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Template:Ny csa 6(c) summ: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "===Rehypothecation in the {{{{{1}}}}}=== This is the classic part of your security interest {{{{{1}}}}} that conver...") |
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Note that the {{{{{1}}}prov|Secured Party}}’s right to flog off the {{{{{1}}}prov|Pledgor}}’s asset evaporates should it commit an {{isdaprov|Event of Default}}, {{isdaprov|Early Termination Event}} or one of the {{{{{1}}}}}’s {{{{{1}}}prov|Specified Condition}}s but — courtesy of Paragraph {{{{{1}}}prov|7(ii)}}, the {{{{{1}}}prov|Secured Party}}’s right to call a default as a result of the {{{{{1}}}prov|Pledgor}} continuing to flog off its assets — there doesn’t seem to be an obligation to buy back assets once they’re sold, by the way — only kicks in after 5 {{{{{1}}}prov|Local Business Days}}, by which stage even the guys disconsolately wandering around outside the office clutching [[Iron Mountain]] boxes will have pushed off. | Note that the {{{{{1}}}prov|Secured Party}}’s right to flog off the {{{{{1}}}prov|Pledgor}}’s asset evaporates should it commit an {{isdaprov|Event of Default}}, {{isdaprov|Early Termination Event}} or one of the {{{{{1}}}}}’s {{{{{1}}}prov|Specified Condition}}s but — courtesy of Paragraph {{{{{1}}}prov|7(ii)}}, the {{{{{1}}}prov|Secured Party}}’s right to call a default as a result of the {{{{{1}}}prov|Pledgor}} continuing to flog off its assets — there doesn’t seem to be an obligation to buy back assets once they’re sold, by the way — only kicks in after 5 {{{{{1}}}prov|Local Business Days}}, by which stage even the guys disconsolately wandering around outside the office clutching [[Iron Mountain]] boxes will have pushed off. | ||
Note the odd coda: references to {{{{{1}}}prov|Posted Collateral | Note the odd coda: references to {{{{{1}}}prov|Posted Collateral}} etc — should be deemed to assume you still own it, even though if you don’t? This is the dead giveaway here. This may be an attempt to avoid having to create an “{{vmcsaprov|Equivalent Credit Support}}” concept, though since {{icds}} went full metal jacket on that enterprise as long ago as in the {{csa}}, it is not like we don’t have suitable, road-tested — if a little anal — language. | ||
Oh, what sad times we live in. | Oh, what sad times we live in. | ||