Common use of Margin Deficit Clause in Contracts

Margin Deficit. (a) With respect to any Purchased Asset, if on any date an amount equal to the product of the Applicable Percentage for such Purchased Asset, multiplied by the applicable Market Value is less than the outstanding Purchase Price for such Purchased Asset as of such date (the excess, if any, a “Margin Deficit”), then Seller shall, within two (2) Business Days after notice from Buyer (a “Margin Call”) either (i) transfer immediately available funds to Buyer in an amount at least equal to such Margin Deficit, or (ii) repurchase the related Purchased Assets in accordance with Section 3.04 to the extent necessary to fully cure the related Margin Deficit such that, after giving effect to such payments and/or repurchases, such related Margin Deficit shall be reduced to zero; provided that, prior to the occurrence and during the continuance of a Default or an Event of Default, Buyer shall not make any Margin Call to the extent the related Margin Deficit resulted solely from interest rate changes and/or credit spread movements. Buyer shall apply the funds received in satisfaction of a Margin Deficit to the Repurchase Obligations in such manner as Buyer determines.

Margin Deficit. (a) With respect to any Purchased Asset, if (i) If on any date an amount equal to the product of the Applicable Percentage for such Purchased Asset, multiplied by the applicable Market Value of a Purchased Asset is less than the product of (A) the Margin Percentage times (B) the outstanding Purchase Repurchase Price for such Purchased Asset as of such date (the excess, if any, a “Margin Deficit”), and provided that (I) a Credit Event relating to such Purchased Asset has occurred, and (II) each Margin Deficit shall exclude any portion thereof that resulted from any interest rate changes and/or credit spread movements, then the related Seller shall, within two five (25) Business Days after the receipt of written notice from Buyer (which notice may be by electronic mail) (a “Margin Call”) either (i) transfer immediately available funds cash to Buyer in an amount at least equal to such Margin DeficitBuyer, or (ii) repurchase the related Purchased Assets in accordance with Section 3.04 to at the extent necessary to fully cure Repurchase Price thereof, or (iii) choose any combination of the related Margin Deficit such foregoing, so that, after giving effect to such payments and/or repurchasestransfers, such related Margin Deficit shall be reduced to zero; provided thatrepurchases and payments, prior the aggregate Purchase Price for all Purchased Assets does not exceed an aggregate amount equal to the occurrence and during products of the continuance of a Default or an Event of DefaultMarket Value for each Purchased Asset, Buyer shall not make any Margin Call to times the extent the related Margin Deficit resulted solely from interest rate changes and/or credit spread movementsApplicable Percentage. Buyer shall apply the funds received in satisfaction of a Margin Deficit with respect to a Purchased Asset to the Repurchase Obligations in owing with respect to such manner as Buyer determinesPurchased Asset.

Margin Deficit. (a) With respect to any Purchased Asset, if (i) If on any date an amount equal to the product of the Applicable Percentage for such Purchased Asset, multiplied by the applicable Market Value of a Purchased Asset is less than the product of (A) the Margin Percentage times (B) the outstanding Purchase Repurchase Price for such Purchased Asset as of such date (the excess, if any, a “Margin Deficit”), and provided that (I) a Credit Event relating to such Purchased Asset has occurred, and (II) each Margin Deficit shall - 56- exclude any portion thereof that resulted from any interest rate changes and/or credit spread movements, then the related Seller shall, within two five (25) Business Days after the receipt of written notice from Buyer (which notice may be by electronic mail) (a “Margin Call”) either (i) transfer immediately available funds cash to Buyer in an amount at least equal to such Margin DeficitBuyer, or (ii) repurchase the related Purchased Assets in accordance with Section 3.04 to at the extent necessary to fully cure Repurchase Price thereof, or (iii) choose any combination of the related Margin Deficit such foregoing, so that, after giving effect to such payments and/or repurchasestransfers, such related Margin Deficit shall be reduced to zero; provided thatrepurchases and payments, prior the aggregate Purchase Price for all Purchased Assets does not exceed an aggregate amount equal to the occurrence and during products of the continuance of a Default or an Event of DefaultMarket Value for each Purchased Asset, Buyer shall not make any Margin Call to times the extent the related Margin Deficit resulted solely from interest rate changes and/or credit spread movementsApplicable Percentage. Buyer shall apply the funds received in satisfaction of a Margin Deficit with respect to a Purchased Asset to the Repurchase Obligations in owing with respect to such manner as Buyer determinesPurchased Asset.