Xxxx to Market. 9.1 If Lender is a Customer, Borrower shall daily xxxx to market any Loan hereunder and in the event that at the Close of Trading on any Business Day the Market Value of the Collateral for any Loan to Borrower shall be less than 100% of the Market Value of all the outstanding Loaned Securities subject to such Loan, Borrower shall transfer additional Collateral no later than the Close of Business on the next Business Day so that the Market Value of such additional Collateral, when added to the Market Value of the other Collateral for such Loan, shall equal 100% of the Market Value of the Loaned Securities.
9.2 In addition to any rights of Lender under Section 9.1, if at any time the aggregate Market Value of all Collateral for Loans by Lender shall be less than the Margin Percentage of the Market Value of all the outstanding Loaned Securities subject to such Loans (a "Margin Deficit"), Lender may, by notice to Borrower, demand that Borrower transfer to Lender additional Collateral so that the Market Value of such additional Collateral, when added to the Market Value of all other Collateral for such Loans, shall equal or exceed the Margin Percentage of the Market Value of the Loaned Securities.
9.3 Subject to Borrower's obligations under Section 9.1, if at any time the Market Value of all Collateral for Loans to Borrower shall be greater than the Margin Percentage of the Market Value of all the outstanding Loaned Securities subject to such Loans (a "Margin Excess"), Borrower may, by notice to Lender, demand that Lender transfer to Borrower such amount of the Collateral selected by Borrower so that the Market Value of the Collateral for such Loans, after deduction of such amounts, shall thereupon not exceed the Margin Percentage of the Market Value of the Loaned Securities.
9.4 Borrower and Lender may agree, with respect to one or more Loans hereunder, to xxxx the values to market pursuant to Sections 9.2 and 9.3 by separately valuing the Loaned Securities lent and the Collateral given in respect thereof on a Loan-by-Loan basis.
9.5 Borrower and Lender may agree, with respect to any or all Loans hereunder, that the respective rights of Lender and Borrower under Sections 9.2 and 9.3 may be exercised only where a Margin Excess or Margin Deficit exceeds a specified dollar amount or a specified percentage of the Market Value of the Loaned Securities under such Loans (which amount or percentage shall be agreed to by Borrower and Lender prior to entering into any s...
Xxxx to Market. BTC shall on each Business Day xxxx to market in U.S. dollars the value of all Collateral (other than Cash Collateral) and Securities loaned hereunder and accordingly receive and release Collateral in accordance with the applicable Securities Lending Agreement.
Xxxx to Market. The Bank shall on a daily basis (a) Xxxx to Market Loaned Securities and Collateral. If the Market Value of the Collateral at the close of trading on a Business Day is less than the Margin Percentage of the Market Value of the Loaned Securities at the close of trading on that day, the Borrower shall deliver, by the close of business on the following Business Day, an additional amount of Collateral the Market Value of which, together with the Market Value of all previously delivered collateral, equals at least the Margin Percentage of the Market Value of the Loaned Securities as of such preceding day. In the event that the Market Value of the Collateral exceeds the Margin Percentage of the Market Value of the Loaned Securities, part of the Collateral may be returned to the Borrower as long as the Market Value of the remaining Collateral equals at least the Margin Percentage of the Market Value of the Loaned Securities.
Xxxx to Market. If, on any day, the equivalent in Dollars of the aggregate face amount of all Letters of Credit then outstanding exceeds the Facility Amount then in effect, the Company shall, upon demand by the LC Issuer, immediately deposit with the LC Issuer, in Dollars, (i) the Dollar amount of such excess plus (ii) a Dollar amount equal to the lesser of (A) $1,000,000 and (B) 5% of the Dollar equivalent of all then existing Letter of Credit Liability relating to Letters of Credit denominated in Alternative Currencies, which amount shall be held by the LC Issuer as collateral for the Company’s and LC Subsidiaries’ obligations with respect to outstanding Letters of Credit.
Xxxx to Market. BGI shall on each Business Day xxxx to market in U.S. dollars the value of all Collateral (other than Cash Collateral) and Securities loaned hereunder and accordingly receive and release Collateral in accordance with the applicable Securities Lending Agreement.
Xxxx to Market. If, on any day, the equivalent in Dollars of the aggregate face amount of all Letters of Credit then outstanding (less the aggregate amount of cash collateral held by all the Issuing Banks with respect to outstanding Letters of Credit) exceeds the total of (x) the Commitments then in effect minus (y) the sum of the then outstanding aggregate amount of all Borrowings and the aggregate Swing Line Commitment then in effect (computed without giving regard to usage), the Borrower shall, upon demand by the Agent, immediately deposit into the L/C Collateral Account, in Dollars, (i) the Dollar amount of such excess plus (ii) a Dollar amount equal to the lesser of (A) $1,000,000 and (B) 10% of the Dollar equivalent of all then existing Letter of Credit Liability relating to Letters of Credit denominated in Alternative Currencies, which amount shall be held by the Agent as cash collateral for the Borrowers’ and LC Subsidiaries’ obligations with respect to outstanding Letters of Credit. Amounts on deposit with the Agent as cash collateral in the L/C Collateral Account shall (so long as no Default has occurred and is continuing) be released to the Borrower (1) if the Termination Date has not occurred, on the date on which the aggregate of all Letter of Credit Liability does not exceed 99% of the aggregate amount of the Commitments then in effect (without regard to any usage thereof) minus the sum of the then outstanding aggregate amount of all Borrowings and the aggregate Swing Line Commitment then in effect (computed without giving regard to usage), or (2) if the Termination Date has occurred, in accordance with Section 3.14.
Xxxx to Market. If, on any day, the equivalent in Dollars of the aggregate face amount of all Letters of Credit then outstanding exceeds the Facility Amount then in effect and if all obligations in respect of Letters of Credit denominated in Alternative Currencies are not secured by deposits in cash in the respective Alternative Currencies as provided in Section 6.01(f) hereof, the Company shall, upon demand by the LC Issuer, immediately deposit with the LC Issuer, in Dollars, (i) the Dollar amount of such excess plus (ii) a Dollar amount equal to the lesser of (A) $1,000,000 and (B) 5% of the Dollar equivalent of all then existing Letter of Credit Liability relating to Letters of Credit denominated in Alternative Currencies, which amount shall be held by the LC Issuer in accordance with the terms of the Security Agreement as additional collateral for the Company’s and LC Subsidiaries’ obligations with respect to outstanding Letters of Credit.
Xxxx to Market. If, on any day, the equivalent in Dollars of the -------------- aggregate face amount of all Letters of Credit then outstanding (less the aggregate amount of cash collateral held by the Issuing Bank with respect to outstanding Letters of Credit) exceeds the total of the LC Commitments, the Borrower shall, upon demand by the Agent, immediately pay to the Issuing Bank, in Dollars, (i) the Dollar amount of such excess plus (ii) a Dollar amount equal to the lesser of (A) $1,000,000 and (B) 10% of the Dollar equivalent of all then existing Letter of Credit Liability relating to Letters of Credit denominated in Alternative Currencies, which amount shall be held by the Issuing Bank as cash collateral for its obligations with respect to outstanding Letters of Credit. Concurrently with such payment, the Borrower shall enter into a cash collateral agreement with the Issuing Bank in form and substance satisfactory to the Issuing Bank. Amounts on deposit with the Issuing Bank as cash collateral shall be invested in Cash Equivalents as directed by the Borrower and shall (so long as no Default has occurred and is continuing) be released (1) if the LC Termination Date has not occurred, on the date on which the aggregate of all Letter of Credit Liability does not exceed 99% of the aggregate amount of the LC Commitments then in effect (without regard to any usage thereof) or (2) if the LC Termination Date has occurred, on the first day after the LC Termination Date on which no Letter of Credit Liability or Letters of Credit are outstanding.
Xxxx to Market. In the event the market value of the eligible collateral shall be less than the required value as of the close of any Business Day, the Qualified Public Depository shall notify the Treasurer as provided in Section 2.a hereof, and shall pledge or cause to be pledged to the Treasurer additional eligible collateral to the end that the market value of such collateral shall equal at least the required collateral.
Xxxx to Market. If Lender is a Customer, Borrower shall daily xxxx to market any Loan hereunder and in the event that at the Close of Trading on any Business Day the Market Value of the Collateral for any Loan to Borrower shall be less than 100% of the Market Value of all the outstanding Loaned Securities subject to such Loan, Borrower shall hold additional Collateral no later than the Close of Business on the next Business Day so that the Market Value of such additional Collateral, when added to the Market Value of the other Collateral for such Loan, shall equal at least 100% of the Market Value of the Loaned Securities. If Borrower determines in its discretion that applicable laws so require, Borrower will hold additional collateral greater than 100% of the market value of the Loaned Securities.
