Security Agreement Custodian

As noted above, one of OSFI`s requirements is that the legal advice to be provided under an RSA confirms that the interest of the collateral for security rights “outsues over all other security interests”. However, the depositary bank (whether in a separate custody agreement or in a combined RSA) may require a priority guarantee right on the collateral and a right of set-off with the collateral in order to secure all obligations owed to it from time to time by the reinsurer. . . .

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