Template:Nutshell 2016 NY CSA 7: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "===Paragraph {{nyvmcsaprov|7}} '''{{nyvmcsaprov|Events of Default}}'''=== Under Section {{isdaprov|5(a)(iii)}}(1), an {{isdaprov|Event of Default}} will exist for a party if:<...") |
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Revision as of 16:38, 12 January 2022
Paragraph 7 Events of Default
Under Section 5(a)(iii)(1), an Event of Default will exist for a party if:
- 7(i) it (or its Custodian (VM)) fails to Transfer any Eligible Collateral (VM), Posted Collateral (VM) or the Interest Payment (VM) when due and that failure continues for two Local Business Days after it receives notice of that failure;
- 7(ii) it continuously fails to comply with any restriction in this Annex on its rights to rehypothecate or take title to Posted Collateral under Paragraph 6(c) for five Local Business Days after it receives notice of that failure; or
- 7(iii) it continuously fails to comply with any other obligation under this Annex for 30 days after it receives notice of that failure.