Template:ISDA New York Law Credit Support Annex 2016 6(a): Difference between revisions
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{{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> | {{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> | ||
Latest revision as of 18:42, 9 January 2020
6(a) Care of Posted Collateral (VM). Without limiting the Secured Party’s rights under Paragraph 6(c), the Secured Party will exercise reasonable care to assure the safe custody of all Posted Collateral (VM) to the extent required by applicable law, and in any event the 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 Secured Party will have no duty with respect to Posted Collateral (VM), including, without limitation, any duty to collect any Distributions, or enforce or preserve any rights pertaining thereto.