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22 DECEMBER 2010 NEW ZEALAND GAZETTE, No. 177 4399
(C) Successors. This Annex and all obligations, rights and remedies hereunder shall be binding upon the successors and assigns of each party.
(D) No Third Party Rights. This Annex has been and is made solely for the benefit of Party A and Party B and their respective successors and assigns, and no other person or entity shall acquire or have any right under or by virtue of this Annex.
(E) Local Business Day. Notwithstanding anything to the contrary contained herein Local Business Day shall, in addition to any other meaning specified herein, include a day on which registered banks are open for ordinary over the counter business in Auckland and Wellington, excluding Saturdays, Sundays and statutory public holidays in Auckland or Wellington.
(F) Minimum Transfer Amount. Notwithstanding the provisions of Paragraph11(b)(iii)(C), when the Credit Support Amount with respect to both parties on a Valuation Date is zero, the Minimum Transfer Amount with respect to both parties will be zero.
(H) Exposure. The term "Exposure" in Paragraph 10 of the Annex is hereby amended to read in its entirety as follows:
"Exposure means, with respect to a party on a Valuation Date and subject to Paragraph 4 in the case of a dispute, the amount, if any, that would be payable to that party by the other party (expressed as a positive number) or by that party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(1) of this Agreement if all Transactions (other than the Transaction constituted by this Annex) were being terminated as of the relevant Valuation Time, on the basis that (i) that party is not the Affected Party and (ii) the Base Currency is the Termination Currency; provided that the Close-out Amount will be determined by the Valuation Agent on behalf of that party using its estimates at mid-market of the amounts that would be paid for transactions providing the economic equivalent of the amounts that would be (x) the material terms of the Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of the Transactions that would, but for the occurrence of the relevant 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 Transactions."
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NZ Gazette 2010, No 177
✨ LLM interpretation of page content
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Form of Credit Support Annex
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🏛️ Governance & Central AdministrationLegal Form, Credit Support Annex, Financial Agreement, Transfer Procedures, Valuation