Common use of Insufficiency Determination Clause in Contracts

Insufficiency Determination. (a) If, following Pledgor’s substitution of Eligible Cash Equivalents for other Collateral, the Collateral Agent determines that as of 5:00 p.m., New York City time, on any Business Day, the aggregate Pledge Value of the Collateral does not satisfy the Pledge Value Requirement (any such determination, an “Insufficiency Determination”), the Collateral Agent shall promptly (and, in any event, within one Business Day) notify Pledgor of such determination by written notice to Pledgor. (b) If, by 5:00 p.m., New York City time, on the later of (x) the second Business Day following the day on which written notice shall have been given pursuant to the preceding Section 5.5(a) and (y) the third Business Day following any Business Day on which the Insufficiency Determination occurs, Pledgor shall have failed to take the actions set forth in Sections 5.3 and 5.4 in respect of sufficient additional Eligible Collateral so that, after giving effect to such actions, the aggregate Pledge Value of the Collateral, as of the day on which such written notice was given would have satisfied the Pledge Value Requirement, then a Collateral Event of Default shall have occurred and be continuing.

Insufficiency Determination. (a) If, following Pledgor’s substitution of Eligible Cash Equivalents for other Collateral, the Collateral Agent determines that If as of 5:00 4:00 p.m., New York City time, on any Business Day, Day the Collateral Agent determines that the aggregate Pledge Value of the Collateral does not satisfy is less than the Pledge Value Requirement (any such determination, an “Insufficiency Determination”), the Collateral Agent shall promptly (and, in any event, within one Business Day) notify Pledgor of such determination by telephone call to an Authorized Representative of Pledgor followed by a written notice to Pledgorconfirmation of such call. (b) If, by 5:00 4:00 p.m., New York City time, time on the later of (x) the second fifth Business Day following the day on which written notice shall have been given pursuant to the preceding Section paragraph 5.5(a) and (y) the third Business Day following any Business Day on which the Insufficiency Determination occurs), Pledgor shall have failed to take deliver, in the actions manner set forth in Sections 5.3 and 5.4 in respect of 5.4, sufficient additional Eligible Collateral so that, after giving effect to such actionsdelivery, the aggregate Pledge Value of the Collateral, as of 4:00 p.m., New York City time on the day on which such written notice was given would have satisfied fifth Business Day, is at least equal to the Pledge Value Requirement, then (x) the Collateral Requirement with respect to any U.S. Government Securities pledged hereunder (other than in respect of Cash Delivery Obligations) shall be increased from 150% to 200%, and (y) unless a Collateral Event of Default shall have occurred and be continuing., the Collateral Agent shall:

Insufficiency Determination. (a) If, following Pledgor’s election of Cash Settlement pursuant to Section 2.3(d) of the Contract or substitution of Eligible Cash Equivalents for other Collateral, the Collateral Agent determines that as of 5:00 p.m., New York City time, on any Business Day, the aggregate Pledge Value of the Collateral does not satisfy the Pledge Value Requirement (any such determination, an “Insufficiency Determination”), the Collateral Agent shall promptly (and, in any event, within one Business Day) notify Pledgor of such determination by written notice to Pledgor. (b) If, by 5:00 p.m., New York City time, on the later of (x) the second third Business Day (or third Scheduled Trading Day, in the case of an election of Cash Settlement pursuant to Section 2.3(d) of the Contract) following the day on which written notice shall have been given pursuant to the preceding Section paragraph 5.5(a) and (y) the third Business Day following any Business Day on which the Insufficiency Determination occurs), Pledgor shall have failed to take the actions set forth in Sections 5.3 and 5.4 in respect of sufficient additional Eligible Collateral so that, after giving effect to such actions, the aggregate Pledge Value of the Collateral, as of the day on which such written notice was given would have satisfied the Pledge Value Requirement, then a Collateral Event of Default shall have occurred and be continuing.