Common use of Market Value Clause in Contracts

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities Securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities Securities to be valued is the over-the-counter market, their market value shall be determined as follows. If : (a) if the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities Securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If day or (b) if the securities Securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each casecase referred to in subsections (a) or (b) above, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities Securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities Securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities Securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securitiesSecurities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.2 and 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections Section 12 and 13.

Market Value. 15.1 16.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United Statesexchange, their market value shall be determined for all purposes by their last the sale price of the last board lot traded on any such exchange on the preceding Business Day or, if there was no sale of a board lot on that day, by the last sale price on the next preceding Business Day on which there was a sale of a board lot on any such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by any such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as 16.2 Unless otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If : if the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ")an automated quotation system, their market value shall be the closing sale price of the last board lot on NASDAQ such system on the preceding Business Day or, Day; if the securities are issues for which last sale prices they are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQso quoted, their market value shall be determined from the highest bid last sale price of a board lot according to quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist there were no board lot sales on such day, then the relevant quotation sale price of a board lot on the next preceding Business Day in which there was such a quotation sale shall be the market value. 15.3 16.3 Unless otherwise agreed, if the securities to be valued are securities issued or guaranteed by the Government Securitiesof Canada or any Province of Canada or of any of their instrumentalities or agencies, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on by a dealer (other than Borrower or Lender) with jobber status with the Bank of Canada for the Business Day preceding the date on which such determination is mademade plus accrued interest to such date. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if If the principal market for the securities to be valued is a national securities exchange in the United States, their market value Market Value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, consolidated tape or if not quoted on the Consolidated Tapeconsolidated tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if If the principal market for the securities to be valued is the over-the-counter market, their market value Market Value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System Nasdaq stock market ("NASDAQ"Nasdaq), their market value Market Value shall be the closing sale price on NASDAQ Nasdaq on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQNasdaq, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQNasdaq, their market value Market Value shall be the highest bid quotation as quoted in or by any of The Wall Street Journal, the National Quotation Bureau pink sheets, or a recognized, independent pricing source chosen by the Salomon Brothers quotation sheetsLender. If the securities to be valued are Government Securities, quotations sheets of registered market makers andtheir Market Value shall be the closing bid as quoted by any recognized, independent pricing service chosen by the Lender or, if necessarynot available from such a service, dealers' telephone quotations on the preceding Business Dayas quoted in The Wall Street Journal. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in on which there was such a quotation shall be the market valueMarket Value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value Market Value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 Market Value shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7). 15.5 With respect to Collateral consisting of cash, unless market practice Market Value as of any date shall be the face amount thereof held by Lender at the time of determination and, with respect to Collateral consisting of Letters of Credit, Market Value as of any date shall be the valuation undrawn balance thereof which Lender may at such time draw thereunder except that if, in the judgment of Lender, the creditworthiness of the issuer of any Letter of Credit has been or may be impaired, then, upon notice to Borrower, the Market Value of such securities in connection with securities loans is to the contrary. All determinations Letter of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder Credit shall be made as if being determined at zero. 15.6 Unless otherwise agreed, where the commencement Loaned Securities in respect of trading on a Loan are denominated in a currency other than the next Business Day. The determinations of market value provided for currency in this Section 15 which the related Collateral is denominated, the currency which shall apply for all purposes under this Agreement, except be applicable for purposes of Sections 12 determining Market Value shall be the currency in which the Collateral is denominated (the "Contractual Currency"), and 13any Loaned Security not denominated in the Contractual Currency shall be converted into a Contractual Currency equivalent based on the most current spot rate of exchange quoted by the independent source of exchange rates as notified to Borrower by Lender upon Borrower's request. Such notification may be oral.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on an the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on on, the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If It the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on an the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if it the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on an the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United Statesexchange, their market value shall be determined for all purposes by their last the sale price of the last board lot traded on any such exchange on the preceding Business Day or, if there was no sale of a board lot on that day, by the last sale price on the next preceding Business Day on which there was a sale of a board lot on any such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by any such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as Unless otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If : if the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ")an automated quotation system, their market value shall be the closing sale price of the last board lot on NASDAQ such system on the preceding Business Day or, Day; if the securities are issues for which last sale prices they are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQso quoted, their market value shall be determined from the highest bid last sale price of a board lot according to quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist there were no board lot sales on such day, then the relevant quotation sale price of a board lot on the next preceding Business Day in which there was such a quotation sale shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are securities issued or guaranteed by the Government Securitiesof Canada or any Province of Canada or of any of their instrumentalities or agencies, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on by a dealer (other than Borrower or Lender) with jobber status with the Bank of Canada for the Business Day preceding the date on which such determination is mademade plus accrued interest to such date. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 15.3, and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 (a) Unless otherwise agreed, if the principal market for the securities Equity Securities to be valued is a national securities exchange in the United States, their market value Market Value shall be determined by their last sale price on such exchange on the preceding Business Day business day or, if there was no sale on that day, by the last sale price on the next preceding Business Day business day on which there was a sale on such exchange, all as quoted on the Consolidated Consolidator Tape or, if not quoted on the Consolidated Consolidator Tape, then as quoted by such exchange. 15.2 (b) Except as provided in Section 15.3 or 15.4 subparagraph (c) of this Paragraph or as otherwise agreed, if the principal market for the securities Equity Securities to be valued is the over-the-counter market, their market value Market Value shall be determined as follows. If the securities Equity Securities are quoted on the National Association of Securities Dealers Automated Quotations System The Nasdaq Stock Market ("NASDAQ"“Nasdaq”), their market value Market Value shall be the closing sale price on NASDAQ Nasdaq on the preceding Business Day business day or, if the securities Equity Securities are issues for which last sale prices are not quoted on NASDAQNasdaq, the closing bid price on such day. If the securities Equity Securities to be valued are not quoted on NASDAQNasdaq, their market value Market Value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheetsOTC Bulletin Board service, quotations sheets of registered market makers and, if necessary, dealers' ’ telephone quotations on the preceding Business Daybusiness day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day business day in which there was such a quotation shall be the market valueMarket Value. 15.3 (c) Unless otherwise agreed, if the securities Equity Securities to be valued are Government Securitiesprincipally cleared and settled outside the United States, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value Market Value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day day in accordance with market practice in the principal market for such securitiesEquity Securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 (d) All determinations of market value Market Value under Sections 15.1subparagraph (a), 15.2, 15.3 (b) and 15.4 (c) of this Paragraph shall include, where applicable, accrued interest Income to the extent not already included therein (other than any interest Income transferred to the other party pursuant to Section 7Paragraph 4 of this September 1996 Master Repurchase Agreement 34 Annex), unless market practice with respect to the valuation of such securities Equity Securities in connection with securities loans repurchase agreements is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 (a) Unless otherwise agreed, if the principal market for the securities Equity Securities to be valued is a national securities exchange in the United States, their market value Market Value shall be determined by their last sale price on such exchange on the preceding Business Day business day or, if there was no sale on that day, by the last sale price on the next preceding Business Day business day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 (b) Except as provided in Section 15.3 or 15.4 subparagraph (c) of this Paragraph or as otherwise agreed, if the principal market for the securities Equity Securities to be valued is the over-the-counter market, their market value Market Value shall be determined as follows. If the securities Equity Securities are quoted on the National Association of Securities Dealers Automated Quotations System The Nasdaq Stock Market ("NASDAQ"“Nasdaq”), their market value Market Value shall be the closing sale price on NASDAQ Nasdaq on the preceding Business Day business day or, if the securities Equity Securities are issues for which last sale prices are not quoted on NASDAQNasdaq, the closing bid price on such day. If the securities Equity Securities to be valued are not quoted on NASDAQNasdaq, their market value Market Value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheetsOTC Bulletin Board service, quotations sheets of registered market makers and, if necessary, dealers' dealer’s telephone quotations on the preceding Business Daybusiness day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day business day in which there was such a quotation shall be the market valueMarket Value. 15.3 (c) Unless otherwise agreed, if the securities Equity Securities to be valued are Government Securitiesprincipally cleared and settled outside the United States, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value Market Value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day day in accordance with market practice in the principal market for such securitiesEquity Securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 (d) All determinations of market value Market Value under Sections 15.1subparagraphs (a), 15.2, 15.3 (b) and 15.4 (c) of this Paragraph shall include, where applicable, accrued interest Income to the extent not already included therein (other than any interest Income transferred to the other party pursuant to Section 7Paragraph 4 of this Annex), unless market practice with respect to the valuation of such securities Equity Securities in connection with securities loans repurchase agreements is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' dealers telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2l5.2, 15.3 15.3, and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their NASDAQ"),their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being May 1993 - Master Securities Loan Agreement - 11 determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being May 1993 - Master Securities Loan Agreement - 11 determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being May 1993 Master Securities Loan Agreement l1 determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 (a) Unless otherwise agreed, if the principal market for the securities Equity Securities to be valued is a national securities exchange in the United States, their market value Market Value shall be determined by their last sale price on such exchange on the preceding Business Day business day or, if there was no sale on that day, by the last sale price on the next preceding Business Day business day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 (b) Except as provided in Section 15.3 or 15.4 subparagraph (c) of this Paragraph or as otherwise agreed, if the principal market for the securities Equity Securities to be valued is the over-the-counter market, their market value Market Value shall be determined as follows. If the securities Equity Securities are quoted on the National Association of Securities Dealers Automated Quotations System The Nasdaq Stock Market ("NASDAQ"“Nasdaq”), their market value Market Value shall be the closing sale price on NASDAQ Nasdaq on the preceding Business Day business day or, if the securities Equity Securities are issues for which last sale prices are not quoted on NASDAQNasdaq, the closing bid price on such day. If the securities Equity Securities to be valued are not quoted on NASDAQNasdaq, their market value Market Value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheetsOTC Bulletin Board service, quotations sheets of registered market makers and, if necessary, dealers' ’ telephone quotations on the preceding Business Daybusiness day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day business day in which there was such a quotation shall be the market valueMarket Value. 15.3 (c) Unless otherwise agreed, if the securities Equity Securities to be valued are Government Securitiesprincipally cleared and settled outside the United States, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value Market Value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day day in accordance with market practice in the principal market for such securitiesEquity Securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 (d) All determinations of market value Market Value under Sections 15.1subparagraphs (a), 15.2, 15.3 (b) and 15.4 (c) of this Paragraph shall include, where applicable, accrued interest Income to the extent not already included therein (other than any interest Income transferred to the other party pursuant to Section 7Paragraph 4 of this Annex), unless market practice with respect to the valuation of such securities Equity Securities in connection with securities loans repurchase agreements is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this 45 § September 1996 § Master Repurchase Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if it not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be b e valued is a national nation­ al securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such s uch exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall shal l be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("“NASDAQ"”), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on o n NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Stree t Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' ’ telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant rel­ evant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such s uch day, their market value shall be determined deter­ mined as of the next preceding Business Day on which they were so quoted. If the securities securi­ ties to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice practic e with respect to the valuation of such securities in connection with securities loans is to the contrarycon­ trary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall shal l be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on any such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-the- counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation quotations sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections Section 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant May 1993 - Master Securities Loan Agreement - 11 quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, . the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 (a) Unless otherwise agreed, if the principal market for the securities Equity Securities to be valued is a national securities exchange in the United States, their market value Market Value shall be determined by their last sale price on such exchange on the preceding Business Day business day or, if there was no sale on that day, by the last sale price on the next preceding Business Day business day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 (b) Except as provided in Section 15.3 or 15.4 subparagraph (c) of this Paragraph or as otherwise agreed, if the principal market for the securities Equity Securities to be valued is the over-the-counter market, their market value Market Value shall be determined as follows. If the securities Equity Securities are quoted on the National Association of Securities Dealers Automated Quotations System The Nasdaq Stock Market ("NASDAQ"“Nasdaq”), their market value Market Value shall be the closing sale price on NASDAQ Nasdaq on the preceding Business Day business day or, if the securities Equity Securities are issues for which last sale prices are not quoted on NASDAQNasdaq, the closing bid price on such day. If the securities Equity Securities to be valued are not quoted on NASDAQNasdaq, their market value Market Value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheetsOTC Bulletin Board ser- vice, quotations sheets of registered market makers and, if necessary, dealers' dealersí telephone quotations on the preceding Business Daybusiness day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day business day in which there was such a quotation shall be the market valueMarket Value. 15.3 (c) Unless otherwise agreed, if the securities Equity Securities to be valued are Government Securitiesprincipally cleared and settled outside the United States, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value Market Value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day day in accordance with market practice in the principal princi- pal market for such securitiesEquity Securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 (d) All determinations of market value Market Value under Sections 15.1subparagraphs (a), 15.2, 15.3 (b) and 15.4 (c) of this Paragraph shall include, where applicable, accrued interest Income to the extent not already included therein (other than any interest Income transferred to the other party pursuant to Section 7Paragraph 4 of this Annex), unless market practice with respect to the valuation of such securities Equity Securities in connection with securities loans repurchase agreements is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. day If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not are. n6t quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being May 1993 - Master Securities Loan Agreement - 11 determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if If the principal market for the securities to be valued is a national securities exchange in the United States, their market value Market Value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, consolidated tape or if not quoted on the Consolidated Tapeconsolidated tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if If the principal market for the securities to be valued is the over-the-counter market, their market value Market Value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System Nasdaq stock market ("NASDAQ"Nasdaq), their market value Market Value shall be the closing sale price on NASDAQ Nasdaq on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQNasdaq, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQNasdaq, their market value Market Value shall be the highest bid quotation as quoted in or by any of The Wall Street Journal, the National Quotation Bureau pink sheets, or a recognized, independent pricing source chosen by the Salomon Brothers quotation sheetsLender. If the securities to be valued are Government Securities, quotations sheets of registered market makers andtheir Market Value shall be the closing bid as quoted by any recognized, independent pricing service chosen by the Lender or, if necessarynot available from such a service, dealers' telephone quotations on the preceding Business Dayas quoted in The Wall Street Journal. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in on which there was such a quotation shall be the market valueMarket Value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value Market Value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 Market Value shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7). 15.5 With respect to Collateral consisting of cash, unless market practice Market Value as of any date shall be the face amount thereof held by Lender at the time of determination and, with respect to Collateral consisting of Letters of Credit, Market Value as of any date shall be the valuation undrawn balance thereof which Lender may at such time draw thereunder except that if, in the judgment of Lender, the creditworthiness of the issuer of any Letter of Credit has been or may be impaired, then, upon notice to Borrower, the Market Value of such securities in connection with securities loans is to the contrary. All determinations Letter of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder Credit shall be made as if being determined at zero. 15.6 Unless otherwise agreed, where the commencement Loaned Securities in respect of trading on a Loan are denominated in a currency other than the next Business Day. The determinations of market value provided for currency in this Section 15 which the related Collateral is denominated the currency which shall apply for all purposes under this Agreement, except be applicable for purposes of Sections 12 determining Market Value shall be the Currency in which the Collateral is denominated (the "Contractual Currency"), and 13all Loaned Security not denominated in the Contractual Currency shall be converted into a Contractual Currency equivalent based on the most current spot rate of exchange quoted by the independent source of exchange rates as notified to Borrower by Lender upon Borrower's request. Such notification may be oral.

Market Value. 15.1 15.1. Unless otherwise agreed, if the principal market for the securities to be valued is a national securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 15.2. Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 15.3. Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 15.4. Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 15.5. Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 15.6. All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if the principal market for the securities to be valued is a national nation- al securities exchange in the United States, their market value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, if not quoted on the Consolidated Tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if the principal market for the securities to be valued is the over-the-counter market, their market value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("“NASDAQ"”), their market value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value shall be the highest bid quotation as quoted in any of The Wall Street Journal, the National Quotation Bureau pink sheets, the Salomon Brothers quotation sheets, quotations sheets of registered market makers and, if necessary, dealers' ’ telephone quotations on the preceding Business Day. In each case, if the relevant quotation did not exist on such day, then the relevant rel- evant quotation on the next preceding Business Day in which there was such a quotation shall be the market value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined deter- mined as of the next preceding Business Day on which they were so quoted. If the securities securi- ties to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice in the principal market for such securities. 15.5 Unless otherwise agreed, the market value of a letter of credit shall be the undrawn amount thereof. 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other othe r party pursuant to Section 7), unless market practice with respect to the valuation of such securities in connection with securities loans is to the contrarycon- trary. All determinations of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder shall be made as if being determined at the commencement of trading on the next Business Day. The determinations of market value provided for in this Section 15 shall apply for all purposes under this Agreement, except for purposes of Sections 12 and 13.

Market Value. 15.1 Unless otherwise agreed, if If the principal market for the securities to be valued is a national securities exchange in the United States, their market value Market Value shall be determined by their last sale price on such exchange on the preceding Business Day or, if there was no sale on that day, by the last sale price on the next preceding Business Day on which there was a sale on such exchange, all as quoted on the Consolidated Tape or, consolidated tape or if not quoted on the Consolidated Tapeconsoli­dated tape, then as quoted by such exchange. 15.2 Except as provided in Section 15.3 or 15.4 or as otherwise agreed, if If the principal market for the securities to be valued is the over-the-counter market, their market value Market Value shall be determined as follows. If the securities are quoted on the National Association of Securities Dealers Automated Quotations System ("NASDAQ"), their market value Market Value shall be the closing sale price on NASDAQ on the preceding Business Day or, if the securities are issues for which last sale prices are not quoted on NASDAQ, the closing bid price on such day. If the securities to be valued are not quoted on NASDAQ, their market value Market Value shall be the highest bid quotation as quoted in or by any of The Wall Street Journal, the National Quotation Bureau pink sheets, or a recognized, independent pricing source chosen by the Salomon Brothers Lender. If the securities to be valued are Government Securities, their Market Value shall be the average of the bid and ask quotation sheetsas quoted by any recognized, quotations sheets of registered market makers andindependent pricing service chosen by the Lender or, if necessarynot available from such a service, dealers' telephone quotations on the preceding Business Dayas quoted in The Wall Street Journal. In each case, if the relevant quotation did not exist on such day, then the relevant quotation on the next preceding Business Day in on which there was such a quotation shall be the market valueMarket Value. 15.3 Unless otherwise agreed, if the securities to be valued are Government Securities, their market value shall be the average of the bid and ask prices as quoted on Prophesy at 3:30 P.M. New York time on the Business Day preceding the date on which such determination is made. If the securities are not so quoted on such day, their market value shall be determined as of the next preceding Business Day on which they were so quoted. If the securities to be valued are Government Securities that are not quoted on Prophesy, their market value shall be determined as of the close of business on the preceding Business Day in accordance with market practice for such securities. 15.4 Unless otherwise agreed, if the securities to be valued are Foreign Securities, their market value Market Value shall be determined by Lender in a commercially reasonable manner as of the close of business on the preceding Business Day in accordance with market practice in (or if there is a material dispute between Borrower and Lender as to the principal market for such securities. 15.5 Unless otherwise agreedMarket Value of a particular Foreign Security, the market value Market Value of a letter of credit such Foreign Security shall be the undrawn amount thereofprice provided by Bloomberg with respect to such Foreign Security as of the close of business on the preceding Business Day). 15.6 All determinations of market value under Sections 15.1, 15.2, 15.3 and 15.4 Market Value shall include, where applicable, accrued interest to the extent not already included therein (other than any interest transferred to the other party pursuant to Section 7). 15.5 With respect to Collateral consisting of cash, unless market practice Market Value as of any date shall be the face amount thereof held by Lender at the time of determination and, with respect to Collateral consisting of Letters of Credit, Market Value as of any date shall be the valuation undrawn balance thereof which Lender may at such time draw thereunder except that if, in the judgment of Lender, the creditworthiness of the issuer of any Letter of Credit has been or may be impaired, then, upon notice to Borrower, the Market Value of such securities in connection with securities loans is to the contrary. All determinations Letter of market value that are required to be made at the close of trading on any Business Day pursuant to Section 8 or otherwise hereunder Credit shall be made as if being determined at zero. 15.6 Unless otherwise agreed, where the commencement Loaned Securities in respect of trading on a Loan are denominated in a currency other than the next Business Day. The determinations of market value provided for currency in this Section 15 which the related Collateral is denominated, the currency which shall apply for all purposes under this Agreement, except be applicable for purposes of Sections 12 determining Market Value shall be the currency in which the Collateral is denominated (the “Contractual Currency”), and 13any Loaned Security not denominated in the Contractual Currency shall be converted into a Contractual Currency equivalent based on the most current spot rate of exchange quoted by the independent source of exchange rates as notified to Borrower by Lender upon Borrower's request. Such notification may be oral.