Template:2018 CSD8(a)(ii): Difference between revisions
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Amwelladmin (talk | contribs) (Created page with ":(ii) '''{{imcsdprov|Secured Party’s Rights}}'''. If there is a {{imcsdprov|Secured Party Rights Event}}, then, unless the {{imcsdprov|Chargor}} has paid all its {{imcsdprov...") |
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:(ii) '''{{imcsdprov|Secured Party’s Rights}}'''. If there is a {{imcsdprov|Secured Party Rights Event}}, then, unless the {{imcsdprov|Chargor}} has paid all its {{imcsdprov| | :(ii) '''{{imcsdprov|Secured Party’s Rights}}'''. If there is a {{imcsdprov|Secured Party Rights Event}}, then, unless the {{imcsdprov|Chargor}} has paid all its {{imcsdprov|Obligation}}s in full, the {{imcsdprov|Secured Party}} may, without notice to the {{imcsdprov|Chargor}}, immediately exercise all powers of {{imcsdprov|Secured Party}} under this {{imcsdprov|Deed}} or that are available generally to a secured creditor and it may: {{imcsdprov|Posted Credit Support (IM)}}: | ||
::(A) to sell any non-cash {{imcsdprov|Posted Credit Support (IM)}} on such terms as it thinks fit; | ::(A) to sell any non-cash {{imcsdprov|Posted Credit Support (IM)}} on such terms as it thinks fit; | ||
::(B) to apply any cash {{imcsdprov|Posted Credit Support (IM)}} towards the discharge of any of the {{imcsdprov|Chargor}}’s {{imcsdprov|Obligation}}s as it thinks fit; | ::(B) to apply any cash {{imcsdprov|Posted Credit Support (IM)}} towards the discharge of any of the {{imcsdprov|Chargor}}’s {{imcsdprov|Obligation}}s as it thinks fit; | ||
::(C) where {{imcsdprov|Posted Credit Support (IM)}} is | ::(C) where {{imcsdprov|Posted Credit Support (IM)}} is “[[financial collateral]]” under a “[[security financial collateral arrangement]]” (under the [[Financial Collateral Arrangement (No.2) Regulations 2003|Financial Collateral Arrangements (No. 2) Regulations 2003]]) (the “'''{{imcsdprov|Regulations}}'''”), appropriate any of it in satisfaction of the {{imcsdprov|Obligations}} as it thinks fit; and | ||
::(D) to take any moneys payable to the {{imcsdprov|Chargor}} under any of the {{imcsdprov|Posted Credit Support (IM)}}; | ::(D) to take any moneys payable to the {{imcsdprov|Chargor}} under any of the {{imcsdprov|Posted Credit Support (IM)}}; | ||
:and indoing so the {{imcsdprov|Secured Party}} may convert any currencies or effect transactions in currencies as and when it thinks fit. <br> | :and indoing so the {{imcsdprov|Secured Party}} may convert any currencies or effect transactions in currencies as and when it thinks fit. <br> | ||
Latest revision as of 15:53, 10 March 2022
- (ii) Secured Party’s Rights. If there is a Secured Party Rights Event, then, unless the Chargor has paid all its Obligations in full, the Secured Party may, without notice to the Chargor, immediately exercise all powers of Secured Party under this Deed or that are available generally to a secured creditor and it may: Posted Credit Support (IM):
- (A) to sell any non-cash Posted Credit Support (IM) on such terms as it thinks fit;
- (B) to apply any cash Posted Credit Support (IM) towards the discharge of any of the Chargor’s Obligations as it thinks fit;
- (C) where Posted Credit Support (IM) is “financial collateral” under a “security financial collateral arrangement” (under the Financial Collateral Arrangements (No. 2) Regulations 2003) (the “Regulations”), appropriate any of it in satisfaction of the Obligations as it thinks fit; and
- (D) to take any moneys payable to the Chargor under any of the Posted Credit Support (IM);
- and indoing so the Secured Party may convert any currencies or effect transactions in currencies as and when it thinks fit.