Template:Nutshell 2016 CSA 6: Difference between revisions

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{{csaprov|6}}. '''{{csaprov|Default}}'''. <br>
{{vmcsaprov|6}}. '''{{vmcsaprov|Default}}'''. <br>
If there is an {{isdaprov|Early Termination Date}} following an {{isdaprov|Event of Default}}, the {{csaprov|Value}} of the {{csaprov|Credit Support Balance (VM)}}, determined of the {{isdaprov|Early Termination Date}}, will be an {{isdaprov|Unpaid Amount}} due to the {{csaprov|Transferor}} under Section {{isdaprov|6(e)}}. For the {{isdaprov|Transaction}} represented by this {{csaprov|Annex}}:
If there is an {{isdaprov|Early Termination Date}} following an {{isdaprov|Event of Default}}, the {{vmcsaprov|Value}} of the {{vmcsaprov|Credit Support Balance (VM)}}, determined of the {{isdaprov|Early Termination Date}}, will be an {{isdaprov|Unpaid Amount}} due to the {{vmcsaprov|Transferor}} under Section {{isdaprov|6(e)}}. For the {{isdaprov|Transaction}} represented by this {{vmcsaprov|Annex}}:
:(a) any {{isdaprov|Market Quotation}} will be zero;  
:(a) any {{isdaprov|Market Quotation}} will be zero;  
:(b) any {{isdaprov|Loss}} will be limited to the {{isdaprov|Unpaid Amount}} representing the {{csaprov|Value}} of the relevant {{csaprov|Credit Support Balance (VM)}} and any unsatisfied {{csaprov|Interest Payment (VM)}} obligations;  
:(b) any {{isdaprov|Loss}} will be limited to the {{isdaprov|Unpaid Amount}} representing the {{vmcsaprov|Value}} of the relevant {{vmcsaprov|Credit Support Balance (VM)}} and any unsatisfied {{vmcsaprov|Interest Payment (VM)}} obligations;  
:(c) any {{isdaprov|Close-out Amount}} will be zero; and  
:(c) any {{isdaprov|Close-out Amount}} will be zero; and  
:(d) there will be no {{isdaprov|Unpaid Amount}} relating to any unsatisfied obligation under Paragraph {{csaprov|2}} or Paragraph {{csaprov|3(c)}}. <br>
:(d) there will be no {{isdaprov|Unpaid Amount}} relating to any unsatisfied obligation under Paragraph {{vmcsaprov|2}} or Paragraph {{vmcsaprov|3(c)}}. <br>

Latest revision as of 12:49, 2 December 2019

6. Default.
If there is an Early Termination Date following an Event of Default, the Value of the Credit Support Balance (VM), determined of the Early Termination Date, will be an Unpaid Amount due to the Transferor under Section 6(e). For the Transaction represented by this Annex:

(a) any Market Quotation will be zero;
(b) any Loss will be limited to the Unpaid Amount representing the Value of the relevant Credit Support Balance (VM) and any unsatisfied Interest Payment (VM) obligations;
(c) any Close-out Amount will be zero; and
(d) there will be no Unpaid Amount relating to any unsatisfied obligation under Paragraph 2 or Paragraph 3(c).
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