COLLATERAL MAINTENANCE REQUIREMENTS. (a) Borrower shall at all times maintain as Collateral an amount of Qualifying Collateral that has a Fair Market Value that is at least equal to the Collateral Maintenance Level. Borrower shall not assign, pledge, transfer, create any security interest in, sell, or otherwise dispose of any Collateral or interest therein if: (i) such Collateral has been or is required to be specified pursuant to Section 3.4 hereof or is or is required to be held by or on behalf of the Bank pursuant to Section 3.5 hereof, or the Bank has otherwise perfected its security interest in such Collateral; or (ii) at the time of or immediately after such action, Borrower is not or would not be in compliance with the collateral maintenance requirements of the first sentence of this Section 3.3 (a) or there is any other Event of Default under this Agreement.
COLLATERAL MAINTENANCE REQUIREMENTS. Pledgor further covenants and agrees to comply with the collateral maintenance requirements set forth in Section 5 of the Note. If Pledgor fails to comply with such collateral maintenance requirements, Lender shall have all the rights and remedies of a secured party under the New York Uniform Commercial Code as then in effect (the “UCC”) or other applicable law, and may, in addition to any other right or remedy available to Lender hereunder or under applicable law, without further notice to or consent by Pledgor (except to the extent such notice or consent is required by applicable law and cannot be waived), sell, liquidate or redeem so much of the Collateral and then apply the proceeds thereof to the Obligations as necessary to restore compliance with such collateral maintenance requirements.
COLLATERAL MAINTENANCE REQUIREMENTS. (a) As of the date hereof, the ATV of the Pledged Shares is US$100 million.
COLLATERAL MAINTENANCE REQUIREMENTS. Collateralized GICs (whether in the form of collateralized investment agreements or master repurchase agreements) typically include a covenant to maintain the required level of collateral, determined as set forth in the collateralized GIC. The market value of collateral pledged to a collateralized GIC, however, is subject to change and may decline below the required level of collateral. If the required level of collateral is not maintained (typically after notice and an opportunity to cure), the GIC holder will usually have the right to terminate the GIC. The GIC Business intends, as a business practice, to take actions necessary to maintain the required level of collateral; however, the relevant GIC Issuer has the right and power under these ALM Procedures not to take such collateral maintenance actions, subject to the following: · All such decisions will require the approval of one of the two most senior officers of the Administrator, who will take into account the factors listed in Section 8.1 above; · In addition, any failure to maintain collateral that could give rise to a GIC termination which would result in a Net Loss (determined as described in Section 8.2 above) will also require the prior approval of the ALCO; and · In addition, at any time the remaining commitment under the Guaranteed Liquidity Facilities is USD 1 Bn or less, any failure to maintain collateral that could give rise to the termination of a GIC having an outstanding principal balance in excess of USD 25MM shall require the prior approval of the ALCO. For the avoidance of doubt, any failure by a GIC Issuer to maintain the required level of collateral under a collateralized GIC due to a decline in market value that results in a GIC termination because the GIC Issuer was unable to pledge on a timely basis eligible collateral under such GIC sufficient to satisfy the collateral requirement, despite its commercially reasonable efforts to do so following notice of such deficiency, shall not constitute non-compliance with these ALM Procedures.
COLLATERAL MAINTENANCE REQUIREMENTS. Immediately after giving effect to any request for an advance hereunder, the sum of (x) the outstanding principal amount of the Loan (including the Dollar Equivalent of any portion of the Loan denominated in a currency other than U.S. Dollars) plus (y) the aggregate amount of L/C Exposure, if any, shall not exceed the lesser of (i) the Collateral Maintenance Value and (ii) the Maximum Facility Amount. If at any time the sum of (A) the outstanding principal amount of the Loan (including the Dollar Equivalent of any portion of the Loan denominated in a currency other than U.S. Dollars) plus (B) the aggregate amount of L/C Exposure, if any, exceeds either the Collateral Maintenance Value or the Maximum Facility Amount, Borrower will immediately repay the Loan (or, solely with respect to the Collateral Maintenance Value, pledge additional Collateral) in an amount sufficient, in each case, to eliminate such excess. If “Single stock” is selected under “Key terms” in this Note, all additional collateral maintenance requirements, if any, set forth under “Additional Collateral Maintenance Requirements” on Schedule C hereto are hereby made a part of this Section 5.3. If “Fund Interests” is selected under “Key terms” in this Note, all additional collateral maintenance requirements, if any, set forth under “Limitations with respect to the inclusion of Fund Interests in the calculation of the Collateral Maintenance Value” on Schedule D hereto are hereby made a part of this Section 5.3.
