Template:Nutshell 2016 NY CSA 6(c): Difference between revisions
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{{nyvmcsaprov|6(c)}} '''{{nyvmcsaprov|Use of Posted Collateral (VM)}}'''. Unless otherwise agreed specified in Paragraph {{nyvmcsaprov|13}} and without limiting the parties’ rights and obligations (especially remedies under Paragraph {{nyvmcsaprov|8}}), while the {{nyvmcsaprov|Secured Party}} is not effectively in default, it may, notwithstanding Section 9-207 of the [[Uniform Commercial Code]]L<br> | {{nyvmcsaprov|6(c)}} '''{{nyvmcsaprov|Use of Posted Collateral (VM)}}'''. Unless otherwise agreed specified in Paragraph {{nyvmcsaprov|13}} and without limiting the parties’ rights and obligations (especially remedies under Paragraph {{nyvmcsaprov|8}}), while the {{nyvmcsaprov|Secured Party}} is not effectively in default, it may, notwithstanding Section 9-207 of the [[Uniform Commercial Code]]L<br> | ||
:{{nyvmcsaprov|6(c)(i)}} '''Rehypothecate''': [[rehypothecate]], sell outright or otherwise deal with any {{nyvmcsaprov|Posted Collateral (VM)}} it holds absolutely; and<br> | :{{nyvmcsaprov|6(c)(i)}} '''Rehypothecate''': [[rehypothecate]], sell outright or otherwise deal with any {{nyvmcsaprov|Posted Collateral (VM)}} it holds absolutely; and<br> | ||
:{{nyvmcsaprov|6(c)(ii)}} ''' | :{{nyvmcsaprov|6(c)(ii)}} '''Register''': register {{nyvmcsaprov|Posted Collateral (VM)}} in its own or its {{nyvmcsaprov|Custodian (VM)}}’s name.<br> | ||
References to {{nyvmcsaprov|Transfer}}ing {{nyvmcsaprov|Eligible Credit Support (VM)}} or {{nyvmcsaprov|Posted Credit Support (VM)}} under this {{nyvmcsa}} will be construed to apply as if the {{nyvmcsaprov|Secured Party}} still holds all {{nyvmcsaprov|Posted Collateral (VM)}} even where in fact it doesn’t.<br> | References to {{nyvmcsaprov|Transfer}}ing {{nyvmcsaprov|Eligible Credit Support (VM)}} or {{nyvmcsaprov|Posted Credit Support (VM)}} under this {{nyvmcsa}} will be construed to apply as if the {{nyvmcsaprov|Secured Party}} still holds all {{nyvmcsaprov|Posted Collateral (VM)}} even where in fact it doesn’t.<br> | ||
Revision as of 17:28, 8 January 2020
6(c) Use of Posted Collateral (VM). Unless otherwise agreed specified in Paragraph 13 and without limiting the parties’ rights and obligations (especially remedies under Paragraph 8), while the Secured Party is not effectively in default, it may, notwithstanding Section 9-207 of the Uniform Commercial CodeL
- 6(c)(i) Rehypothecate: rehypothecate, sell outright or otherwise deal with any Posted Collateral (VM) it holds absolutely; and
- 6(c)(ii) Register: register Posted Collateral (VM) in its own or its Custodian (VM)’s name.
References to Transfering Eligible Credit Support (VM) or Posted Credit Support (VM) under this 2016 NY Law VM CSA will be construed to apply as if the Secured Party still holds all Posted Collateral (VM) even where in fact it doesn’t.