In a Nutshell™ Section 2:
Template:Nutshell 2016 NY CSA 2
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2016 NY VM CSA full text of Section 2:
Paragraph 2 Security Interest
Each party, as the Pledgor, hereby pledges to the other party, as the Secured Party, as security for its Obligations, and grants to the Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted Collateral (VM) Transferred to or received by the Secured Party hereunder. Upon the Transfer by the Secured Party to the Pledgor of Posted Collateral (VM), the security interest and lien granted hereunder on that Posted Collateral (VM) will be released immediately and, to the extent possible, without any further action by either party.
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Related Agreements
Click here for the text of Section 2 in the 1994 New York law CSA
There is no equivalent to this provision in either the 1995 CSA or the 2016 VM CSA
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