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| ===Paragraph {{nyvmcsaprov|2}} '''{{nyvmcsaprov|Security Interest}}'''===
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| Each party, as the {{nyvmcsaprov|Pledgor}}, hereby pledges to the other party, as the {{nyvmcsaprov|Secured Party}}, as security for its {{isdaprov|Obligations}}, and grants to the {{nyvmcsaprov|Secured Party}} a first priority continuing security interest in, lien on and right of {{nyvmcsaprov|Set-off}} against all {{nyvmcsaprov|Posted Collateral (VM)}} {{nyvmcsaprov|Transfer}}red to or received by the {{nyvmcsaprov|Secured Party}} hereunder. Upon the {{nyvmcsaprov|Transfer}} by the {{nyvmcsaprov|Secured Party}} to the {{nyvmcsaprov|Pledgor}} of {{nyvmcsaprov|Posted Collateral (VM)}}, the security interest and lien granted hereunder on that {{nyvmcsaprov|Posted Collateral (VM)}} will be released immediately and, to the extent possible, without any further action by either party.<br>
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| ===Paragraph {{nyvmcsaprov|3}} '''{{nyvmcsaprov|Credit Support Obligations}}'''=== | | ===Paragraph {{nyvmcsaprov|3}} '''{{nyvmcsaprov|Credit Support Obligations}}'''=== |