Template:ISDA English Law Credit Support Deed 2018 9: Difference between revisions

:(ii) it is the beneficial owner of all {{imcsdprov|Eligible Credit Support (IM)}} (and rights thereto) it transfers as the {{imcsdprov|Chargor}} to the {{imcsdprov|Segregated Account}}s under this Deed, free and clear of any [[security interest]], lien, encumbrance or other interest or restriction other than the [[security interest]] granted under Paragraph 2 and other than (A) a lien routinely imposed on all securities in a clearing system in which any such {{imcsdprov|Eligible Credit Support (IM)}} may be held or (B) any [[security interest]] referred to in, or in connection with, the {{imcsdprov|Control Agreement}} and each such item of {{imcsdprov|Eligible Credit Support (IM)}} is fully paid and is not subject to any option to purchase or similar right;

:(iii) upon the transfer of any {{imcsdprov|Eligible Credit Support (IM)}} by it as the {{imcsdprov|Chargor}} to the {{imcsdprov|Segregated Account}}s under the terms of this Deed, the {{imcsdprov|Secured Party}} will have a valid and perfected first priority [[security interest]] in such {{imcsdprov|Eligible Credit Support (IM)}} except to the extent subordinate to (A) any lien routinely imposed on all securities in a [[clearing system]] in which any such {{imcsdprov|Eligible Credit Support (IM)}} may be held or (B) any [[security interest]] referred to in, or in connection with, the {{imcsdprov|Control Agreement}}; and