Template:ISDA English Law Credit Support Deed 2018 13(i)

13(i) Notice of Exclusive Control. Each party as the Secured Party covenants to the other party as the Chargor that:

(i) it will not give a Notice of Exclusive Control under the Control Agreement unless and until an NEC Event occurs and is continuing and that it will deliver a copy of the Notice of Exclusive Control to the Chargor when it is delivered to the Custodian (IM); and

(ii) it will not exercise any rights of access in respect of the Posted Credit Support (IM) held by the Custodian (IM) arising from delivery of such Notice of Exclusive Control unless and until a Secured Party Rights Event occurs and is continuing.

“NEC Event” means:

(A) if the Control Agreement permits delivery of a Notice of Exclusive Control separately from instructions from the Secured Party to the Custodian (IM) regarding the transfer of assets from the relevant Segregated Account:

(1) an Event of Default or Access Condition with respect to the Chargor has occurred and is continuing or

(2) an Early Termination Date in respect of all Transactions has occurred or been designated as the result of an Event of Default or Access Condition with respect to the Chargor; or

(B) otherwise, a Secured Party Rights Event has occurred and is continuing.