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CARBURES EUROPE, S.A. v. EMERGING MKTS. INTRINSIC CAYMAN LTD.

3307, 653892/15.

148 A.D.3d 421 (2017)

2017 NY Slip Op 01631

49 N.Y.S.3d 103

CARBURES EUROPE, S.A., et al., Appellants-Respondents, v. EMERGING MARKETS INTRINSIC CAYMAN LTD. et al., Respondents-Appellants, et al., Defendants.

Appellate Division of the Supreme Court of New York, First Department.

Decided March 2, 2017.

Pursuant to a Margin Lending Agreement (MLA), defendant EMI Markets Intrinsic Cayman Ltd. (EMI Cayman) agreed to lend plaintiff Carbures Europe, S.A. £7 million in exchange for £14 million worth of Carbures stock as collateral for the repayment of the loan. The MLA provides, as relevant, that, except upon an event of default or as a hedge, the collateral "will not be (i) loaned, pledged, repledged, hypothecated or rehypothecated outside of the Lender or structure...

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