Common use of Value Clause in Contracts

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of Eligible Collateral and Posted Collateral will be calculated as follows: (A) with respect to any Cash; the amount thereof; and (B) with respect to any Eligible Collateral comprising securities; the sum of (a)(x) the last bid price on such date for such securities on the principal national securities exchange on which such securities are listed, multiplied by the applicable Valuation Percentage or (y) where any such securities are not listed on a national securities exchange, the bid price for such securities quoted as at the close of business on such date by any principal market maker for such securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available; multiplied by the applicable Valuation Percentage; plus (b) the accrued interest on such securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in subparagraph (a) above) as of such date.

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of Eligible Collateral and Posted Collateral Credit Support will be calculated as follows: (A) with respect to any Cash; : For Eligible Credit Support comprised of cash, the amount thereof; and (B) with respect to any of such cash. For Eligible Collateral comprising securities; the sum of (a)(x) the last bid price on such date for such securities on the principal national securities exchange on which such securities are listed, multiplied by the applicable Valuation Percentage or (y) where any such securities are not listed on a national securities exchange, the bid price for such securities quoted as at the close of business on such date by any principal market maker for such securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available; multiplied by the applicable Valuation Percentage; plus (b) the accrued interest on such securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in subparagraph (a) above) as of such date.

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of Eligible Collateral and Credit Support or Posted Collateral Credit Support as of the relevant Valuation Date or date of Transfer will be calculated as follows: (A) with respect to any Cash; the amount thereof; and Eligible Credit Support or Posted Credit Support comprising securities (B“Securities”) with respect to any Eligible Collateral comprising securities; the sum of (a)(x) the last bid price on such date for such securities Securities on the principal national securities exchange on which such securities Securities are listed, multiplied by the applicable Valuation Percentage Percentage; or (y) where any such securities Securities are not listed on a national securities exchange, the bid price for such securities Securities quoted as at the close of business on such date by any principal market maker (which shall not be and shall be independent from the Valuation Agent) for such securities Securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage Percentage; or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available; , multiplied by the applicable Valuation Percentage; plus (b) the accrued interest where applicable on such securities Securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 6(d)(ii5(c)(ii) or included in the applicable price referred to in subparagraph (a) aboveprice) as of such date; and (B) with respect to any Cash, the face amount thereof.

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of Eligible Collateral and Credit Support or Posted Collateral Credit Support as of the relevant Valuation Date or date of Transfer will be calculated as follows: (A) with respect to any Cash; the amount thereof; and Eligible Credit Support or Posted Credit Support comprising securities (B“Securities”) with respect to any Eligible Collateral comprising securities; the sum of (a)(x) the last bid price on such date for such securities Securities on the principal national securities exchange on which such securities Securities are listed, multiplied by the applicable Valuation Percentage Percentage; or (y) where any such securities Securities are not listed on a national securities exchange, the bid price for such securities Securities quoted as at the close of business on such date by any principal market maker (which shall not be and shall be independent from the Valuation Agent) for such securities Securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage Percentage; or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available; , multiplied by the applicable Valuation Percentage; plus (b) the accrued interest where applicable on such securities Securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 6(d)(ii5(c)(ii) or included in the applicable price referred to in subparagraph (a) aboveprice) as of such date; and (B) with respect to any Cash, the face amount thereof multiplied by the applicable Valuation Percentage.

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, date the Value of Eligible Collateral and the outstanding Posted Collateral will be calculated as follows: (A) with respect to any Cash; the amount thereof; and (B) with respect to any Eligible Collateral comprising securities; securities (“Securities”) the Base Currency Equivalent of the sum of (a)(x) the last bid price on such date for such securities Securities on the principal national securities exchange on which such securities Securities are listed, multiplied by the applicable Valuation Percentage Percentage; or (y) where any such securities Securities are not listed on a national securities exchange, the bid price for such securities Securities quoted as at the close of business on such date by any principal market maker (which shall not be and shall be independent from the Valuation Agent) for such securities Securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage Percentage; or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available; , multiplied by the applicable Valuation Percentage; plus (b) the accrued interest where applicable on such securities Securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in subparagraph (a) above) as of such date; and (B) with respect to any Cash, the Base Currency Equivalent of the amount thereof.

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of Eligible Collateral and Posted Collateral will be calculated as follows: (A) with respect to any Cash; the face amount thereofthereof multiplied by the applicable Valuation Percentage; and (B) with respect to any Eligible Collateral comprising securities; the sum of (a)(x) the last bid price on such date for such securities on the principal national securities exchange on which such securities are listed, multiplied by the applicable Valuation Percentage or (y) where any such securities are not listed on a national securities exchange, the bid price for such securities quoted as at the close of business on such date by any principal market maker for such securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available; multiplied by the applicable Valuation Percentage; plus (b) the accrued interest on such securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in subparagraph (a) above) as of such date.

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of Eligible Collateral and Credit Support or Posted Collateral Credit Support as of the relevant Valuation Date or date of Transfer will be calculated as follows: (A) with respect to any Cash; the amount thereof; and Eligible Credit Support or Posted Credit Support comprising securities (B“Securities”) with respect to any Eligible Collateral comprising securities; the sum of (a)(x) the last bid price on such date for such securities Securities on the principal national securities exchange on which such securities Securities are listed, multiplied by the applicable Valuation Percentage Percentage; or (y) where any such securities Securities are not listed on a national securities exchange, the bid price for such securities Securities quoted as at the close of business on such date by any principal market maker (which shall not be and shall be independent from the Valuation Agent) for such securities Securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage Percentage; or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available; , multiplied by the applicable Valuation Percentage; plus (b) the accrued interest where applicable on such securities Securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 6(d)(ii5(c)(ii) or included in the applicable price referred to in subparagraph (a) aboveprice) as of such date; and (B) with respect to any Cash, the face amount thereof, multiplied by the applicable Valuation Percentage.

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of Eligible Collateral and Posted Collateral will be calculated as follows: (A) with respect to any Cash; the amount thereof; and (B) with respect to any Eligible Collateral comprising securities; the sum of (a)(x) the last bid price on such date for such securities on the principal national securities exchange on which such securities are listed, multiplied by the applicable Valuation Percentage or (y) where any such securities are not listed on a national securities exchange, the bid price for such securities quoted as at the close of business on such date by any principal market maker for such securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available; multiplied by the applicable Valuation Percentage; plus (b) the accrued interest on such securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in subparagraph (a) above) as of such date.plus

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of Eligible Collateral and Posted Collateral will be calculated as follows: (A) with respect to any Cash; the amount thereof; and (B) with respect to any Eligible Collateral comprising securities; the sum of (a)(x) the last bid mid-market price on such date for such securities on the principal national securities exchange on which such securities are listed, multiplied by the applicable Valuation Percentage or (y) where any such securities are not listed on a national securities exchange, the bid mid-market price for such securities quoted as at the close of business on such date by any principal market maker for such securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available; multiplied by the applicable Valuation Percentage; plus (b) the accrued interest on such securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in subparagraph (a) above) as of such date.

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, the Value of Eligible Collateral and Posted Collateral will be calculated as follows: (A) with respect to any Cash; the amount thereof; and; (B) with respect to any Eligible Collateral comprising securities; the sum of (a)(x) the last bid price on such date for such securities on the principal national securities exchange on which such securities are listed, multiplied by the applicable Valuation Percentage or (y) where any such securities are not listed on a national securities exchange, the bid price for such securities quoted as at the close of business on such date by any principal market maker for such securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available; multiplied by the applicable Valuation Percentage; plus (b) the accrued interest on such securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in subparagraph (a) above) as of such date; and (C) with respect to any Eligible Collateral other than Cash and securities; the fair market value of such Eligible Collateral on such date, as determined in any reasonable manner chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage.

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, date the Value of Eligible Collateral and the outstanding Posted Collateral Credit Support will be calculated as follows: (A) with respect to any Cash; Eligible Credit Support comprising securities (“Securities”) the amount thereof; and (B) with respect to any Eligible Collateral comprising securities; Base Currency Equivalent of the sum of (a)(x) the last bid price on such date for such securities Securities on the principal national securities exchange on which such securities Securities are listed, multiplied by the applicable Valuation Percentage Percentage; or (y) where any such securities Securities are not listed on a national securities exchange, the bid price for such securities Securities quoted as at the close of business on such date by any principal market maker (which shall not be and shall be independent from the Valuation Agent) for such securities Securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage Percentage; or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available; , multiplied by the applicable Valuation Percentage; plus (b) the accrued interest where applicable on such securities Securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in subparagraph (a) above) as of such date; and (B) with respect to any Cash, the Base Currency Equivalent of the amount thereof.

Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any date, date the Value of Eligible Collateral and the outstanding Posted Collateral Credit Support will be calculated as follows: (A) with respect to any Cash; Eligible Credit Support comprising securities ("Securities") the amount thereof; and (B) with respect to any Eligible Collateral comprising securities; Base Currency Equivalent of the sum of (a)(x) the last bid price on such date for such securities Securities on the principal national securities exchange on which such securities Securities are listed, multiplied by the applicable Valuation Percentage Percentage; or (y) where any such securities Securities are not listed on a national securities exchange, the bid price for such securities Securities quoted as at the close of business on such date by any principal market maker (which shall not be and shall be independent from the Valuation Agent) for such securities Securities chosen by the Valuation Agent, multiplied by the applicable Valuation Percentage Percentage; or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of the day next preceding such date on which such prices were available; , multiplied by the applicable Valuation Percentage; plus (b) the accrued interest where applicable on such securities Securities (except to the extent that such interest shall have been paid to the Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in subparagraph (a) above) as of such date; and (B) with respect to any Cash, the Base Currency Equivalent of the amount thereof.

Value. For Notwithstanding anything to the contrary in Paragraph 12, for the purpose of Paragraphs 5(i)(C) and 5(ii), the S&P Value and Moody's Value, on any date, the Value of Eligible Collateral and Posted Collateral other than Cash will be calculated as follows: (A) with respect to any Cash; the amount thereof; and (B) with respect to any : For Eligible Collateral comprising securities; in the form of securities listed in Paragraph 13(b)(ii): the sum of (a)(xA) the last product of (1)(x) the bid price on such date at the Valuation Time for such securities on the principal national securities exchange on which such securities are listed, multiplied by the applicable Valuation Percentage or (y) where any if such securities are not listed on a national securities exchange, the bid price for such securities quoted as at the close of business on such date Valuation Time by any principal market maker for such securities chosen selected by the Valuation Agent, multiplied by the applicable Valuation Percentage or (z) if no such bid price is listed or quoted for such date, the last bid price listed or quoted (as the case may be), as of ) at the Valuation Time for the day next preceding such date on which such prices were available; multiplied by available and (2) the applicable Valuation Percentage; plus Percentage for such Eligible Collateral, and (bB) the accrued interest on such securities (except to the extent that such interest shall have been paid Transferred to the Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in subparagraph the immediately preceding clause (a) aboveA)) as of such date.