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

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

Revision as of 17:02, 8 January 2020

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→‎Paragraph {{nyvmcsaprov|6}} {{nyvmcsaprov|Holding and Using Posted Collateral (VM)}}
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:{{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>
:{{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>
:{{nyvmcsaprov|6(b)(iii)}} '''Liability'''. The {{nyvmcsaprov|Secured Party}} will be liable for the acts or omissions of its {{nyvmcsaprov|Custodian (VM)}} to the same extent that the {{nyvmcsaprov|Secured Party}} would be liable hereunder for its own acts or omissions.<br>
:{{nyvmcsaprov|6(b)(iii)}} '''Liability'''. The {{nyvmcsaprov|Secured Party}} will be liable for the acts or omissions of its {{nyvmcsaprov|Custodian (VM)}} to the same extent that the {{nyvmcsaprov|Secured Party}} would be liable hereunder for its own acts or omissions.<br>
{{nyvmcsaprov|6(c)}} '''{{nyvmcsaprov|Use of Posted Collateral (VM)}}'''. Unless otherwise specified in Paragraph {{nyvmcsaprov|13}} and without limiting the rights and obligations of the parties under Paragraphs {{nyvmcsaprov|3}}, {{nyvmcsaprov|4(d)(ii)}}, {{nyvmcsaprov|5}}, {{nyvmcsaprov|6(d)}} and {{nyvmcsaprov|8}}, if the {{nyvmcsaprov|Secured Party}} is not a {{isdaprov|Defaulting Party}} or an {{isdaprov|Affected Party}} with respect to a {{nyvmcsaprov|Specified Condition}} and no {{isdaprov|Early Termination Date}} has occurred or been designated as the result of an {{isdaprov|Event of Default}} or {{nyvmcsaprov|Specified Condition}} with respect to the {{nyvmcsaprov|Secured Party}}, then the {{nyvmcsaprov|Secured Party}} will, notwithstanding Section 9-207 of the New York Uniform Commercial Code, have the right to:<br>
{{ISDA New York Law Credit Support Annex 2016 6(c)}}
:{{nyvmcsaprov|6(c)(i)}} sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business any {{nyvmcsaprov|Posted Collateral (VM)}} it holds, free from any claim or right of any nature whatsoever of the {{nyvmcsaprov|Pledgor}}, including any equity or right of redemption by the {{nyvmcsaprov|Pledgor}}; and<br>
 
:{{nyvmcsaprov|6(c)(ii)}} register any {{nyvmcsaprov|Posted Collateral (VM)}} in the name of the {{nyvmcsaprov|Secured Party}}, its {{nyvmcsaprov|Custodian (VM)}} or a nominee for either.<br>
For purposes of the obligation to {{nyvmcsaprov|Transfer}} {{nyvmcsaprov|Eligible Credit Support (VM)}} or {{nyvmcsaprov|Posted Credit Support (VM)}} pursuant to Paragraphs 3 and 5 and any rights or remedies authorized under this Agreement, the {{nyvmcsaprov|Secured Party}} will be deemed to continue to hold all {{nyvmcsaprov|Posted Collateral (VM)}} and to receive {{nyvmcsaprov|Distributions}} made thereon, regardless of whether the {{nyvmcsaprov|Secured Party}} has exercised any rights with respect to any {{nyvmcsaprov|Posted Collateral (VM)}} pursuant to (i) or (ii) above.<br>
{{nyvmcsaprov|6(d)}} '''{{nyvmcsaprov|Distributions, Interest Amount (VM) and Interest Payment (VM)}}'''.<br>
{{nyvmcsaprov|6(d)}} '''{{nyvmcsaprov|Distributions, Interest Amount (VM) and Interest Payment (VM)}}'''.<br>
:{{nyvmcsaprov|6(d)(i)}} '''{{nyvmcsaprov|Distributions}}'''. Subject to Paragraph {{nyvmcsaprov|4(a)}}, if the {{nyvmcsaprov|Secured Party}} receives or is deemed to receive {{nyvmcsaprov|Distributions}} on a {{nyvmcsaprov|Local Business Day}}, it will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Pledgor}} not later than the following {{nyvmcsaprov|Local Business Day}} any {{nyvmcsaprov|Distributions}} it receives or is deemed to receive to the extent that a {{nyvmcsaprov|Delivery Amount (VM)}} would not be created or increased by that {{nyvmcsaprov|Transfer}}, as calculated by the {{nyvmcsaprov|Valuation Agent}} (and the date of calculation will be deemed to be a {{nyvmcsaprov|Valuation Date}} for this purpose).<br>
:{{nyvmcsaprov|6(d)(i)}} '''{{nyvmcsaprov|Distributions}}'''. Subject to Paragraph {{nyvmcsaprov|4(a)}}, if the {{nyvmcsaprov|Secured Party}} receives or is deemed to receive {{nyvmcsaprov|Distributions}} on a {{nyvmcsaprov|Local Business Day}}, it will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Pledgor}} not later than the following {{nyvmcsaprov|Local Business Day}} any {{nyvmcsaprov|Distributions}} it receives or is deemed to receive to the extent that a {{nyvmcsaprov|Delivery Amount (VM)}} would not be created or increased by that {{nyvmcsaprov|Transfer}}, as calculated by the {{nyvmcsaprov|Valuation Agent}} (and the date of calculation will be deemed to be a {{nyvmcsaprov|Valuation Date}} for this purpose).<br>
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