Common use of Use of Margin Clause in Contracts

Use of Margin. ‌ Counterparty hereby pledges to Basis, as security for its obligations hereunder and under all Transactions, and grants to Basis a first priority continuing security interest in, lien on and right of set‐off against all Margin transferred to or received by Basis hereunder. Upon the return by Basis to Counterparty of any Margin, the security interest and lien granted hereunder on that Xxxxxx will be released immediately, without any further action by either party. Basis shall be entitled to hold Variation Margin and Initial Margin, itself or to appoint an agent (a “Custodian”) to hold Margin on its behalf. Upon notice by Basis to Counterparty of the appointment of a Custodian, Counterparty’s obligations to make any transfer of Initial Margin will be discharged by making the transfer to that Custodian. The holding of Margin by a Custodian will be deemed to be the holding of that Margin by Basis. Basis shall be entitled to pledge, re-hypothecate, invest, use, and commingle Margin deposited by Counterparty, free from any claim or right of any nature whatsoever. Upon the occurrence of an Event of Default with respect to Counterparty, Basis may exercise all rights as a secured party under Law or in contract, including the right to immediately apply Margin deposited by Counterparty against any amounts owed to Basis by Counterparty hereunder or under any other agreement. Following the termination of a Transaction, Basis shall return to Counterparty any Margin deposited by Counterparty with respect to such Transaction, net of any amounts owed by Counterparty with respect to such Transaction at the Counterparties request. Counterparty shall not be entitled to interest on any Margin deposited with Basis.

Use of Margin. ‌ Counterparty hereby pledges to BasisBidX, as security for its obligations hereunder and under all Transactions, and grants to Basis BidX a first priority continuing security interest in, lien on and right of set‐off set–off against all Margin transferred to or received by Basis BidX hereunder. Upon the return by Basis XxxX to Counterparty of any Margin, the security interest and lien granted hereunder on that Xxxxxx will be released immediately, without any further action by either party. Basis BidX shall be entitled to hold Variation Margin and Initial Margin, itself or to appoint an agent (a “Custodian”) to hold Margin on its behalf. Upon notice by Basis BidX to Counterparty of the appointment of a Custodian, Counterparty’s obligations to make any transfer of Initial Margin will be discharged by making the transfer to that Custodian. The holding of Margin by a Custodian will be deemed to be the holding of that Margin by Basis. Basis XxxX. BidX shall be entitled to pledge, re-hypothecate, invest, use, and commingle Margin deposited by Counterparty, free from any claim or right of any nature whatsoever. Upon the occurrence of an Event of Default with respect to Counterparty, Basis BidX may exercise all rights as a secured party under Law or in contract, including the right to immediately apply Margin deposited by Counterparty against any amounts owed to Basis BidX by Counterparty hereunder or under any other agreement. Following the termination of a Transaction, Basis BidX shall return to Counterparty any Margin deposited by Counterparty with respect to such Transaction, net of any amounts owed by Counterparty with respect to such Transaction at the Counterparties request. Counterparty shall not be entitled to interest on any Margin deposited with Basis.BidX.

Use of Margin. ‌ Counterparty hereby pledges to Basis, as security for its obligations hereunder and under all Transactions, and grants to Basis a first priority continuing security interest in, lien on and right of set‐off against all Margin margin transferred to or received by Basis hereunder. Upon the return by Basis to Counterparty of any Margin, the security interest and lien granted hereunder on that Xxxxxx margin will be released immediately, without any further action by either partyParty. Basis shall be entitled to hold Variation Margin and Initial Margin, itself or to appoint an agent (a “Custodian”) to hold Margin margin on its behalf. Upon notice by Basis to Counterparty of the appointment of a Custodian, Counterparty’s obligations to make any transfer of Initial Margin will be discharged by making the transfer to that Custodian. The holding of Margin margin by a Custodian will be deemed to be the holding of that Margin by Basis. Basis shall be entitled to pledge, re-hypothecate, invest, use, and commingle Margin margin deposited by Counterparty, free from any claim or right of any nature whatsoever. Upon the occurrence of an Event of Default with respect to Counterparty, Basis may exercise all rights as a secured party under Law or in contract, including the right to immediately apply Margin margin deposited by Counterparty against any amounts owed to Basis by Counterparty hereunder or under any other agreement. Following the termination of a Transaction, Basis shall return to Counterparty any Margin deposited by Counterparty with respect to such Transactiontransaction, net of any amounts owed by Counterparty with respect to such Transaction transaction at the Counterparties request. Counterparty shall not be entitled to interest on any Margin deposited with Basis.