Common use of Substitutions of Purchased Securities Clause in Contracts

Substitutions of Purchased Securities. Buyer hereby irrevocably authorizes Subcustodian, upon Oral or Written Instructions from Seller, to transfer Purchased Securities to Seller against transfer to Buyer’s Account of substitute Eligible Securities (“Substitute Eligible Securities”) determined by Subcustodian to have an aggregate Margin Value equal to or greater than the aggregate Margin Value of Purchased Securities released hereunder. All Substitute Eligible Securities transferred to Buyer’s Account shall be deemed to be Purchased Securities.

Substitutions of Purchased Securities. Buyer hereby irrevocably authorizes SubcustodianCustodian, upon Oral or Written Instructions from Seller, to transfer Purchased Securities to Seller against transfer to Buyer’s 's Account of substitute Eligible Securities (“"Substitute Eligible Securities”") determined by Subcustodian to have an aggregate Margin Value equal to or greater than provided that Custodian determines that the aggregate Margin Value of Purchased Securities released hereunder(including Substitute Eligible Securities) in Buyer’s Account after such substitution equals or exceeds the Purchase Price of outstanding Transactions. All Substitute Eligible Securities transferred to Buyer’s 's Account shall be deemed to be Purchased Securities.

Substitutions of Purchased Securities. Buyer hereby irrevocably authorizes SubcustodianCustodian, upon Oral or Written Instructions from Seller, to transfer Purchased Securities to Seller against transfer to Buyer’s Account of substitute Eligible Securities (“Substitute Eligible Securities”) determined by Subcustodian to have an aggregate Margin Value equal to or greater than provided that Custodian determines that the aggregate Margin Value of Purchased Securities released hereunder(including Substitute Eligible Securities) in Buyer’s Account after such substitution equals or exceeds the Purchase Price of outstanding Transactions. All Substitute Eligible Securities transferred to Buyer’s Account shall be deemed to be Purchased Securities.

Substitutions of Purchased Securities. Buyer hereby irrevocably authorizes SubcustodianCustodian, upon Oral or Written Instructions from Seller, to transfer Purchased Securities to Seller against transfer transfers to Buyer’s Account of substitute Eligible Securities (“Substitute Eligible Securities”) determined by Subcustodian Custodian to have an aggregate Margin Market Value equal to or greater than the aggregate Buyer’s Margin Value of Amount relating to Purchased Securities released hereunder. All Substitute Eligible Securities transferred to Buyer’s Account shall be deemed to be Purchased Securities.

Substitutions of Purchased Securities. Buyer hereby irrevocably authorizes SubcustodianCustodian, upon Oral or Written Instructions from Seller, to transfer Purchased Securities to Seller against transfer to Buyer’s 's Account of substitute Eligible Securities (“"Substitute Eligible Securities”") determined by Subcustodian Custodian to have an aggregate Margin Value equal to or greater than the aggregate Margin Value of Purchased Securities released hereunder. All Substitute Eligible Securities transferred to Buyer’s 's Account shall be deemed to be Purchased Securities.