Template:ISDA New York Law Credit Support Annex 1994 6: Difference between revisions

Template:ISDA New York Law Credit Support Annex 1994 6 (view source)

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 :{{nycsaprov|6(b)(ii)}} '''{{nycsaprov|Failure to Satisfy Conditions}}'''. If the {{nycsaprov|Secured Party}} or its {{nycsaprov|Custodian}} fails to satisfy any conditions for holding {{nycsaprov|Posted Collateral}}, then upon a demand made by the {{nycsaprov|Pledgor}}, the {{nycsaprov|Secured Party}} will, not later than five {{nycsaprov|Local Business Day}}s after the demand, {{nycsaprov|Transfer}} or cause its {{nycsaprov|Custodian}} to {{nycsaprov|Transfer}} all {{nycsaprov|Posted Collateral}} held by it to a {{nycsaprov|Custodian}} that satisfies those conditions or to the {{nycsaprov|Secured Party}} if it satisfies those conditions.<br>
 :{{nycsaprov|6(b)(iii)}} '''{{nycsaprov|Liability}}'''. The {{nycsaprov|Secured Party}} will be liable for the acts or omissions of its {{nycsaprov|Custodian}} to the same extent that the {{nycsaprov|Secured Party}} would be liable hereunder for its own acts or omissions.<br>
-{{nycsaprov|6(c)}} '''{{nycsaprov|Use of Posted Collateral}}'''. Unless otherwise specified in Paragraph {{nycsaprov|13}} and without limiting the rights and obligations of the parties under Paragraphs {{nycsaprov|3}}, {{nycsaprov|4(d)(ii)}}, {{nycsaprov|5}}, {{nycsaprov|6(d)}} and {{nycsaprov|8}}, if the {{nycsaprov|Secured Party}} is not a {{isdaprov|Defaulting Party}} or an {{isdaprov|Affected Party}} with respect to a {{nycsaprov|Specified Condition}} and no {{isdaprov|Early Termination Date}} has occurred or been designated as the result of an {{isdaprov|Event of Default}} or {{nycsaprov|Specified Condition}} with respect to the {{nycsaprov|Secured Party}}, then the {{nycsaprov|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 1994 6(c)}}
-:{{nycsaprov|6(c)(i)}} sell, [[pledge]], [[rehypothecate]], [[assign]], invest, use, commingle or otherwise dispose of, or otherwise use in its business any {{nycsaprov|Posted Collateral}} it holds, free from any claim or right of any nature whatsoever of the {{nycsaprov|Pledgor}}, including any [[equity of redemption|equity or right of redemption]] by the {{nycsaprov|Pledgor}}; and<br>
-:{{nycsaprov|6(c)(ii)}} register any {{nycsaprov|Posted Collateral}} in the name of the {{nycsaprov|Secured Party}}, its {{nycsaprov|Custodian}} or a [[nominee]] for either.<br>
-For purposes of the obligation to {{nycsaprov|Transfer}} {{nycsaprov|Eligible Credit Support}} or {{nycsaprov|Posted Credit Support}} pursuant to Paragraphs {{nycsaprov|3}} and {{nycsaprov|5}} and any rights or remedies authorized under this Agreement, the {{nycsaprov|Secured Party}} will be deemed to continue to hold all {{nycsaprov|Posted Collateral}} and to receive {{nycsaprov|Distributions}} made thereon, regardless of whether the {{nycsaprov|Secured Party}} has exercised any rights with respect to any {{nycsaprov|Posted Collateral}} pursuant to (i) or (ii) above.<br>
 {{nycsaprov|6(d)}} '''{{nycsaprov|Distributions and Interest Amount}}'''.<br>
 :{{nycsaprov|6(d)(i)}} '''{{nycsaprov|Distributions}}'''. Subject to Paragraph {{nycsaprov|4(a)}}, if the {{nycsaprov|Secured Party}} receives or is deemed to receive {{nycsaprov|Distributions}} on a {{nycsaprov|Local Business Day}}, it will {{nycsaprov|Transfer}} to the {{nycsaprov|Pledgor}} not later than the following {{nycsaprov|Local Business Day}} any {{nycsaprov|Distributions}} it receives or is deemed to receive to the extent that a {{nycsaprov|Delivery Amount}} would not be created or increased by that {{nycsaprov|Transfer}}, as calculated by the {{nycsaprov|Valuation Agent}} (and the date of calculation will be deemed to be a {{nycsaprov|Valuation Date}} for this purpose).<br>
 :{{nycsaprov|6(d)(ii)}} '''{{nycsaprov|Interest Amount}}'''. Unless otherwise specified in Paragraph {{nycsaprov|13}} and subject to Paragraph {{nycsaprov|4(a)}}, in lieu of any interest, dividends or other amounts paid or deemed to have been paid with respect to {{nycsaprov|Posted Collateral}} in the form of {{nycsaprov|Cash}} (all of which may be retained by the {{nycsaprov|Secured Party}}), the {{nycsaprov|Secured Party}} will {{nycsaprov|Transfer}} to the {{nycsaprov|Pledgor}} at the times specified in Paragraph {{nycsaprov|13}} the {{nycsaprov|Interest Amount}} to the extent that a {{nycsaprov|Delivery Amount}} would not be created or increased by that {{nycsaprov|Transfer}}, as calculated by the {{nycsaprov|Valuation Agent}} (and the date of calculation will be deemed to be a {{nycsaprov|Valuation Date}} for this purpose). The {{nycsaprov|Interest Amount}} or portion thereof not {{nycsaprov|Transfer}}red pursuant to this Paragraph will constitute {{nycsaprov|Posted Collateral}} in the form of {{nycsaprov|Cash}} and will be subject to the security interest granted under Paragraph {{nycsaprov|2}}.<br>