Incorporation of SBS II Schedules. Subject to Paragraph 5(d) hereof, every pair of Matched PCA Parties that has delivered Matched SBS II Questionnaires will be deemed to have supplemented each Matched PCA as of the SBS II Implementation Date by incorporating therein SBS II Schedules 1 and 2 and any other applicable SBS II Schedules, as follows:
Incorporation of SBS II Schedules. Subject to Paragraph 5(d) hereof, every pair of Matched PCA Parties that has delivered Matched SBS II Questionnaires will be deemed to have supplemented each Matched PCA as of the SBS II Implementation Date by incorporating therein SBS II Schedules 1 and 2 and any other applicable SBS II Schedules, as follows: 9 Because the ISDA SBS Protocol Master Agreement is produced through the use of SBS Questionnaire II (which may be used after SBS Questionnaire I), this provision is included to ensure that the order in which parties match on SBS Questionnaires doesn’t inadvertently cause lack of coverage. 10 As described in the annotations to SBS Supplement I, a counterparty who designates a “Designated Evaluation Agent” for purposes of SBS I Schedule 3 must arrange for each Designated Evaluation Agent to make the representations and agreements set forth in that Schedule. Please note that CP is not required to designate a “Designated Evaluation Agent” to enter into SBS I Schedule 3, provided that CP can make the representations about itself in Part II of SBS I Schedule 3. In addition, please note that the term “Designated Evaluation Agent” is defined to exclude an employee of the CP. 11 As described in the annotations to SBS Supplement I, a Special Entity who wishes to incorporate the safe harbor provisions of SBS I Schedule 4, 5 or 6 must arrange for each Designated Fiduciary or Designated QIR to make the representations and agreements set forth in the applicable Schedule.
