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In a Nutshell™ Section 5(a):
5(a) Transfer of Title. Title to any Eligible Credit Support, Equivalent Credit Support, Equivalent Distributions or Interest Payment (VM) transferred under this Annex will vest in the recipient free of any encumbrances (other than usual clearing system liens).
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2016 VM CSA full text of Section 5(a):
5(a) Transfer of Title. Each party agrees that all right, title and interest in and to any Eligible Credit Support (VM), Equivalent Credit Support (VM), Equivalent Distributions or Interest Payment (VM) which it transfers to the other party under the terms of this Annex will vest in the recipient free and clear of any liens, claims, charges or encumbrances or any other interest of the transferring party or of any third person (other than a lien routinely imposed on all securities in a relevant clearance system).
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Related Agreements
Click here for the text of Section 5(a) in the 1995 English Law CSA
Click here for the text of Section 5(a) in the 2016 English Law VM CSA
Click [[{{{3}}} - NY VM CSA Provision|here]] for the text of the equivalent, Section [[{{{3}}} - NY VM CSA Provision|{{{3}}}]] in the 2016 NY Law VM CSA
Comparisons
1995 CSA and 2016 VM CSA: click for comparison
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