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| {{ISDA New York Law Credit Support Annex 2016 13}} | | {{ISDA New York Law Credit Support Annex 2016 13}} |
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| ===Paragraph {{nyvmcsaprov|8}} '''{{nyvmcsaprov|Certain Rights and Remedies}}'''===
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| {{nyvmcsaprov|8(a)}} '''{{nyvmcsaprov|Secured Party’s Rights and Remedies}}'''. If at any time (1) an {{isdaprov|Event of Default}} or {{nyvmcsaprov|Specified Condition}} with respect to the {{nyvmcsaprov|Pledgor}} has occurred and is continuing or (2) an {{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|Pledgor}}, then, unless the {{nyvmcsaprov|Pledgor}} has paid in full all of its {{isdaprov|Obligations}} that are then due, the {{nyvmcsaprov|Secured Party}} may exercise one or more of the following rights and remedies:<br>
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| :{{nyvmcsaprov|8(a)(i)}} all rights and remedies available to a {{nyvmcsaprov|Secured Party}} under applicable law with respect to {{nyvmcsaprov|Posted Collateral (VM)}} held by the {{nyvmcsaprov|Secured Party}};<br>
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| :{{nyvmcsaprov|8(a)(ii)}} any other rights and remedies available to the {{nyvmcsaprov|Secured Party}} under the terms of {{nyvmcsaprov|Other Posted Support (VM)}}, if any;<br>
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| :{{nyvmcsaprov|8(a)(iii)}} the right to {{nyvmcsaprov|Set-off}} (A) any amounts payable by the {{nyvmcsaprov|Pledgor}} with respect to any {{isdaprov|Obligations}} and (B) any {{nyvmcsaprov|Cash}} amounts and the {{nyvmcsaprov|Cash}} equivalent of any non-{{nyvmcsaprov|Cash}} items posted to the {{nyvmcsaprov|Pledgor}} by the {{nyvmcsaprov|Secured Party}} as margin under any {{nyvmcsaprov|Other CSA}} (other than any {{nyvmcsaprov|Other CSA Excluded Credit Support}}) the return of which is due to the {{nyvmcsaprov|Secured Party}} against any {{nyvmcsaprov|Posted Collateral (VM)}} or the {{nyvmcsaprov|Cash}} equivalent of any {{nyvmcsaprov|Posted Collateral (VM)}} held by the {{nyvmcsaprov|Secured Party}} (or any obligation of the {{nyvmcsaprov|Secured Party}} to {{nyvmcsaprov|Transfer}} that {{nyvmcsaprov|Posted Collateral (VM)}}); and<br>
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| :{{nyvmcsaprov|8(a)(iv)}} the right to liquidate any {{nyvmcsaprov|Posted Collateral (VM)}} held by the {{nyvmcsaprov|Secured Party}} through one or more public or private sales or other dispositions with such notice, if any, as may be required under applicable law, 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}} (with the {{nyvmcsaprov|Secured Party}} having the right to purchase any or all of the {{nyvmcsaprov|Posted Collateral (VM)}} to be sold) and to apply the proceeds (or the {{nyvmcsaprov|Cash}} equivalent thereof) from the liquidation of the {{nyvmcsaprov|Posted Collateral (VM)}} to (A) any amounts payable by the {{nyvmcsaprov|Pledgor}} with respect to any {{isdaprov|Obligations}} and (B) any {{nyvmcsaprov|Cash}} amounts and the {{nyvmcsaprov|Cash}} equivalent of any non-{{nyvmcsaprov|Cash}} items posted to the {{nyvmcsaprov|Pledgor}} by the {{nyvmcsaprov|Secured Party}} as margin under any {{nyvmcsaprov|Other CSA}} (other than any {{nyvmcsaprov|Other CSA Excluded Credit Support}}) the return of which is due to the {{nyvmcsaprov|Secured Party}} in that order as the {{nyvmcsaprov|Secured Party}} may elect.<br>
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| Each party acknowledges and agrees that {{nyvmcsaprov|Posted Collateral (VM)}} in the form of securities may decline speedily in {{nyvmcsaprov|Value}} and is of a type customarily sold on a recognized market, and, accordingly, the {{nyvmcsaprov|Pledgor}} is not entitled to prior notice of any sale of that {{nyvmcsaprov|Posted Collateral (VM)}} by the {{nyvmcsaprov|Secured Party}}, except any notice that is required under applicable law and cannot be waived.<br>
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| {{nyvmcsaprov|8(b)}} '''{{nyvmcsaprov|Pledgor’s Rights and Remedies}}'''. If at any time an {{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 (except in the case of an {{isdaprov|Early Termination Date}} relating to fewer than all {{isdaprov|Transaction}}s where the {{nyvmcsaprov|Secured Party}} has paid in full all of its obligations that are then due under Section 6(e) of this Agreement):<br>
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| :{{nyvmcsaprov|8(b)(i)}} the {{nyvmcsaprov|Pledgor}} may exercise all rights and remedies available to a {{nyvmcsaprov|Pledgor}} under applicable law with respect to {{nyvmcsaprov|Posted Collateral (VM)}} held by the {{nyvmcsaprov|Secured Party}};<br>
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| :{{nyvmcsaprov|8(b)(ii)}} the {{nyvmcsaprov|Pledgor}} may exercise any other rights and remedies available to the {{nyvmcsaprov|Pledgor}} under the terms of {{nyvmcsaprov|Other Posted Support (VM)}}, if any;<br>
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| :{{nyvmcsaprov|8(b)(iii)}} the {{nyvmcsaprov|Secured Party}} will be obligated immediately to {{nyvmcsaprov|Transfer}} all {{nyvmcsaprov|Posted Collateral (VM)}} and, if the {{nyvmcsaprov|Secured Party}} is an {{nyvmcsaprov|Interest Payer (VM)}}, the {{nyvmcsaprov|Interest Payment (VM)}} to the {{nyvmcsaprov|Pledgor}}; and<br>
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| :{{nyvmcsaprov|8(b)(iv)}} to the extent that {{nyvmcsaprov|Posted Collateral (VM)}} or the {{nyvmcsaprov|Interest Payment (VM)}} is not so {{nyvmcsaprov|Transfer}}red pursuant to<br>
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| :{{nyvmcsaprov|8(b)(v)}} above, the {{nyvmcsaprov|Pledgor}} may:<br>
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| ::{{nyvmcsaprov|8(b)(v)(A)}} {{nyvmcsaprov|Set-off}} any amounts payable by the {{nyvmcsaprov|Pledgor}} with respect to any {{isdaprov|Obligations}} against any {{nyvmcsaprov|Posted Collateral (VM)}} or the {{nyvmcsaprov|Cash}} equivalent of any {{nyvmcsaprov|Posted Collateral (VM)}} held by the {{nyvmcsaprov|Secured Party}} (or any obligation of the {{nyvmcsaprov|Secured Party}} to {{nyvmcsaprov|Transfer}} that {{nyvmcsaprov|Posted Collateral (VM)}});<br>
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| ::{{nyvmcsaprov|8(b)(v)(B)}} {{nyvmcsaprov|Set-off}}, net, or apply credit support received under any {{nyvmcsaprov|Other CSA}} or the proceeds thereof against any {{nyvmcsaprov|Posted Collateral (VM)}} or the {{nyvmcsaprov|Cash}} equivalent of any {{nyvmcsaprov|Posted Collateral (VM)}} held by the {{nyvmcsaprov|Secured Party}} (or any obligation of the {{nyvmcsaprov|Secured Party}} to {{nyvmcsaprov|Transfer}} that {{nyvmcsaprov|Posted Collateral (VM)}}); and<br>
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| ::{{nyvmcsaprov|8(b)(v)(C)}} to the extent that the {{nyvmcsaprov|Pledgor}} does not {{nyvmcsaprov|Set-off}} under (iv)(A) or (iv)(B) above, withhold payment of any remaining amounts payable by the {{nyvmcsaprov|Pledgor}} with respect to any {{isdaprov|Obligations}}, up to the {{nyvmcsaprov|Value}} of any remaining {{nyvmcsaprov|Posted Collateral (VM)}} held by the Secured Party, until that {{nyvmcsaprov|Posted Collateral (VM)}} is {{nyvmcsaprov|Transfer}}red to the {{nyvmcsaprov|Pledgor}}.<br>
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| {{nyvmcsaprov|8(c)}} '''{{nyvmcsaprov|Deficiencies and Excess Proceeds}}'''. The {{nyvmcsaprov|Secured Party}} will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Pledgor}} any proceeds and {{nyvmcsaprov|Posted Credit Support (VM)}} remaining after liquidation, {{nyvmcsaprov|Set-off}} and/or application under Paragraphs {{nyvmcsaprov|8(a)}} and {{nyvmcsaprov|8(b)}} after satisfaction in full of all amounts payable by the {{nyvmcsaprov|Pledgor}} with respect to any {{isdaprov|Obligations}}; and the {{nyvmcsaprov|Pledgor}} in all events will remain liable for any amounts remaining unpaid after any liquidation, {{nyvmcsaprov|Set-off}} and/or application under {{nyvmcsaprov|8(a)}} and {{nyvmcsaprov|8(b)}.<br>
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| {{nyvmcsaprov|8(d)}} '''{{nyvmcsaprov|Final Returns}}'''. When no amounts are or thereafter may become payable by the {{nyvmcsaprov|Pledgor}} with respect to any {{isdaprov|Obligations}} (except for any potential liability under Section {{isdaprov|2(d)}} of this Agreement, any obligation to {{nyvmcsaprov|Transfer}} any {{nyvmcsaprov|Interest Payment (VM)}} under this Paragraph {{nyvmcsaprov|8(d)}} or any obligation to {{nyvmcsaprov|Transfer}} any interest payment under any {{nyvmcsaprov|Other CSA}}), (i) the {{nyvmcsaprov|Secured Party}} will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Pledgor}} all {{nyvmcsaprov|Posted Credit Support (VM)}}, and (ii) the {{nyvmcsaprov|Interest Payer (VM)}} will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Interest Payee (VM)}} any {{nyvmcsaprov|Interest Payment (VM)}}.<br>
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| ===Paragraph {{nyvmcsaprov|9}} '''{{nyvmcsaprov|Representations)}}'''=== | | ===Paragraph {{nyvmcsaprov|9}} '''{{nyvmcsaprov|Representations)}}'''=== |