Common use of Manufactured payments in respect of Non-Cash Collateral Clause in Contracts

Manufactured payments in respect of Non-Cash Collateral. Where Non-Cash Collateral is delivered by Borrower to Lender and an Income Record Date in respect of such Non-Cash Collateral occurs before Equivalent Collateral is delivered by Lender to Borrower, Lender shall on the date such Income is paid, or on such other date as the Parties may from time to time agree, pay or deliver to Borrower a sum of money or property as is agreed between the Parties or, failing such agreement, a sum of money or property equivalent to (and in the same currency as) the type and amount of such Income that would be received by Lender in respect of such Non-Cash Collateral assuming Lender: (a) retained the Non-Cash Collateral on the Income Record Date; and (b) is not entitled to any credit, benefit or other relief in respect of Tax under any Applicable Law.