvmcsaprov|Delivery Amount (VM)}} and the {{nyvmcsaprov|Return Amount (VM)}} will be rounded up and down respectively to the nearest integral multiple of $ [...]<br>
::13(c)(viii) {{nyvmcsaprov|Transfer Timing}}. “Regular Settlement Day” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: […]<br>
::{{nyvmcsa|13(c)(viii)}} '''{{nyvmcsaprov|Transfer Timing}}'''. “Regular Settlement Day” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: […]<br>
:13(d) {{nyvmcsaprov|Valuation and Timing}}.<br>
:{{nyvmcsa|13(d)}} '''{{nyvmcsaprov|Valuation and Timing}}'''.<br>
::13(d)(i) “'''{{nyvmcsaprov|Valuation Agent}}'''” means, for purposes of Paragraphs 3 and 5, the party making the demand under Paragraph 3, and, for purposes of Paragraph 6(d), the {{nyvmcsaprov|Secured Party}}, as applicable, unless otherwise specified here: [...]<br>
::{{nyvmcsa|13(d)(i)}} “'''{{nyvmcsaprov|Valuation Agent}}'''” means, for purposes of Paragraphs 3 and 5, the party making the demand under Paragraph 3, and, for purposes of Paragraph 6(d), the {{nyvmcsaprov|Secured Party}}, as applicable, unless otherwise specified here: [...]<br>
::13(d)(ii) “'''{{nyvmcsaprov|Valuation Date}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br>
::{{nyvmcsa|13(d)(ii)}} “'''{{nyvmcsaprov|Valuation Date}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br>
::For purposes of determining the {{nyvmcsaprov|Valuation Date}} and clause (iii) of the definition of “'''{{nyvmcsaprov|Local Business Day}}'''” in Paragraph {{nyvmcsaprov|12)}}, “'''{{nyvmcsaprov|Valuation Date Location}}'''”* means, with respect to each party, each city, region, or country specified below:<br>
::For purposes of determining the {{nyvmcsaprov|Valuation Date}} and clause (iii) of the definition of “'''{{nyvmcsaprov|Local Business Day}}'''” in Paragraph {{nyvmcsaprov|12)}}, “'''{{nyvmcsaprov|Valuation Date Location}}'''”* means, with respect to each party, each city, region, or country specified below:<br>
::Party A: [...]<br>
::Party A: [...]<br>
::Party B: [...]<br>
::Party B: [...]<br>
::13(d)(iii) “'''{{nyvmcsaprov|Valuation Time}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br>
::{{nyvmcsa|13(d)(iii)}} “'''{{nyvmcsaprov|Valuation Time}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br>
::13(d)(iv) “'''{{nyvmcsaprov|Notification Time}}'''” means 10:00 a.m., New York time, on a {{nyvmcsaprov|Local Business Day}}, unless otherwise specified here: [...]<br>
::{{nyvmcsa|13(d)(iv)}} “'''{{nyvmcsaprov|Notification Time}}'''” means 10:{{nyvmcsa|00}} a.m., New York time, on a {{nyvmcsaprov|Local Business Day}}, unless otherwise specified here: [...]<br>
:13(e) {{nyvmcsaprov|Conditions Precedent and Secured Party’s Rights and Remedies}}.<br>
:{{nyvmcsa|13(e)}} '''{{nyvmcsaprov|Conditions Precedent and Secured Party’s Rights and Remedies}}'''.<br>
::13(e)(i) The provisions of Paragraph {{nyvmcsaprov|4(a)}} will apply, unless otherwise specified here: [...]<br>
::{{nyvmcsa|13(e)(i)}} The provisions of Paragraph {{nyvmcsaprov|4(a)}} will apply, unless otherwise specified here: [...]<br>
::13(e)(ii) If the provisions of Paragraph {{nyvmcsaprov|4(a)}} are applicable, the following Termination Event(s) will be a “'''{{nyvmcsaprov|Specified Condition}}'''” for the party specified (that party being the {{isdaprov|Affected Party}} if the Termination Event occurs with respect to that party):<br>
::{{nyvmcsa|13(e)(ii)}} If the provisions of Paragraph {{nyvmcsaprov|4(a)}} are applicable, the following Termination Event(s) will be a “'''{{nyvmcsaprov|Specified Condition}}'''” for the party specified (that party being the {{isdaprov|Affected Party}} if the Termination Event occurs with respect to that party):<br>
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{{tablebottom}} :13(f) Substitution.<br>
{{tablebottom}} {{nyvmcsa|13(f)}} '''{{nyvmcsaprov|Substitution}}'''.<br>
::13(f)(i) “'''{{nyvmcsaprov|Substitution Date}}'''” has the meaning specified in Paragraph 4(d)(ii), unless otherwise specified here: [...]<br>
::{{nyvmcsa|13(f)(i)}} “'''{{nyvmcsaprov|Substitution Date}}'''” has the meaning specified in Paragraph 4(d)(ii), unless otherwise specified here: [...]<br>
::13(f)(ii) Consent. If specified here as applicable, then the {{nyvmcsaprov|Pledgor}} must obtain the {{nyvmcsaprov|Secured Party}}’s consent for any substitution pursuant to Paragraph 4(d): [applicable/inapplicable]<ref>Parties should consider selecting “applicable” where substitution without consent could give rise to a registration requirement to perfect properly the security interest in Posted Collateral (e.g., where a party to the Annex is the New York branch of an English bank)</ref><br>
::{{nyvmcsa|13(f)(ii)}} '''Consent'''. If specified here as applicable, then the {{nyvmcsaprov|Pledgor}} must obtain the {{nyvmcsaprov|Secured Party}}’s consent for any substitution pursuant to Paragraph 4(d): [applicable/inapplicable]<ref>Parties should consider selecting “applicable” where substitution without consent could give rise to a registration requirement to perfect properly the security interest in Posted Collateral (e.g., where a party to the Annex is the New York branch of an English bank)</ref><br>
:13(g) {{nyvmcsaprov|Dispute Resolution}}.<br>
:{{nyvmcsa|13(g)}} '''{{nyvmcsaprov|Dispute Resolution}}'''.<br>
::13(g)(i) “'''{{nyvmcsaprov|Resolution Time}}'''” means 1:00 p.m., New York time, on the {{nyvmcsaprov|Local Business Day}} following the date on which the notice is given that gives rise to a dispute under Paragraph 5, unless otherwise specified here: [...]<br>
::{{nyvmcsa|13(g)(i)}} “'''{{nyvmcsaprov|Resolution Time}}'''” means 1:{{nyvmcsa|00}} p.m., New York time, on the {{nyvmcsaprov|Local Business Day}} following the date on which the notice is given that gives rise to a dispute under Paragraph 5, unless otherwise specified here: [...]<br>
::13(g)(ii) {{nyvmcsaprov|Value}}. For the purpose of Paragraphs 5(iv)(A)(3) and 5(iv)(B), the {{nyvmcsaprov|Value}} of {{nyvmcsaprov|Posted Credit Support (VM)}} will be calculated as follows: [...]<br>
::{{nyvmcsa|13(g)(ii)}} '''{{nyvmcsaprov|Value}}'''. For the purpose of Paragraphs 5(iv)(A)(3) and 5(iv)(B), the {{nyvmcsaprov|Value}} of {{nyvmcsaprov|Posted Credit Support (VM)}} will be calculated as follows: [...]<br>
::13(g)(iii) Alternative. The provisions of Paragraph 5 will apply, unless an alternative {{nyvmcsaprov|Dispute Resolution}} procedure is specified here: [...]<br>
::{{nyvmcsa|13(g)(iii)}} '''Alternative'''. The provisions of Paragraph 5 will apply, unless an alternative {{nyvmcsaprov|Dispute Resolution}} procedure is specified here: [...]<br>
:13(h) {{nyvmcsaprov|Holding and Using Posted Collateral (VM)}}.<br>
:{{nyvmcsa|13(h)}} '''{{nyvmcsaprov|Holding and Using Posted Collateral (VM)}}'''.<br>
::13(h)(i) Eligibility to Hold {{nyvmcsaprov|Posted Collateral (VM)}}; Custodians (VM). Party A and its {{nyvmcsaprov|Custodian (VM)}} will be entitled to hold {{nyvmcsaprov|Posted Collateral (VM)}} pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:<br>
::{{nyvmcsa|13(h)(i)}} '''{{nyvmcsaprov|Eligibility to Hold Posted Collateral (VM); Custodians (VM)}}'''. Party A and its {{nyvmcsaprov|Custodian (VM)}} will be entitled to hold {{nyvmcsaprov|Posted Collateral (VM)}} pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:<br>
:::13(h)(i)(A) Party A is not a {{isdaprov|Defaulting Party}}.<br>
:::{{nyvmcsa|13(h)(i)(A)}} Party A is not a {{isdaprov|Defaulting Party}}.<br>
:::13(h)(i)(B) […]
:::{{nyvmcsa|13(h)(i)(B)}} […]
:::[...] Initially, the {{nyvmcsaprov|Custodian (VM)}} for Party A is [...]<br>
:::[...] Initially, the {{nyvmcsaprov|Custodian (VM)}} for Party A is [...]<br>
:::Party B and its {{nyvmcsaprov|Custodian (VM)}} will be entitled to hold {{nyvmcsaprov|Posted Collateral (VM)}} pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:<br>
:::Party B and its {{nyvmcsaprov|Custodian (VM)}} will be entitled to hold {{nyvmcsaprov|Posted Collateral (VM)}} pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:<br>
:::13(h)(i)(A) Party B is not a {{isdaprov|Defaulting Party}}.<br>
:::{{nyvmcsa|13(h)(i)(A)}} Party B is not a {{isdaprov|Defaulting Party}}.<br>
:::13(h)(i)(B) […]
:::{{nyvmcsa|13(h)(i)(B)}} […]
:::[...] Initially, the {{nyvmcsaprov|Custodian (VM)}} for Party A is [...]<br>
:::[...] Initially, the {{nyvmcsaprov|Custodian (VM)}} for Party A is [...]<br>
::13(h)(ii) Use of {{nyvmcsaprov|Posted Collateral (VM)}}. The provisions of Paragraph 6(c) will not apply to the [party/parties*] specified here:<br>
::{{nyvmcsa|13(h)(ii)}} '''{{nyvmcsaprov|Use of Posted Collateral (VM)}}'''. The provisions of Paragraph 6(c) will not apply to the [party/parties*] specified here:<br>
::[…] Party A <br>
::[…] Party A <br>
::[…] Party B<br>
::[…] Party B<br>
::and [that party/those parties*] will not be permitted to: [...]<br>
::and [that party/those parties*] will not be permitted to: [...]<br>
:13(i) {{nyvmcsaprov|Distributions and Interest Payment (VM)}}.<br>
:{{nyvmcsa|13(i)}} '''{{nyvmcsaprov|Distributions and Interest Payment (VM)}}'''.<br>
::13(i)(i) {{nyvmcsaprov|Interest Rate (VM)}}. The “'''{{nyvmcsaprov|Interest Rate (VM)}}'''” in relation to each {{nyvmcsaprov|Eligible Currency}} specified below will be:<br>
::{{nyvmcsa|13(i)(i)}} '''{{nyvmcsaprov|Interest Rate (VM)}}'''. The “'''{{nyvmcsaprov|Interest Rate (VM)}}'''” in relation to each {{nyvmcsaprov|Eligible Currency}} specified below will be:<br>
{{tabletopalign|align=left|width=80|background=white|left margin=20|right margin=10}}
{{tabletopalign|align=left|width=80|background=white|left margin=20|right margin=10}}
{{cellwidth|33}}'''{{nyvmcsaprov|Eligible Currency}}'''
{{cellwidth|33}}'''{{nyvmcsaprov|Eligible Currency}}'''
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| […]
| […]
{{tablebottom}}
{{tablebottom}}
::13(i)(ii) {{nyvmcsaprov|Transfer of Interest Payment (VM) or application of Interest Amount (VM)}}.<br>
::{{nyvmcsa|13(i)(ii)}} '''{{nyvmcsaprov|Transfer of Interest Payment (VM) or application of Interest Amount (VM)}}'''.<br>
::Interest {{nyvmcsaprov|Transfer}}: [Applicable/Not Applicable]<br>
::'''{{nyvmcsaprov|Interest Transfer}}''': [Applicable/Not Applicable]<br>
::Interest Payment Netting: [Applicable/Not Applicable]<br>
::'''{{nyvmcsaprov|Interest Payment Netting}}''': [Applicable/Not Applicable]<br>
::[The {{nyvmcsaprov|Transfer}} of an {{nyvmcsaprov|Interest Payment (VM)}} by the {{nyvmcsaprov|Interest Payer (VM)}} will be made on [the last {{nyvmcsaprov|Local Business Day}} of each calendar month] [and on any {{nyvmcsaprov|Local Business Day}} that a {{nyvmcsaprov|Return Amount (VM)}} consisting wholly or partly of {{nyvmcsaprov|Cash)}} is {{nyvmcsaprov|Transfer}}red to the {{nyvmcsaprov|Pledgor}} pursuant to Paragraph 3(b)]. The {{nyvmcsaprov|Transfer}} of an {{nyvmcsaprov|Interest Payment (VM)}} by the {{nyvmcsaprov|Interest Payer (VM)}} will be made on [the last {{nyvmcsaprov|Local Business Day}} of each calendar month] [and on any {{nyvmcsaprov|Local Business Day}} that a {{nyvmcsaprov|Delivery Amount (VM)}} consisting wholly or partly of {{nyvmcsaprov|Cash)}} is {{nyvmcsaprov|Transfer}}red to the {{nyvmcsaprov|Secured Party}} pursuant to Paragraph 3(a)].]<br>
::[The {{nyvmcsaprov|Transfer}} of an {{nyvmcsaprov|Interest Payment (VM)}} by the {{nyvmcsaprov|Interest Payer (VM)}} will be made on [the last {{nyvmcsaprov|Local Business Day}} of each calendar month] [and on any {{nyvmcsaprov|Local Business Day}} that a {{nyvmcsaprov|Return Amount (VM)}} consisting wholly or partly of {{nyvmcsaprov|Cash)}} is {{nyvmcsaprov|Transfer}}red to the {{nyvmcsaprov|Pledgor}} pursuant to Paragraph 3(b)]. The {{nyvmcsaprov|Transfer}} of an {{nyvmcsaprov|Interest Payment (VM)}} by the {{nyvmcsaprov|Interest Payer (VM)}} will be made on [the last {{nyvmcsaprov|Local Business Day}} of each calendar month] [and on any {{nyvmcsaprov|Local Business Day}} that a {{nyvmcsaprov|Delivery Amount (VM)}} consisting wholly or partly of {{nyvmcsaprov|Cash)}} is {{nyvmcsaprov|Transfer}}red to the {{nyvmcsaprov|Secured Party}} pursuant to Paragraph 3(a)].]<br>
::{{nyvmcsaprov|Interest Adjustment}}: [Applicable/Not Applicable]<br>
::'''{{nyvmcsaprov|Interest Adjustment}}''': [Applicable/Not Applicable]<br>
::[The {{nyvmcsaprov|Posted Collateral (VM)}} will be adjusted by the {{nyvmcsaprov|Secured Party}} on [the last {{nyvmcsaprov|Local Business Day}} of each calendar month][each day].]<br>
::[The {{nyvmcsaprov|Posted Collateral (VM)}} will be adjusted by the {{nyvmcsaprov|Secured Party}} on [the last {{nyvmcsaprov|Local Business Day}} of each calendar month][each day].]<br>
::13(i)(iii) {{nyvmcsaprov|Other Interest Elections}}}.<br>
::{{nyvmcsa|13(i)(iii)}} '''{{nyvmcsaprov|Other Interest Elections}}}'''.<br>
::{{nyvmcsaprov|Negative Interest}}: [Applicable/Not Applicable]<br>
::'''{{nyvmcsaprov|Negative Interest}}''': [Applicable/Not Applicable]<br>
::{{nyvmcsaprov|Daily Interest Compounding}}: [Applicable/Not Applicable]<br>
::'''{{nyvmcsaprov|Daily Interest Compounding}}''': [Applicable/Not Applicable]<br>
::13(i)(iv) Alternative to {{nyvmcsaprov|Interest Amount (VM)}} and {{nyvmcsaprov|Interest Payment (VM)}}. The provisions of Paragraph 6(d)(ii) will apply, unless otherwise specified here: [...]<br>
::{{nyvmcsa|13(i)(iv)}} '''{{nyvmcsaprov|Alternative to Interest Amount (VM) and Interest Payment (VM)}}'''. The provisions of Paragraph 6(d)(ii) will apply, unless otherwise specified here: [...]<br>
:13(j) {{nyvmcsaprov|Credit Support Offsets}}. If specified here as applicable, then the “{{nyvmcsaprov|Credit Support Offsets}}” provisions in Paragraph 11(j) of this Annex will apply: [applicable/inapplicable].<br>
:{{nyvmcsa|13(j)}} '''{{nyvmcsaprov|Credit Support Offsets}}'''. If specified here as applicable, then the “{{nyvmcsaprov|Credit Support Offsets}}” provisions in Paragraph 11(j) of this Annex will apply: [applicable/inapplicable].<br>
:13(k) Additional Representation(s).<br>
:{{nyvmcsa|13(k)}} '''{{csaprov|Additional Representations}}'''.<br>
[Party A/Party B] represents to the other party (which representation(s) will be deemed to be repeated as of each date on which it, as the {{nyvmcsaprov|Pledgor}}, {{nyvmcsaprov|Transfer}}s {{nyvmcsaprov|Eligible Collateral (VM)}}) that: […]<br>
[Party A/Party B] represents to the other party (which representation(s) will be deemed to be repeated as of each date on which it, as the {{nyvmcsaprov|Pledgor}}, {{nyvmcsaprov|Transfer}}s {{nyvmcsaprov|Eligible Collateral (VM)}}) that: […]<br>
:13(l) {{nyvmcsaprov|Other Eligible Support (VM) and Other Posted Support (VM)}}.<br>
:{{nyvmcsa|13(l)}} '''{{nyvmcsaprov|Other Eligible Support (VM) and Other Posted Support (VM)}}'''.<br>
::13(l)(i) “'''{{nyvmcsaprov|Value}}'''” with respect to {{nyvmcsaprov|Other Eligible Support (VM)}} and {{nyvmcsaprov|Other Posted Support (VM)}} means: [...]<br>
::{{nyvmcsa|13(l)(i)}} “'''{{nyvmcsaprov|Value}}'''” with respect to {{nyvmcsaprov|Other Eligible Support (VM)}} and {{nyvmcsaprov|Other Posted Support (VM)}} means: [...]<br>
::13(l)(ii) “'''{{nyvmcsaprov|Transfer}}'''” with respect to {{nyvmcsaprov|Other Eligible Support (VM)}} and {{nyvmcsaprov|Other Posted Support (VM)}} means: [...]<br>
::{{nyvmcsa|13(l)(ii)}} “'''{{nyvmcsaprov|Transfer}}'''” with respect to {{nyvmcsaprov|Other Eligible Support (VM)}} and {{nyvmcsaprov|Other Posted Support (VM)}} means: [...]<br>
:13(m) {{nyvmcsaprov|Demands and Notices}}. All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise specified here:<br>
:{{nyvmcsa|13(m)}} '''{{nyvmcsaprov|Demands and Notices}}'''. All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise specified here:<br>
:Party A: [...]<br>
:Party A: [...]<br>
:Party B: [...]<br>
:Party B: [...]<br>
:13(n) Addresses for {{nyvmcsaprov|Transfer}}s.<br>
:{{nyvmcsa|13(n)}} '''{{nyvmcsaprov|Addresses for Transfers}}'''.<br>
:Party A: [...]<br>
:Party A: [...]<br>
:Party B: [...]<br>
:Party B: [...]<br>
:13(o) “'''{{nyvmcsaprov|Other CSA}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br>
:{{nyvmcsa|13(o)}} “'''{{nyvmcsaprov|Other CSA}}'''” has the meaning specified in Paragraph {{nyvmcsaprov|12)}}, unless otherwise specified here: [...]<br>
:13(p) Other Provisions.<br>
:{{nyvmcsa|13(p)}} '''{{nyvmcsaprov|Other Provisions}}'''.<br>

Revision as of 17:52, 10 January 2020

=== Paragraph 13. Elections and Variables=== 2016 NY Law VM CSA Base Currency and Eligible Currency.

2016 NY Law VM CSA “Base Currency” means United States Dollars, unless otherwise specified here: [...]
2016 NY Law VM CSA “Eligible Currency” means the Base Currency and each other currency specified here:[...]
2016 NY Law VM CSA Covered Transactions; Security Interest for Obligations; Exposure.
2016 NY Law VM CSA The term “Covered Transactions” as used in this Annex includes any Transaction) specified below that is entered into on or after [...], except as otherwise provided in the Confirmation of such Transaction):
2016 NY Law VM CSA For purposes of the foregoing, the term “Covered Transactions” includes: [Any Transaction) [that is any of the following] [Swap], [Security-Based Swap], [OTC Derivative], [Physically Settled FX Forward] or [Physically Settled FX Swap]] [and is not any of the following: [Swap], [Security-Based Swap], [OTC Derivative], [Physically Settled FX Forward], or [Physically Settled FX Swap][...]]
As used above:
[“OTC Derivative” means an “OTC derivative” or “OTC derivative contract” as defined in Article 2(7) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“EMIR”) other than one which constitutes (i) a “foreign exchange forward” as defined in Article 7(1)(a) of the final draft regulatory technical standards on risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP under Article 11(15) of EMIR dated March 8, 2016 (the “EMIR RTS”) for so long as such Transaction)s are subject to the transitional exemption from the variation margin requirements under Article 39(6) of the EMIR RTS and a single stock equity option or index option Transaction) as referred to in Article 39(7) of the EMIR RTS for so long as such Transaction)s are subject to the transitional exemption from the variation margin requirements under Article 39(7) of the EMIR RTS.]
[“Physically Settled FX Forward” means [...]]
[“Physically Settled FX Swap” means [...]]
[“Security-Based Swap” means a “security-based swap” as defined in Section 3(a)(68) of the U.S. Securities Exchange Act of 1934, as amended (“SEA”), and the rules adopted thereunder. For the avoidance of doubt, the term “Security-Based Swap” does not include a security-based swap that has been cleared by a “clearing agency,” as such term is defined in Section 3(a)(23) of the SEA and the rules adopted thereunder.]
[“Swap” means a “swap” as defined in Section 1a(47) of the U.S. Commodity Exchange Act, as amended (“CEA”), and the regulations adopted thereunder. For the avoidance of doubt, the term “Swap” does not include a swap that has been cleared by a “derivatives clearing organization,” as such term is defined in Section 1a(15) of the CEA and the regulations adopted thereunder.]

[For the purposes of the foregoing, a Transaction) will be deemed to be entered into on or after the date specified in this Paragraph 13(b)(i) if an amendment, novation or other lifecycle event with respect to such Transaction) would cause such Transaction) to be entered into after such date under law applicable to either party requiring the collection or delivery of variation margin.]*

2016 NY Law VM CSA The term “Obligations” as used in this Annex includes the following additional obligations:
With respect to Party A: [...]
With respect to Party B: [...]
2016 NY Law VM CSA “[[Exposure - NY VM CSA Provision|Exposure]]” has the meaning specified in Paragraph 12), unless otherwise specified here: [...]
2016 NY Law VM CSA Credit Support Obligations.
2016 NY Law VM CSA Delivery Amount (VM) and Return Amount (VM).
2016 NY Law VM CSA “Delivery Amount (VM)” has the meaning specified in Paragraph 3(a), unless otherwise specified here: [...]
2016 NY Law VM CSA “Return Amount (VM)” has the meaning specified in Paragraph 3(b), unless otherwise specified here: [...]
2016 NY Law VM CSA Eligible Collateral (VM). Subject to Paragraph 11(g), if applicable, and each Credit Support Eligibility Condition (VM)) applicable to it specified in Paragraph 13, if any, the following items will qualify as “Eligible Collateral (VM)” for the party specified (as the Pledgor):


Party A Valuation Percentage Party B Valuation Percentage
(A) Cash in an Eligible Currency [...] [...]% [...] [...]%
(B) Other [...] [...]% [...] [...]%
2016 NY Law VM CSA Legally Ineligible Credit Support (VM). The provisions of Paragraph 11(g) will not apply to the [party/parties] specified here (as the Secured Party):
[ ] Party A
[ ] Party B
2016 NY Law VM CSA “Total Ineligibility Date” has the meaning specified in Paragraph 11(g), unless otherwise specified here [...]
2016 NY Law VM CSA “Transfer Ineligibility Date” has the meaning specified in Paragraph 11(g), unless otherwise specified here: [...]
2016 NY Law VM CSA Credit Support Eligibility Conditions (VM). The following conditions will each be a “Credit Support Eligibility Condition (VM)” for the party specified. Any item will not qualify as Eligible Collateral (VM) for a party (as the Pledgor) if such item does not satisfy each Credit Support Eligibility Condition (VM)) applicable to it.
[...]
[...]
2016 NY Law VM CSA “Valuation Percentage”; “FX Haircut Percentage”
2016 NY Law VM CSA “Valuation Percentage” means, with respect to each party (as the Pledgor) and item of Eligible Collateral (VM), the percentage (expressed as a decimal) specified in Paragraph 13(c)(ii); provided that if nothing is specified in Paragraph 13(c)(ii), the Valuation Percentage will be 100% unless otherwise specified below. The Valuation Percentage for either party and any item of Eligible Collateral (VM) will further be subject to the terms and conditions, if any, specified below as applicable to such party and item: [...]
[If at any time the Valuation Percentage assigned to an item of Eligible Collateral (VM) with respect to a party (as the Pledgor) under this Annex is greater than the maximum permitted valuation percentage (prescribed or implied) for such item of collateral under any law requiring the collection of variation margin applicable to the other party (as the Secured Party), then the Valuation Percentage with respect to such item of Eligible Collateral (VM) and such party will be such maximum permitted valuation percentage.]*
2016 NY Law VM CSA “FX Haircut Percentage” means, with respect to each party (as the Pledgor) and item of Eligible Collateral (VM), [[8]%, unless the Eligible Collateral (VM) or Posted Collateral (VM) is in the form of Cash) [in a Major Currency] or is denominated in a currency that matches [an Eligible Currency], in which case the FX Haircut Percentage) will be 0%.]
[As used above, “Major Currency” means any of: (1) United States Dollar; (2) Canadian Dollar;

(3) Euro; (4) United Kingdom Pound; (5) Japanese Yen; (6) Swiss Franc; (7) New Zealand Dollar;
(8) Australian Dollar; (9) Swedish Kronor; (10) Danish Kroner; (11) Norwegian Krone or any other currency specified below: [...]

2016 NY Law VM CSA Other Eligible Support (VM). The following items will qualify as “Other Eligible Support (VM)” for the party specified (as the Pledgor):


Party A Party B
(A) […] […]
(B) […] […]
2016 NY Law VM CSA Minimum Transfer Amount.
2016 NY Law VM CSA “Minimum Transfer Amount” means with respect to Party A: $ [...]
“Minimum Transfer Amount” means with respect to Party B: $ [...]
2016 NY Law VM CSA Rounding. The Delivery Amount (VM) and the Return Amount (VM) will be rounded up and down respectively to the nearest integral multiple of $ [...]
2016 NY Law VM CSA Transfer Timing. “Regular Settlement Day” has the meaning specified in Paragraph 12), unless otherwise specified here: […]
2016 NY Law VM CSA Valuation and Timing.
2016 NY Law VM CSA “Valuation Agent” means, for purposes of Paragraphs 3 and 5, the party making the demand under Paragraph 3, and, for purposes of Paragraph 6(d), the Secured Party, as applicable, unless otherwise specified here: [...]
2016 NY Law VM CSA “Valuation Date” has the meaning specified in Paragraph 12), unless otherwise specified here: [...]
For purposes of determining the Valuation Date and clause (iii) of the definition of “Local Business Day” in Paragraph 12), “Valuation Date Location”* means, with respect to each party, each city, region, or country specified below:
Party A: [...]
Party B: [...]
2016 NY Law VM CSA “Valuation Time” has the meaning specified in Paragraph 12), unless otherwise specified here: [...]
2016 NY Law VM CSA “Notification Time” means 10:2016 NY Law VM CSA a.m., New York time, on a Local Business Day, unless otherwise specified here: [...]
2016 NY Law VM CSA Conditions Precedent and Secured Party’s Rights and Remedies.
2016 NY Law VM CSA The provisions of Paragraph 4(a) will apply, unless otherwise specified here: [...]
2016 NY Law VM CSA If the provisions of Paragraph 4(a) are applicable, the following Termination Event(s) will be a “Specified Condition” for the party specified (that party being the Affected Party if the Termination Event occurs with respect to that party):


Party A Party B
Illegality […] […]
Force Majeure Event[1] […] […]
Tax Event […] […]
Tax Event Upon Merger […] […]
Credit Event Upon Merger […] […]
Additional Termination Event(s): […] […]

2016 NY Law VM CSA Substitution.

2016 NY Law VM CSA “Substitution Date” has the meaning specified in Paragraph 4(d)(ii), unless otherwise specified here: [...]
2016 NY Law VM CSA Consent. If specified here as applicable, then the Pledgor must obtain the Secured Party’s consent for any substitution pursuant to Paragraph 4(d): [applicable/inapplicable][2]
2016 NY Law VM CSA Dispute Resolution.
2016 NY Law VM CSA “Resolution Time” means 1:2016 NY Law VM CSA p.m., New York time, on the Local Business Day following the date on which the notice is given that gives rise to a dispute under Paragraph 5, unless otherwise specified here: [...]
2016 NY Law VM CSA Value. For the purpose of Paragraphs 5(iv)(A)(3) and 5(iv)(B), the Value of Posted Credit Support (VM) will be calculated as follows: [...]
2016 NY Law VM CSA Alternative. The provisions of Paragraph 5 will apply, unless an alternative Dispute Resolution procedure is specified here: [...]
2016 NY Law VM CSA Holding and Using Posted Collateral (VM).
2016 NY Law VM CSA Eligibility to Hold Posted Collateral (VM); Custodians (VM). Party A and its Custodian (VM) will be entitled to hold Posted Collateral (VM) pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:
2016 NY Law VM CSA Party A is not a Defaulting Party.
2016 NY Law VM CSA […]
[...] Initially, the Custodian (VM) for Party A is [...]
Party B and its Custodian (VM) will be entitled to hold Posted Collateral (VM) pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:
2016 NY Law VM CSA Party B is not a Defaulting Party.
2016 NY Law VM CSA […]
[...] Initially, the Custodian (VM) for Party A is [...]
2016 NY Law VM CSA Use of Posted Collateral (VM). The provisions of Paragraph 6(c) will not apply to the [party/parties*] specified here:
[…] Party A
[…] Party B
and [that party/those parties*] will not be permitted to: [...]
2016 NY Law VM CSA Distributions and Interest Payment (VM).
2016 NY Law VM CSA Interest Rate (VM). The “Interest Rate (VM)” in relation to each Eligible Currency specified below will be:


Eligible Currency Interest Rate (VM) A/365 Currency
[...] […] […]
[...] […] […]
[...] […] […]
2016 NY Law VM CSA Transfer of Interest Payment (VM) or application of Interest Amount (VM).
Interest Transfer: [Applicable/Not Applicable]
Interest Payment Netting: [Applicable/Not Applicable]
[The Transfer of an Interest Payment (VM) by the Interest Payer (VM) will be made on [the last Local Business Day of each calendar month] [and on any Local Business Day that a Return Amount (VM) consisting wholly or partly of Cash) is Transferred to the Pledgor pursuant to Paragraph 3(b)]. The Transfer of an Interest Payment (VM) by the Interest Payer (VM) will be made on [the last Local Business Day of each calendar month] [and on any Local Business Day that a Delivery Amount (VM) consisting wholly or partly of Cash) is Transferred to the Secured Party pursuant to Paragraph 3(a)].]
Interest Adjustment: [Applicable/Not Applicable]
[The Posted Collateral (VM) will be adjusted by the Secured Party on [the last Local Business Day of each calendar month][each day].]
2016 NY Law VM CSA Other Interest Elections}.
Negative Interest: [Applicable/Not Applicable]
Daily Interest Compounding: [Applicable/Not Applicable]
2016 NY Law VM CSA Alternative to Interest Amount (VM) and Interest Payment (VM). The provisions of Paragraph 6(d)(ii) will apply, unless otherwise specified here: [...]
2016 NY Law VM CSA Credit Support Offsets. If specified here as applicable, then the “Credit Support Offsets” provisions in Paragraph 11(j) of this Annex will apply: [applicable/inapplicable].
2016 NY Law VM CSA Additional Representations.

[Party A/Party B] represents to the other party (which representation(s) will be deemed to be repeated as of each date on which it, as the Pledgor, Transfers Eligible Collateral (VM)) that: […]

2016 NY Law VM CSA Other Eligible Support (VM) and Other Posted Support (VM).
2016 NY Law VM CSA “Value” with respect to Other Eligible Support (VM) and Other Posted Support (VM) means: [...]
2016 NY Law VM CSA “Transfer” with respect to Other Eligible Support (VM) and Other Posted Support (VM) means: [...]
2016 NY Law VM CSA Demands and Notices. All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise specified here:
Party A: [...]
Party B: [...]
2016 NY Law VM CSA Addresses for Transfers.
Party A: [...]
Party B: [...]
2016 NY Law VM CSA “Other CSA” has the meaning specified in Paragraph 12), unless otherwise specified here: [...]
2016 NY Law VM CSA Other Provisions.
  1. ↑ Include if the relevant ISDA Master Agreement is an ISDA 2002 Master Agreement.
  2. ↑ Parties should consider selecting “applicable” where substitution without consent could give rise to a registration requirement to perfect properly the security interest in Posted Collateral (e.g., where a party to the Annex is the New York branch of an English bank)
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