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2016 ISDA VM NY CSA: Difference between revisions
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{{ISDA New York Law Credit Support Annex 2016 13}} | {{ISDA New York Law Credit Support Annex 2016 13}} | ||
===Paragraph {{nyvmcsaprov|9}} '''{{nyvmcsaprov|Representations}}'''=== | |||
===Paragraph {{nyvmcsaprov|9}} '''{{nyvmcsaprov|Representations | |||
Each party represents to the other party (which representations will be deemed to be repeated as of each date on which it, as the {{nyvmcsaprov|Pledgor}}, {{nyvmcsaprov|Transfer}}s {{nyvmcsaprov|Eligible Collateral (VM)}}) that:<br> | Each party represents to the other party (which representations will be deemed to be repeated as of each date on which it, as the {{nyvmcsaprov|Pledgor}}, {{nyvmcsaprov|Transfer}}s {{nyvmcsaprov|Eligible Collateral (VM)}}) that:<br> | ||
:{{nyvmcsaprov|9(i)}} it has the power to grant a security interest in and lien on any {{nyvmcsaprov|Eligible Collateral (VM)}} it {{nyvmcsaprov|Transfer}}s as the {{nyvmcsaprov|Pledgor}} and has taken all necessary actions to authorize the granting of that security interest and lien;<br> | :{{nyvmcsaprov|9(i)}} it has the power to grant a security interest in and lien on any {{nyvmcsaprov|Eligible Collateral (VM)}} it {{nyvmcsaprov|Transfer}}s as the {{nyvmcsaprov|Pledgor}} and has taken all necessary actions to authorize the granting of that security interest and lien;<br> | ||
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:{{nyvmcsaprov|9(iv)}} the performance by it of its obligations under this Annex will not result in the creation of any security interest, lien or other encumbrance on any {{nyvmcsaprov|Posted Collateral (VM)}} other than the security interest and lien granted under Paragraph 2.<br> | :{{nyvmcsaprov|9(iv)}} the performance by it of its obligations under this Annex will not result in the creation of any security interest, lien or other encumbrance on any {{nyvmcsaprov|Posted Collateral (VM)}} other than the security interest and lien granted under Paragraph 2.<br> | ||
===Paragraph {{nyvmcsaprov|10}} '''{{nyvmcsaprov|Expenses | ===Paragraph {{nyvmcsaprov|10}} '''{{nyvmcsaprov|Expenses}}'''=== | ||
{{nyvmcsaprov|10(a)}} '''General'''. Except as otherwise provided in Paragraphs 10(b) and 10(c), each party will pay its own costs and expenses in connection with performing its obligations under this Annex and neither party will be liable for any costs and expenses incurred by the other party in connection herewith.<br> | {{nyvmcsaprov|10(a)}} '''General'''. Except as otherwise provided in Paragraphs 10(b) and 10(c), each party will pay its own costs and expenses in connection with performing its obligations under this Annex and neither party will be liable for any costs and expenses incurred by the other party in connection herewith.<br> | ||
{{nyvmcsaprov|10(b)}} '''{{nyvmcsaprov|Posted Credit Support (VM)}}'''. The {{nyvmcsaprov|Pledgor}} will promptly pay when due all taxes, assessments or charges of any nature that are imposed with respect to {{nyvmcsaprov|Posted Credit Support (VM)}} held by the {{nyvmcsaprov|Secured Party}} upon becoming aware of the same, regardless of whether any portion of that {{nyvmcsaprov|Posted Credit Support (VM)}} is subsequently disposed of under Paragraph 6(c), except for those taxes, assessments and charges that result from the exercise of the {{nyvmcsaprov|Secured Party}}’s rights under Paragraph 6(c).<br> | {{nyvmcsaprov|10(b)}} '''{{nyvmcsaprov|Posted Credit Support (VM)}}'''. The {{nyvmcsaprov|Pledgor}} will promptly pay when due all taxes, assessments or charges of any nature that are imposed with respect to {{nyvmcsaprov|Posted Credit Support (VM)}} held by the {{nyvmcsaprov|Secured Party}} upon becoming aware of the same, regardless of whether any portion of that {{nyvmcsaprov|Posted Credit Support (VM)}} is subsequently disposed of under Paragraph 6(c), except for those taxes, assessments and charges that result from the exercise of the {{nyvmcsaprov|Secured Party}}’s rights under Paragraph 6(c).<br> | ||
{{nyvmcsaprov|10(c)}} '''{{nyvmcsaprov|Liquidation/Application of Posted Credit Support (VM)}}'''. All reasonable costs and expenses incurred by or on behalf of the {{nyvmcsaprov|Secured Party}} or the {{nyvmcsaprov|Pledgor}} in connection with the liquidation and/or application of any {{nyvmcsaprov|Posted Credit Support (VM)}} under Paragraph {{nyvmcsaprov|8}} will be payable, on demand and pursuant to the '''{{nyvmcsaprov|Expenses | {{nyvmcsaprov|10(c)}} '''{{nyvmcsaprov|Liquidation/Application of Posted Credit Support (VM)}}'''. All reasonable costs and expenses incurred by or on behalf of the {{nyvmcsaprov|Secured Party}} or the {{nyvmcsaprov|Pledgor}} in connection with the liquidation and/or application of any {{nyvmcsaprov|Posted Credit Support (VM)}} under Paragraph {{nyvmcsaprov|8}} will be payable, on demand and pursuant to the '''{{nyvmcsaprov|Expenses}}''' Section of this Agreement, by the {{isdaprov|Defaulting Party}} or, if there is no {{isdaprov|Defaulting Party}}, equally by the parties.<br> | ||
===Paragraph {{nyvmcsaprov|11}} '''{{nyvmcsaprov|Miscellaneous)}}'''=== | ===Paragraph {{nyvmcsaprov|11}} '''{{nyvmcsaprov|Miscellaneous)}}'''=== | ||