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Template:Nutshell 2016 NY CSA 7: Difference between revisions
Template:Nutshell 2016 NY CSA 7 (view source)
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===Paragraph {{nyvmcsaprov|7}} '''{{nyvmcsaprov|Events of Default}}'''=== | ===Paragraph {{nyvmcsaprov|7}} '''{{nyvmcsaprov|Events of Default}}'''=== | ||
Under Section {{isdaprov|5(a)(iii)}}(1), | Under Section {{isdaprov|5(a)(iii)}}(1), it will be an {{isdaprov|Event of Default}} for a party if:<br> | ||
:{{nyvmcsaprov|7(i)}} '''Fails to Transfer Collateral''': it (or its {{nyvmcsaprov|Custodian (VM)}}) fails to {{nyvmcsaprov|Transfer}} any {{nyvmcsaprov|Eligible Collateral (VM)}}, {{nyvmcsaprov|Posted Collateral (VM)}} or the {{nyvmcsaprov|Interest Payment (VM)}} when due and that failure continues for two {{nyvmcsaprov|Local Business Day}}s after it receives notice of that failure;<br> | :{{nyvmcsaprov|7(i)}} '''Fails to {{nyvmcsaprov|Transfer}} Collateral''': it (or its {{nyvmcsaprov|Custodian (VM)}}) fails to {{nyvmcsaprov|Transfer}} any {{nyvmcsaprov|Eligible Collateral (VM)}}, {{nyvmcsaprov|Posted Collateral (VM)}} or the {{nyvmcsaprov|Interest Payment (VM)}} when due and that failure continues for two {{nyvmcsaprov|Local Business Day}}s after it receives notice of that failure;<br> | ||
:{{nyvmcsaprov|7(ii)}} '''Impermissible dealing''': it continuously fails to comply with any restriction in this Annex on its rights to [[rehypothecate]] or take title to {{nyvmcsaprov|Posted Collateral}} under Paragraph {{nyvmcsaprov|6(c)}} for five {{nyvmcsaprov|Local Business Day}}s after it receives notice of that failure; or<br> | :{{nyvmcsaprov|7(ii)}} '''Impermissible dealing''': it continuously fails to comply with any restriction in this Annex on its rights to [[rehypothecate]] or take title to {{nyvmcsaprov|Posted Collateral}} under Paragraph {{nyvmcsaprov|6(c)}} for five {{nyvmcsaprov|Local Business Day}}s after it receives notice of that failure; or<br> | ||
:{{nyvmcsaprov|7(iii)}} '''Other breach of Annex''': it continuously breaches any other obligation under this Annex for 30 days after it receives notice of its breach.<br> | :{{nyvmcsaprov|7(iii)}} '''Other breach of Annex''': it continuously breaches any other obligation under this Annex for 30 days after it receives notice of its breach.<br> | ||