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Template:ISDA New York Law Credit Support Annex 2016 6(c): Difference between revisions
Template:ISDA New York Law Credit Support Annex 2016 6(c) (view source)
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{{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> | {{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> | ||
:{{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)(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> | :{{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> | For purposes of the obligation to {{nyvmcsaprov|Transfer}} {{nyvmcsaprov|Eligible Credit Support (VM)}} or {{nyvmcsaprov|Posted Credit Support (VM)}} pursuant to Paragraphs {{nyvmcsaprov|3}} and {{nyvmcsaprov|5}} and any rights or remedies authorized under this {{isdaprov|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> | ||