S.L. 459.1 ст. 6Enforcement of financial collateral arrangements.

(1) On the occurrence of a specified event, the collateral taker may realise any financial collateral provided under, and subject to the terms agreed in, a security financial collateral arrangement as follows:

(a) in relation to cash, by setting off the amount against or applying it in discharge of the relevant financial obligations; or

(b) in relation to instruments, by sale or appropriation and by setting off their value against, or applying their value in discharge of, the relevant financial obligations;

(c) in relation to instruments consisting of securities of a SICAV, the financial collateral may also be realised in the manner and in accordance with the value as contemplated in regulation 14(6)(iii) of the Companies Act (Investment Companies with Variable Share Capital) Regulations; or;

(d) in relation to credit claims, by sale or appropriation and by setting off their value against, or applying their value in discharge of, the relevant financial obligations.

(2) Appropriation shall only be possible if in the security financial collateral arrangement the parties have specifically agreed that appropriation may take effect and have agreed, in writing, on the manner of or mechanism for the valuation of the instruments and the credit claims.

(3) Unless the parties to a security financial collateral arrangement otherwise agree, the manner of realising the financial collateral in terms of sub-regulation (1) shall not require that:

(a) prior notice of the intention to realise be given;

(b) the terms of the realisation be approved by any court, public officer or other person;

(c) the realisation be conducted by sale by auction or in any other prescribed manner; or

(d) any additional time period must have elapsed.

(4) Unless the parties otherwise agree, the operation of a close-out netting provision shall not be subject to the requirements listed in subregulation (3).

(5) The provisions of this regulation shall apply notwithstanding the provisions of the Civil Code, the Companies Act, the Companies Act (Investment Companies with Variable Share

Capital) Regulations, or any other law.