Common use of Re-hypothecation Failure Clause in Contracts

Re-hypothecation Failure. Hypothecated Securities shall be marked-to-market daily and valued at their fair market value (as determined by BNPP PB in good faith and in a commercially reasonable manner). Upon the failure of BNPP PB to return Hypothecated Securities or the Equivalent Securities (such Hypothecated Securities, “Failed Securities”) pursuant to this Agreement or Applicable Law, Customer shall be entitled to reduce the value of the loan against which the Margin Collateral was pledged by an amount equal to one hundred percent (100%) of the then-current fair market value of such Failed Securities as reasonably agreed to between the parties without any fee or penalty; provided, however that the terms of the Committed Facility Agreement shall not be altered or amended by such reduction.

Re-hypothecation Failure. Hypothecated Securities shall be marked-to-market daily and valued at their fair market value (as determined by BNPP PB PB, Inc. in good faith and in a commercially reasonable manner). Upon the failure of BNPP PB PB, Inc. to return Hypothecated Securities or the Equivalent Securities (such Hypothecated Securities, “"Failed Securities”") pursuant to this Agreement or Applicable Law, Customer shall be entitled to reduce the value of the loan against which the Margin Collateral was pledged by an amount equal to one hundred percent (100%) of the then-then- current fair market value of such Failed Securities as reasonably agreed to between the parties without any fee or penalty; provided, however that the terms of the Committed Facility Agreement shall not be altered or amended by such reduction.

Re-hypothecation Failure. Hypothecated Securities shall be marked-to-market daily and valued at their fair market value (as determined by BNPP PB PB, Inc. in good faith and in a commercially reasonable manner). Upon the failure of BNPP PB PB, Inc. to return Hypothecated Securities or the Equivalent Securities (such Hypothecated Securities, “Failed Securities”) pursuant to this Agreement or Applicable Law, Customer shall be entitled to reduce the value of the loan against which the Margin Collateral was pledged by an amount equal to one hundred percent (100%) of the then-then- current fair market value of such Failed Securities as reasonably agreed to between the parties without any fee or penalty; provided, however that the terms of the Committed Facility Agreement shall not be altered or amended by such reduction.

Re-hypothecation Failure. Hypothecated Securities shall be marked-to-market daily and valued at their fair market value (as determined by BNPP PB in good faith and in a commercially reasonable manner). Upon the failure of BNPP PB to return Hypothecated Securities or the Equivalent Securities (such Hypothecated Securities, “"Failed Securities”") pursuant to this Agreement or Applicable Law, Customer shall be entitled to reduce the value of the loan against which the Margin Collateral was pledged by an amount equal to one hundred percent (100%) of the then-current fair market value of such Failed Securities as reasonably agreed to between the parties without any fee or penalty; provided, however that the terms of the Committed Facility Agreement shall not be altered or amended by such reduction.