Template:ISDA New York Law Credit Support Annex 2016 6: Difference between revisions

Template:ISDA New York Law Credit Support Annex 2016 6 (view source)

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 ===Paragraph {{nyvmcsaprov|6}} '''{{nyvmcsaprov|Holding and Using Posted Collateral (VM)}}'''===
-{{nyvmcsaprov|6(a)}} '''{{nyvmcsaprov|Care of Posted Collateral (VM)}}'''. Without limiting the {{nyvmcsaprov|Secured Party}}’s rights under Paragraph 6(c), the {{nyvmcsaprov|Secured Party}} will exercise reasonable care to assure the safe custody of all {{nyvmcsaprov|Posted Collateral (VM)}} to the extent required by applicable law, and in any event the {{nyvmcsaprov|Secured Party}} will be deemed to have exercised reasonable care if it exercises at least the same degree of care as it would exercise with respect to its own property. Except as specified in the preceding sentence, the {{nyvmcsaprov|Secured Party}} will have no duty with respect to {{nyvmcsaprov|Posted Collateral (VM)}}, including, without limitation, any duty to collect any {{nyvmcsaprov|Distributions}}, or enforce or preserve any rights pertaining thereto.<br>
+{{ISDA New York Law Credit Support Annex 2016 6(a)}}
-{{nyvmcsaprov|6(b)}} '''{{nyvmcsaprov|Eligibility to Hold Posted Collateral (VM); Custodians (VM)}}'''.<br>
 :{{nyvmcsaprov|6(b)(i)}} '''General'''. Subject to the satisfaction of any conditions specified in Paragraph {{nyvmcsaprov|13 }} for holding {{nyvmcsaprov|Posted Collateral (VM)}}, the {{nyvmcsaprov|Secured Party}} will be entitled to hold {{nyvmcsaprov|Posted Collateral (VM)}} or to appoint an agent (a “'''{{nyvmcsaprov|Custodian (VM)}}'''”) to hold {{nyvmcsaprov|Posted Collateral (VM)}} for the {{nyvmcsaprov|Secured Party}}. Upon notice by the {{nyvmcsaprov|Secured Party}} to the {{nyvmcsaprov|Pledgor}} of the appointment of a {{nyvmcsaprov|Custodian (VM)}}, the {{nyvmcsaprov|Pledgor}}’s obligations to make any {{nyvmcsaprov|Transfer}} will be discharged by making the {{nyvmcsaprov|Transfer}} to that {{nyvmcsaprov|Custodian (VM)}}. The holding of {{nyvmcsaprov|Posted Collateral (VM)}} by a {{nyvmcsaprov|Custodian (VM)}} will be deemed to be the holding of that {{nyvmcsaprov|Posted Collateral (VM)}} by the {{nyvmcsaprov|Secured Party}} for which the {{nyvmcsaprov|Custodian (VM)}} is acting.<br>
 :{{nyvmcsaprov|6(b)(ii)}} '''{{nyvmcsaprov|Failure to Satisfy Conditions}}'''. If the {{nyvmcsaprov|Secured Party}} or its {{nyvmcsaprov|Custodian (VM)}} fails to satisfy any conditions for holding {{nyvmcsaprov|Posted Collateral (VM)}}, then upon a demand made by the {{nyvmcsaprov|Pledgor}}, the {{nyvmcsaprov|Secured Party}} will, not later than five {{nyvmcsaprov|Local Business Day}}s after the demand, {{nyvmcsaprov|Transfer}} or cause its {{nyvmcsaprov|Custodian (VM)}} to {{nyvmcsaprov|Transfer}} all {{nyvmcsaprov|Posted Collateral (VM)}} held by it to a {{nyvmcsaprov|Custodian (VM)}} that satisfies those conditions or to the {{nyvmcsaprov|Secured Party}} if it satisfies those conditions.<br>