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.
Appears in 3 contracts
Samples: Collateral Agreement (2017 Mandatory Exchangeable Trust), Collateral Agreement (2017 Mandatory Exchangeable Trust), Collateral Agreement (2017 Mandatory Exchangeable Trust)
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.
Appears in 1 contract
Samples: Collateral Agreement (Mandatory Exchangeable Trust)
