Template:Nutshell 2016 CSA 5(c)(ii)(A): Difference between revisions

Template:Nutshell 2016 CSA 5(c)(ii)(A) (view source)

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-::{{vmcsaprov|5(c)(ii)(A)}} if “'''{{vmcsaprov|Interest Transfer}}'''” applies the {{vmcsaprov|Interest Payer (VM)}} will transfer an {{vmcsaprov|Interest Payment (VM)}} to the {{vmcsaprov|Interest Payer (VM)}}, as required under Paragraph {{vmcsaprov|11(g)(ii)}} and on any {{isdaprov|Early Termination Date}}. If “{{vmcsaprov|Interest Payment Netting}}” applies:
+::{{vmcsaprov|5(c)(ii)(A)}} if “'''{{vmcsaprov|Interest Transfer}}'''” applies the {{vmcsaprov|Interest Payer (VM)}} must transfer an {{vmcsaprov|Interest Payment (VM)}} to the {{vmcsaprov|Interest Payer (VM)}}, as required under Paragraph {{vmcsaprov|11(g)(ii)}} and on any {{isdaprov|Early Termination Date}} provided that if “{{vmcsaprov|Interest Payment Netting}}” applies:
-:::(I) if the {{vmcsaprov|Interest Payer (VM)}} is due a {{vmcsaprov|Delivery Amount (VM)}} or {{vmcsaprov|Return Amount (VM)}} for the same date:
+:::(I) if the {{vmcsaprov|Interest Payer (VM)}} is due a payment under the [[VM CSA]] on the same date:
-::::(a) it will be reduced by the {{vmcsaprov|Interest Payment (VM)}} (but not below zero), provided that, in case of such {{vmcsaprov|Return Amount (VM)}}, if the part of the {{vmcsaprov|Credit Support Balance (VM)}} which is cash in the {{vmcsaprov|Base Currency}} is less than such {{vmcsaprov|Interest Payment (VM)}}, such reduction will only be to the extent of that cash portion (the “'''{{vmcsaprov|Eligible Return Amount (VM)}}'''”); and
+::::(a) it will be reduced by the {{vmcsaprov|Interest Payment (VM)}} (but not below zero), provided that for a {{vmcsaprov|Return Amount (VM)}}, the deduction will only apply to the extent of any {{vmcsaprov|Base Currency}} cash portion of the {{vmcsaprov|Credit Support Balance (VM)}}; and
-::::(b) the {{vmcsaprov|Interest Payer (VM)}} will transfer to the {{vmcsaprov|Interest Payer (VM)}} any excess of such {{vmcsaprov|Interest Payment (VM)}} after the reduction;
+::::(b) after any such reduction the {{vmcsaprov|Interest Payer (VM)}} must transfer the remaining {{vmcsaprov|Interest Payment (VM)}} to the {{vmcsaprov|Transferee}};
-:::(II) if a {{vmcsaprov|Delivery Amount (VM)}} or a {{vmcsaprov|Return Amount (VM)}} is so reduced, for purposes of  working out the {{vmcsaprov|Credit Support Balance (VM)}} only, the Transferee will be deemed to have received or transferred in cash in the {{vmcsaprov|Base Currency}} the reduced amount, on the day on which the {{vmcsaprov|Interest Payment (VM)}} was due; and <br>
+:::(II) following such a reduction, when working out the {{vmcsaprov|Credit Support Balance (VM)}}, the {{vmcsaprov|Transferee}} will be deemed to have received or transferred the {{vmcsaprov|Base Currency}} cash equivalent of the reduced amount, on the due date for the {{vmcsaprov|Interest Payment (VM)}}; and <br>