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 such Loans). 9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 10 contracts
Samples: Master Securities Loan Agreement (iShares MSCI Russia Capped Index Fund, Inc.), Master Securities Loan Agreement (iSHARES INC), Securities Lending Agency Agreement (Master Investment Portfolio)
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 ’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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 6 contracts
Samples: Master Securities Loan Agreement, Master Securities Loan Agreement, Master Securities Loan Agreement (Northern Lights Fund Trust Ii)
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 ’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 such Loans).. 2000 Master Securities Loan Agreement• 6
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 5 contracts
Samples: Master Securities Loan Agreement (Ralcorp Holdings Inc /Mo), Master Securities Loan Agreement (Ralcorp Holdings Inc /Mo), Master Securities Loan Agreement (Ralcorp Holdings Inc /Mo)
Xxxx to Market. 9.1 If Lender is a Customer, 8.1 Borrower shall daily xxxx to market any Loan hereunder and in the event that at the Close close of Trading trading on any Business Day the Market Value market value of the Collateral for any Loan to Borrower shall be less than 100% of the Market Value market value of all the outstanding Loaned Securities subject to such Loan, Borrower shall transfer additional Collateral no later than the Close close of Business on the next Business Day so that the Market Value market value of such additional Collateral, when added to the Market Value market value of the other Collateral for such Loan, shall equal 100% of the Market Value market value of the Loaned Securities.
9.2 8.2 In addition to any rights of Lender under Section 9.18.1, if in the event that at the close of trading on any time Business Day the aggregate Market Value market value of all Collateral for Loans by Lender shall be less than the Margin Percentage of the Market Value 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 market value of such additional Collateral, when added to the Market Value market value of all other Collateral for such Loans, shall equal or exceed the agreed upon Margin Percentage of the Market Value market value of the Loaned Securities. Unless otherwise agreed, such transfer is to be made no later than the close of the next Business Day following the day of Lender's notice to Borrower.
9.3 Subject to Borrower's obligations under Section 9.1, if 8.3 In the event that at the close of trading on any time Business Day the Market Value market value of all Collateral for Loans to Borrower shall be greater than the Margin Percentage of the Market Value 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 market value of the Collateral for such Loans, after deduction of such amounts, shall thereupon not exceed the Margin Percentage of the Market Value market value of the Loaned Securities. Unless otherwise agreed, such transfer is to be made no later than the close of the next Business Day following the day of Borrower's notice to Lender.
9.4 8.4 Borrower and Lender may agree, with respect to one or more Loans hereunder, to xxxx the values to market pursuant to Sections 9.2 8.2 and 9.3 8.3 by separately valuing the Loaned Securities lent and the Collateral given in respect thereof on a Loan-by-Loan basis.
9.5 8.5 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 8.2 and 9.3 8.3 may be exercised only where a Margin Excess or Margin Deficit exceeds a specified dollar amount or a specified percentage of the Market Value 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 5 contracts
Samples: Master Securities Loan Agreement (Pain Therapeutics Inc), Master Securities Loan Agreement (Artisan Components Inc), Master Securities Loan Agreement (Nvest Kobrick Investment Trust)
Xxxx to Market. 9.1 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 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 100% of the Market Value of the Loaned Securities.Collateral
9.2 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 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 all the other Collateral for such LoansLoan, shall equal or exceed the Margin Percentage of the Market Value of the Loaned Securities.
9.3 9.3. Subject to Borrower's ’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"”), Lender hereby authorizes Borrower may, by notice to Lender, demand that Lender transfer to Borrower such reduce the amount of the Collateral selected held by Borrower for Lender 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 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 held in respect thereof on a Loan-by-Loan basis.
9.5 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 4 contracts
Samples: Master Securities Lending Agreement, Master Securities Lending Agreement, Master Securities Lending Agreement
Xxxx to Market. 9.1 If Lender is a Customer(a) During any Pledge Period, Borrower shall daily xxxx to market any Loan hereunder and in the event that if at the Close close of Trading trading on any Business Day during 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 Availability Period the aggregate Market Value of all Collateral for Loans by Lender shall be less than the Margin Collateral Percentage of the Market Value of all the outstanding Loaned Securities subject to such Loans Shares (a "Margin “Collateral Deficit"”), Lender may, by notice to BorrowerBorrower and Collateral Agent, demand that Borrower transfer to Lender Collateral Agent, for deposit to the Collateral Account, no later than the following Business Day, additional Collateral so that the Market Value of such additional Collateral, when added to the Market Value of all other Collateral for such LoansCollateral, shall equal or exceed the Margin Collateral Percentage of the Market Value of the Loaned SecuritiesShares on such Business Day of determination.
9.3 Subject to Borrower's obligations under Section 9.1(b) During any Pledge Period, if at the close of trading on any time Business Day during the Loan Availability Period the aggregate Market Value of all Collateral for Loans to Borrower shall be greater than the Margin Collateral Percentage of the Market Value of all the outstanding Loaned Securities subject to such Loans Shares (a "Margin “Collateral Excess"”), Borrower may, by notice to LenderLender and Collateral Agent, demand that Lender Collateral Agent transfer to Borrower such amount of the Collateral selected by Borrower so that the Market Value of the Collateral for such LoansCollateral, after deduction of such amounts, shall thereupon not exceed be at least equal to the Margin Collateral Percentage of the Market Value of the Loaned Securities.
9.4 Borrower and Lender may agree, Shares on such Business Day of determination; provided however that with respect to one or more Loans hereunderclauses (a) and (b), 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 Agent will promptly give Lender a Loan-by-Loan basisstatement setting forth the Market Value of all Collateral upon Lender’s request and Lender shall have the right to audit the Market Value of all Collateral.
9.5 Borrower and Lender may agree(c) Notwithstanding the foregoing, with respect to any or all outstanding Loans hereundersecured by Collateral, that the respective rights of Lender and Borrower under Sections 9.2 Section 4(a) and 9.3 Section 4(b) may be exercised only where a Margin Collateral Excess or Margin Collateral Deficit exceeds a specified dollar amount or a specified percentage 5% 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 such Loans)Shares.
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 4 contracts
Samples: Share Lending Agreement (Sunpower Corp), Share Lending Agreement (Sunpower Corp), Share Lending Agreement (Energy Conversion Devices Inc)
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.such
9.3 Subject to Borrower's ’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 tomark 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 byBorrower and Lender prior to entering into any such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 3 contracts
Samples: Securities Lending Agent Agreement, Securities Borrowing and Lending Agreement, Securities Lending Agreement
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 ’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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 2 contracts
Samples: Master Securities Loan Agreement, Master Securities Loan Agreement
Xxxx to Market. 9.1 If Lender is a Customer, 9.1. 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 deposit additional Collateral into the Custody Account 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 the movement of Collateral is subject to the instruction of an Agent or Trustee, as set out Section 4.1 of this Agreement, Borrower may deposit the Collateral under this Section upon the instruction of such Agent or Trustee. As agreed by the parties or if Borrower determines in its discretion that applicable laws or market custom so require, Borrower will hold additional collateral greater than 100% of the market value of the Loaned Securities.
9.2 9.2. In addition to any rights of Lender under Section 9.19.1 of this Agreement, 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 shall deposit additional Collateral in the Custody Account 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 all the other Collateral for such LoansLoan, shall equal or exceed the Margin Percentage of the Market Value of the Loaned Securities. If the movement of Collateral is subject to the instruction of an Agent or Trustee, as set out Section 4.1 of this Agreement, Borrower may deposit the Collateral under this Section upon the instruction of such Agent or Trustee.
9.3 9.3. Subject to Borrower's ’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 Lender hereby authorizes the Custodian to Lender, demand that Lender transfer to Borrower such reduce the amount of Collateral deposited in the Collateral selected by Borrower Custody Account for Lender and to pay the Margin Excess to Lender 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. If the movement of Collateral is subject to the instruction of an Agent or Trustee, as set out Section 4.1 of this Agreement, Custodian shall transfer the Margin Excess under this Section upon the instruction of such Agent or Trustee as soon as reasonably practicable.
9.4 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 held in respect thereof on a Loan-by-Loan basis.
9.5 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.specified
Appears in 2 contracts
Samples: Master Securities Lending Agreement, Master Securities Lending Agreement
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 shall transfer to Lender 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 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 9.2 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"”), Lender hereby authorizes 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 9.3 Borrower and Lender may agree, with respect to one or more Loans hereunder, to xxxx the values to market pursuant to Sections 9.1 and 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 9.4 Borrower and Lender may agree, with respect to any or all Loans hereunder, that the respective rights of Lender and Borrower under Sections 9.1 and 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 2 contracts
Samples: Securities Lending Agreement, Client Agreement
Xxxx to Market. 9.1 If Lender is a Customer, Borrower shall daily xxxx to market any Loan hereunder hereund er 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 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Loan Agreement
Xxxx to Market. 9.1 If Lender is a Customer, 8.1 Borrower shall daily xxxx to market any Loan hereunder and in the event that at the Close close of Trading trading on any Business Day the Market Value market value of the Collateral for any Loan to Borrower shall be less than 100% of the Market Value market value of all the outstanding Loaned Securities subject to such Loan, Borrower shall transfer additional Collateral no later than the Close close of Business on the next Business Day so that the Market Value marke t value of such additional Collateral, when added to the Market Value market value of the other othe r Collateral for such Loan, shall equal 100% of the Market Value market value of the Loaned Securities.
9.2 8.2 In addition to any rights of Lender under Section 9.18.1, if in the event that at the close of trading on any time Business Day the aggregate Market Value market value of all Collateral for Loans by Lender shall be less than the Margin Percentage of the Market Value 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 mar ket value of such additional Collateral, when added to the Market Value market value of all other Collateral for such Loans, shall equal or exceed the agreed upon Margin Percentage of the Market Value market value of the Loaned Securities. Unless otherwise agreed, such transfer is to be made no later than the close of the next Business Day following the day of Lender’s notice to Borrower.
9.3 Subject to Borrower's obligations under Section 9.1, if 8.3 In the event that at the close of trading on any time Business Day the Market Value marke t value of all Collateral for Loans to Borrower shall be greater than the Margin Percentage of the Market Value mar ket 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 marke t value of the Collateral for such Loans, after deduction of such amounts, shall thereupon not exceed the Margin Percentage of the Market Value market value of the Loaned Securities. Unless otherwise agreed, such transfer is to be made no later than the close of the next Business Day follow ing the day of Borrower’s notice to Lender.
9.4 8.4 Borrower and Lender may agree, with respect to one or more Loans hereunder, to xxxx the values to market pursuant to Sections 9.2 8.2 and 9.3 8.3 by separately valuing the Loaned Securities lent and the Collateral given in respect thereof on a Loan-by-Loan basis.
9.5 8.5 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 8.2 and 9.3 8.3 may be exercised only where a Margin Excess or Margin Deficit exceeds a specified dollar amount or a specified spec ified percentage of the Market Value 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Loan Agreement
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 9.19. 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 ’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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Xxxx to Market. 9.1 If Lender is a Customer8.1 Starting on the Pledge Date, Borrower shall daily xxxx to market any daily the Loan hereunder and in the event that at the Close close of Trading trading on any Business Day the Market Value market value of the Collateral for any the Loan to Borrower shall be less than 100% of the Market Value market value of all the outstanding Loaned Securities subject to such LoanSecurities, Borrower shall transfer additional Collateral no later than the Close close of Business on the next Business Day so that the Market Value market value of such additional Collateral, when added to the Market Value market value of the other Collateral for such the Loan, shall equal 100% of the Market Value market value of the Loaned Securities.
9.2 8.2 In addition to any rights of Lender under Section 9.18.1, if in the event that at the close of trading on any time Business Day following the Pledge Date the aggregate Market Value market value of all Collateral for Loans by Lender the Loan shall be less than the Margin Percentage of the Market Value market value of all the outstanding Loaned Securities subject to such Loans (a "Margin DeficitMARGIN DEFICIT"), Lender may, by notice to Borrower, demand that Borrower transfer to Lender additional Collateral so that the Market Value market value of such additional Collateral, when added to the Market Value market value of all other Collateral for such Loansthe Loan, shall equal or exceed the Margin Percentage of the Market Value market value of the Loaned Securities. Unless otherwise agreed, such transfer is to be made no later than the close of the next Business Day following the day of Lender's notice to Borrower.
9.3 Subject to Borrower's obligations under Section 9.1, if 8.3 In the event that at the close of trading on any time Business Day following the Market Value Pledge Date the market value of all Collateral for Loans to Borrower shall be greater than the Margin Percentage of the Market Value market value of all the outstanding Loaned Securities subject to such Loans (a "Margin ExcessMARGIN 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 market value of the Collateral for such Loansthe Loan, after deduction of such amounts, shall thereupon not exceed the Margin Percentage of the Market Value market value of the Loaned Securities.
9.4 Borrower and Lender may agree. Unless otherwise agreed, with respect such transfer is 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section made no later than the Close close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such noticeBorrower's notice to Lender.
Appears in 1 contract
Xxxx to Market. 9.1 (a) If Lender is a Customer, Borrower shall daily xxxx to market any Loan hereunder and in the event that at the Close close of Trading 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 prior to the Market Value Facility Termination Date following the occurrence and during the continuance of the other a 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 Trigger Event the aggregate Market Value of all Collateral for Loans by Lender shall be less than the Margin Collateral Percentage of the Market Value of all the outstanding Loaned Securities subject to such Loans Shares (a "Margin DeficitCOLLATERAL DEFICIT"), Lender may, by notice to BorrowerBorrower and Collateral Agent, demand that Borrower transfer to Lender Collateral Agent, for deposit to the Collateral Account, no later than the following Business Day, additional Collateral so that the Market Value of such additional Collateral, when added to the Market Value of all other Collateral for such LoansCollateral, shall equal or exceed the Margin Collateral Percentage of the Market Value of the Loaned SecuritiesShares on such Business Day of determination.
9.3 Subject (b) If at the close of trading on any Business Day prior to Borrower's obligations under Section 9.1, if at any time the Facility Termination Date the aggregate Market Value of all Collateral for Loans to Borrower shall be greater than the Margin Collateral Percentage of the Market Value of all the outstanding Loaned Securities subject to such Loans Shares (a "Margin ExcessCOLLATERAL EXCESS"), Borrower may, by notice to LenderLender and Collateral Agent, demand that Lender Collateral Agent transfer to Borrower such amount of the Collateral selected by Borrower so that the Market Value of the Collateral for such LoansCollateral, after deduction of such amounts, shall thereupon not exceed be at least equal to the Margin Collateral Percentage of the Market Value of the Loaned SecuritiesShares on such Business Day of determination.
9.4 Borrower and Lender may agree, with respect to one or more Loans hereunder, to xxxx (c) Notwithstanding 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 agreeforegoing, with respect to any or all outstanding Loans hereundersecured by Collateral, that the respective rights of Lender and Borrower under Sections 9.2 Section 4(a) and 9.3 Section 4(b) may be exercised only where a Margin Collateral Excess or Margin Collateral Deficit exceeds a specified dollar amount or a specified percentage 2% 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 such Loans)Shares.
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Share Lending Agreement (Charter Communications Inc /Mo/)
Xxxx to Market. 9.1 If Lender is a Customer, Borrower shall daily xxxx to market any Loan hereunder hereund er 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 ’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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Loan Agreement
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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Securities Lending Agency Agreement (Wells Fargo Variable Trust)
Xxxx to Market. 9.1 If Lender is 8.1. On a Customerdaily basis, Borrower NFS 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 NFS shall be less than 100% of the Market Value of all the outstanding Loaned Securities subject to such Loan, Borrower NFS shall transfer additional adjust the amount of the 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 8.2. In addition to any rights of Lender under Section 9.18.1, 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 BorrowerNFS, demand that Borrower transfer to Lender additional NFS adjust the amount of the 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 8.3. Subject to Borrower's NFS’s obligations under Section 9.18.1, if at any time the Market Value of all Collateral for Loans to Borrower NFS 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 NFS may adjust the 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Lending Agreement
Xxxx to Market. 9.1 If Lender is a Customer, 9.1. 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 deposit additional Collateral into the Custody Account 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 the movement of Collateral is subject to the instruction of an Agent or Trustee, as set out Section 4.1 of this Agreement, Borrower may deposit the Collateral under this Section upon the instruction of such Agent or Trustee. As agreed by the parties or if Borrower determines in its discretion that applicable laws or market custom so require, Borrower will hold additional collateral greater than 100% of the market value of the Loaned Securities.
9.2 9.2. In addition to any rights of Lender under Section 9.19.1 of this Agreement, 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 shall deposit additional Collateral in the Custody Account 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 all the other Collateral for such LoansLoan, shall equal or exceed the Margin Percentage of the Market Value of the Loaned Securities.. If the movement of Collateral is subject to the instruction of an Agent or Trustee, as set out Section 4.1 of this Agreement, Borrower may deposit the Collateral
9.3 9.3. Subject to Borrower's ’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 Lender hereby authorizes the Custodian to Lender, demand that Lender transfer to Borrower such reduce the amount of Collateral deposited in the Collateral selected by Borrower Custody Account for Lender and to pay the Margin Excess to Lender 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. If the movement of Collateral is subject to the instruction of an Agent or Trustee, as set out Section 4.1 of this Agreement, Custodian shall transfer the Margin Excess under this Section upon the instruction of such Agent or Trustee as soon as reasonably practicable.
9.4 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 held in respect thereof on a Loan-by-Loan basis.
9.5 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Lending Agreement
Xxxx to Market. 9.1 If Lender is a CustomerIf, Borrower shall daily xxxx to market any Loan hereunder and in the event that at the Close close of Trading trading on any Business Day business day, the Market Value market value of the Collateral for any Loan to Borrower shall be less than 100% falls below one hundred two percent of the Market Value then market value of all the outstanding Loaned Securities subject and any accrued interest thereon, the Lender may, by oral notice to such Loan, the Borrower shall transfer additional Collateral no later than the Close of Business given on the next Business Day so business day not later than 10:00 a.m. New York Time, in the case of Government Securities, or 11:30 a.m. New York Time, in the case of equity or corporate securities, demand that the Market Value Borrower deliver additional Collateral of such additional Collateralthe type specified by the Lender, with a market value which, when added to the Market Value market value of the other Collateral for such Loanthen held by the Lender, shall will equal 100% at least one hundred two percent of the Market Value then market value of the Loaned Securities.
9.2 In addition to Securities and any rights accrued interest thereon. If, at the close of Lender under Section 9.1trading on any business day, if at any time the aggregate Market Value of all Collateral for Loans by Lender shall be less than the Margin Percentage then market value of the Market Value of all Collateral held with respect to 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 exceeds one hundred two percent of the Market Value then market value of the Loaned Securities.
9.3 Subject to Borrower's obligations under Section 9.1, if at Securities and any time accrued interest thereon 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 oral notice to Lenderthe Lender given on the next business day not later than 10:00 a.m. New York Time, in the case of Government Securities, or 11:30 a.m. New York Time, in the case of equity or corporate securities, demand that the Lender transfer return to the Borrower such an amount of Collateral equal to the amount by which the market value of the Collateral selected by Borrower so that the Market Value exceeds one hundred two percent 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 then 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 value of the Loaned Securities under such Loans and any accrued interest thereon. All demands made pursuant to this Subsection (which amount or percentage c) shall be agreed to by Borrower and Lender prior to entering into any complied with not later than the close of business on the same business day if such Loans).
9.6 If any notice demand is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15aforementioned times. Notwithstanding the foregoing, if such Loaned Securities are foreign securities, the party receiving such notice return of excess Collateral by the Lender and the delivery of additional Collateral by the Borrower shall transfer Collateral as provided in such Section no later than be based upon and determined by a then market value of the Close foreign Loaned Securities and any accrued interest thereon of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such noticeone hundred five percent.
Appears in 1 contract
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 9.19.. 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 ’s obligations under Section 9.19..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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Securities Lending Agency Agreement (iSHARES TRUST)
Xxxx to Market. 9.1 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 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. As agreed by the parties or if Borrower determines in its discretion that applicable laws or market custom so require, Borrower will hold additional collateral greater than 100% of the market value of the Loaned Securities.
9.2 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 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 all the other Collateral for such LoansLoan, shall equal or exceed the Margin Percentage of the Market Value of the Loaned Securities.
9.3 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"), Lender hereby authorizes Borrower may, by notice to Lender, demand that Lender transfer to Borrower such reduce the amount of the Collateral selected held by Borrower for Lender 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 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 held in respect thereof on a Loan-by-Loan basis.
9.5 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Lending Agreement
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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Xxxx to Market. 9.1 If 11.1 The Lender is shall on a Customerdaily basis, Borrower shall daily xxxx to market any Loan hereunder and in the event that at the Close close of Trading trading on any Business Day the Market Value market value of the Collateral collateral for any Loan to the Borrower shall be less than 100% of the Market Value market value of all the outstanding Loaned Securities subject to such Loan, the Borrower shall transfer additional Collateral collateral no later than the Close close of Business on the next same Business Day so that the Market Value market value of such additional Collateralcollateral, when added to the Market Value market value of the other Collateral collateral for such Loan, shall equal 100% of the Market Value market value of the Loaned Securities.
9.2 11.2 In addition to any rights of the Lender under Section 9.1Clause 10.1, if in the event that at the close of trading on any time Business Day, the aggregate Market Value market value of all Collateral collateral for Loans by the Lender shall be less than the Margin Percentage of the Market Value market value of all the outstanding Loaned Securities subject to such Loans (a "“Margin Deficit")”) or under such circumstances that the Lender deems necessary, the Lender may, by notice to the Borrower, demand that the Borrower transfer to the Lender additional Collateral collateral so that the Market Value market value of such additional Collateralcollateral, when added to the Market Value market value of all other Collateral collateral for such Loans, shall equal or exceed the agreed upon Margin Percentage of the Market Value market value of the Loaned Securities. Unless otherwise agreed, such transfer is to be made no later than the close of the same Business Day following the Lender’s notice to the Borrower.
9.3 Subject to Borrower's obligations under Section 9.1, if 11.3 In the event that at the close of trading on any time Business Day the Market Value market value of all Collateral collateral for Loans to the Borrower shall be greater than the Margin Percentage of the Market Value market value of all the outstanding Loaned Securities subject to such Loans (a "“Margin Excess"”), the Borrower may, by notice to the Lender, demand that Lender transfer to the Borrower such amount of the Collateral selected by collateral to the Borrower so that the Market Value market value of the Collateral collateral for such Loans, after deduction of such amounts, shall thereupon not exceed the Margin Percentage of the Market Value market value of the Loaned Securities.
9.4 Borrower and Lender may agree. Unless otherwise agreed, with respect such transfer is 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section made no later than the Close close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next same Business Day following the day of such noticeBorrower’s notice to the Lender.
Appears in 1 contract
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 ’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 LoanbyLoan 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Loan Agreement
Xxxx to Market. 9.1 If Lender is a Customer, 8.1 Borrower shall daily xxxx to market any Loan hereunder and in the event that at the Close close of Trading trading on any Business Day the Market Value market value of the Collateral for any Loan to Borrower shall be less than 100102% of the Market Value market value of all the outstanding Loaned Securities for domestic securities and 105% of the market value of all the outstanding Loaned Securities for international securities subject to such Loan, Borrower shall transfer additional Collateral no later than the Close close of Business on the next Business Day so that the Market Value market value of such additional Collateral, when added to the Market Value market value of the other Collateral for such Loan, shall equal 100102% or 105%, whichever is applicable, of the Market Value market value of the Loaned Securities.
9.2 8.2 In addition to any rights of Lender under Section 9.18.1, if in the event that at the close of trading on any time Business Day the aggregate Market Value market value of all Collateral for Loans by Lender shall be less than the Margin Percentage of the Market Value 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 market value of such additional Collateral, when added to the Market Value market value of all other Collateral for such Loans, shall equal or exceed the agreed upon Margin Percentage of the Market Value market value of the Loaned Securities. Unless otherwise agreed, such transfer is to be made no later than the close of the next Business Day following the day of Lender's notice to Borrower.
9.3 Subject to Borrower's obligations under Section 9.1, if 8.3 In the event that at the close of trading on any time Business Day the Market Value market value of all Collateral for Loans to Borrower shall be greater than the Margin Percentage of the Market Value 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 market value of the Collateral for such Loans, after deduction of such amounts, shall thereupon not exceed the Margin Percentage of the Market Value later than the close of the Loaned Securitiesnext Business Day following the day of Borrower's notice to Lender.
9.4 8.4 Borrower and Lender may agree, with respect to one or more Loans hereunder, to xxxx the values to market pursuant to Sections 9.2 8.2 and 9.3 8.3 by separately valuing the Loaned Securities lent and the Collateral given in respect thereof on a Loan-by-Loan basis.
9.5 8.5 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 8.2 and 9.3 8.3 may be exercised only where a Margin Excess or Margin Deficit exceeds a specified dollar amount or a specified percentage of the Market Value 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Loan Agreement (Nicholas Applegate Institutional Funds)
Xxxx to Market. 9.1 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 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. As agreed by the parties or if Borrower determines in its discretion that applicable laws or market custom so require, Borrower will hold additional collateral greater than 100% of the market value of the Loaned Securities.
9.2 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 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 all the other Collateral for such LoansLoan, shall equal or exceed the Margin Percentage of the Market Value of the Loaned Securities.
9.3 9.3. Subject to Borrower's ’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"”), Lender hereby authorizes Borrower may, by notice to Lender, demand that Lender transfer to Borrower such reduce the amount of the Collateral selected held by Borrower for Lender 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 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 held in respect thereof on a Loan-by-Loan basis.
9.5 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Lending Agreement
Xxxx to Market. 9.1 If Lender is a Customer(a) During any Pledge Period, Borrower shall daily xxxx to market any Loan hereunder and in the event that if at the Close close of Trading trading on any Business Day during 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 Availability Period the aggregate Market Value of all Collateral for Loans by Lender shall be less than the Margin Collateral Percentage of the Market Value of all the outstanding Loaned Securities subject to such Loans Shares (a "Margin “Collateral Deficit"”), Lender may, by notice to BorrowerBorrower and Collateral Agent, demand that Borrower transfer to Lender Collateral Agent, for deposit to the Collateral Account, no later than the following Business Day, additional Collateral so that the Market Value of such additional Collateral, when added to the Market Value of all other Collateral for such LoansCollateral, shall equal or exceed the Margin Collateral Percentage of the Market Value of the Loaned SecuritiesShares on such Business Day of determination.
9.3 Subject to Borrower's obligations under Section 9.1(b) During any Pledge Period, if at the close of trading on any time Business Day during the Loan Availability Period the aggregate Market Value of all Collateral for Loans to Borrower shall be greater than the Margin Collateral Percentage of the Market Value of all the outstanding Loaned Securities subject to such Loans Shares (a "Margin “Collateral Excess"”), Borrower may, by notice to LenderLender and Collateral Agent, demand that Lender Collateral Agent transfer to Borrower such amount of the Collateral selected by Borrower so that the Market Value of the Collateral for such LoansCollateral, after deduction of such amounts, shall thereupon not exceed be at least equal to the Margin Collateral Percentage of the Market Value of the Loaned Securities.
9.4 Borrower and Lender may agree, Shares on such Business Day of determination; provided however that with respect to one or more Loans hereunderclauses (a) and (b), 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 Agent will promptly give Lender a Loan-by-Loan basisstatement setting forth the Market Value of all Collateral upon Lender’s request and Lender shall have the right to audit the Market Value of all Collateral.
9.5 Borrower and Lender may agree(c) Notwithstanding the foregoing, with respect to any or all outstanding Loans hereundersecured by Collateral, that the respective rights of Lender and Borrower under Sections 9.2 Section 4(a) and 9.3 Section 4(b) may be exercised only where a Margin Collateral Excess or Margin Collateral Deficit exceeds a specified dollar amount or a specified percentage 2% 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 such Loans)Shares.
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Xxxx to Market. 9.1 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 at least 100% of the Market Value of the Loaned Securities.
9.2 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 shall transfer to Lender 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 all the other Collateral for such LoansLoan, shall equal or exceed the Margin Percentage of the Market Value of the Loaned Securities.
9.3 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"), Lender hereby authorizes 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 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 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Lending Agreement
Xxxx to Market. 9.1 If Lender is a Customer, 9.1. 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 deposit additional Collateral into the Custody Account 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 the movement of Collateral is subject to the instruction of an Agent or Trustee, as set out Section 4.1 of this Agreement, Borrower may deposit the Collateral under this Section upon the instruction of such Agent or Trustee. As agreed by the parties or if Borrower determines in its discretion that applicable laws or market custom so require, Borrower will hold additional collateral greater than 100% of the market value of the Loaned Securities.
9.2 9.2. In addition to any rights of Lender under Section 9.19.1 of this Agreement, 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 shall deposit additional Collateral in the Custody Account 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 all the other Collateral for such LoansLoan, shall equal or exceed the Margin Percentage of the Market Value of the Loaned Securities. If the movement of Collateral is subject to the instruction of an Agent or Trustee, as set out Section 4.1 of this Agreement, Borrower may deposit the Collateral under this Section upon the instruction of such Agent or Trustee.
9.3 9.3. Subject to Borrower's ’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 Lender hereby authorizes the Custodian to Lender, demand that Lender transfer to Borrower such reduce the amount of Collateral deposited in the Collateral selected by Borrower Custody Account for Lender and to pay the Margin Excess to Lender 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. If the movement of Collateral is subject to the instruction of an Agent or Trustee, as set out Section 4.1 of this Agreement, Custodian shall transfer the Margin Excess under this Section upon the instruction of such Agent or Trustee as soon as reasonably practicable.
9.4 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 held in respect thereof on a Loan-by-Loan basis.
9.5 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Lending Agreement
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 Lenders under Section 9.1, if at any time the aggregate Market Value of all Collateral for Loans by Lender Lenders 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 Lenders may, by notice to Borrower, demand that Borrower transfer to Lender Lenders 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 ’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 LenderLenders, demand that Lender Lenders 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 Lenders may agree, with respect to one or more Loans hereunder, to xxxx the values to market pursuant to Sections 9.2 and 9.3 and
9.5 by separately valuing the Loaned Securities lent and the Collateral given in respect thereof on a Loan-by-Loan basis.
9.5 9.6 Borrower and Lender Lenders may agree, with respect to any or all Loans hereunder, that the respective rights of Lender Lenders 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 Lenders prior to entering into any such Loans).
9.6 9.7 If any notice is given by Borrower or Lender Lenders under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Loan Agreement (Nova Biosource Fuels, Inc.)
Xxxx to Market. 9.1 If Lender is a Customer, 8.1 Borrower shall daily xxxx to market any Loan hereunder and in the event that at the Close close of Trading trading on any Business Day the Market Value market value of the Collateral for any Loan to Borrower shall be less than 100% of the Market Value market value of all the outstanding Loaned Securities subject to such Loan, Borrower shall transfer additional Collateral no later than the Close close of Business on the next Business Day so that the Market Value market value of such additional Collateral, May 1993 - Master Securities Loan Agreement - 5 when added to the Market Value market value of the other Collateral for such Loan, shall equal 100% of the Market Value market value of the Loaned Securities.
9.2 8.2 In addition to any rights of Lender under Section 9.18.1, if in the event that at the close of trading on any time Business Day the aggregate Market Value market value of all Collateral for Loans by Lender shall be less than the Margin Percentage of the Market Value 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 market value of such additional Collateral, when added to the Market Value market value of all other Collateral for such Loans, shall equal or exceed the agreed upon Margin Percentage of the Market Value market value of the Loaned Securities. Unless otherwise agreed, such transfer is to be made no later than the close of the next Business Day following the day of Lender's notice to Borrower.
9.3 Subject to Borrower's obligations under Section 9.1, if 8.3 In the event that at the close of trading on any time Business Day the Market Value market value of all Collateral for Loans to Borrower shall be greater than the Margin Percentage of the Market Value 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 market value of the Collateral for such Loans, after deduction of such amounts, shall thereupon not exceed the Margin Percentage of the Market Value market value of the Loaned Securities. Unless otherwise agreed, such transfer is to be made no later than the close of the next Business Day following the day of Borrower's notice to Lender.
9.4 8.4 Borrower and Lender may agree, with respect to one or more Loans hereunder, to xxxx the values to market pursuant to Sections 9.2 8.2 and 9.3 8.3 by separately valuing the Loaned Securities lent and the Collateral given in respect thereof on a Loan-by-Loan basis.
9.5 8.5 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 8.2 and 9.3 8.3 may be exercised only where a Margin Excess or Margin Deficit exceeds a specified dollar amount or a specified percentage of the Market Value 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Securities Lending Management Agreement (American Aadvantage Funds)
Xxxx to Market. 9.1 If Lender is a Customer, 8.1 Borrower shall daily xxxx to market any Loan hereunder and in the event that at the Close close of Trading trading on any Business Day the Market Value market value of the Collateral for any Loan to Borrower shall be less than 100% of the Market Value market value of all the outstanding Loaned Securities subject to such Loan, Borrower shall transfer additional Collateral no later than the Close close of Business on the next Business Day so that the Market Value market value of such additional Collateral, when added to the Market Value market value of the other Collateral for such Loan, shall equal 100% of the Market Value market value of the Loaned Securities.
9.2 8.2 In addition to any rights of Lender under Section 9.18.1, if in the event that at the close of trading on any time Business Day the aggregate Market Value market value of all Collateral for Loans by Lender shall be less than the Margin Percentage of the Market Value 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 mar- ket value of such additional Collateral, when added to the Market Value market value of all other Collateral for such Loans, shall equal or exceed the agreed upon Margin Percentage of the Market Value market value of the Loaned Securities. Unless otherwise agreed, such transfer is to be made no later than the close of the next Business Day following the day of Lender’s notice to Borrower.
9.3 Subject to Borrower's obligations under Section 9.1, if 8.3 In the event that at the close of trading on any time Business Day the Market Value market value of all Collateral for Loans to Borrower shall be greater than the Margin Percentage of the Market Value mar- ket 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 market value of the Collateral for such Loans, after deduction of such amounts, shall thereupon not exceed the Margin Percentage of the Market Value market value of the Loaned Securities. Unless otherwise agreed, such transfer is to be made no later than the close of the next Business Day follow- ing the day of Borrower’s notice to Lender.
9.4 8.4 Borrower and Lender may agree, with respect to one or more Loans hereunder, to xxxx the values to market pursuant to Sections 9.2 8.2 and 9.3 8.3 by separately valuing the Loaned Securities lent and the Collateral given in respect thereof on a Loan-by-Loan basis.
9.5 8.5 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 8.2 and 9.3 8.3 may be exercised only where a Margin Excess or Margin Deficit exceeds a specified dollar amount or a specified spec- ified percentage of the Market Value 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Master Securities Loan Agreement
Xxxx to Market. 9.1 If Lender (i) During any period during which Collateral is a Customer, Borrower shall daily xxxx required to market any Loan hereunder and be deposited in the event that Collateral Account hereunder, if at the Close close of Trading trading on any Business Day Day, the aggregate Market Value of the all Collateral for any Loan to Borrower so posted 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 Shares (a "Margin “Collateral Deficit"”), Lender may, by notice to BorrowerBorrower and Collateral Agent, demand that Borrower transfer to Lender Collateral Agent, for deposit to the Collateral Account, no later than the following Business Day, additional Collateral so that the Market Value of such additional Collateral, when added to the Market Value of all other Collateral for such LoansCollateral, shall equal or exceed the Margin Percentage of the Market Value of the Loaned SecuritiesShares on such Business Day of determination.
9.3 Subject (ii) During any period during which Collateral is required to Borrower's obligations under Section 9.1be deposited in the Collateral Account hereunder, if at the close of trading on any time Business Day, the aggregate Market Value of all Collateral for Loans to Borrower so posted shall be greater than the Margin Percentage of the Market Value of all the outstanding Loaned Securities subject to such Loans Shares (a "Margin “Collateral Excess"”), Borrower may, by notice to LenderLender and Collateral Agent, demand that Lender Collateral Agent transfer to Borrower such amount of the Collateral selected by Borrower so that the Market Value of the Collateral for such LoansCollateral, after deduction of such amounts, shall thereupon not exceed the Margin Percentage of be at least equal to the Market Value of the Loaned Securities.
9.4 Borrower and Lender may agreeShares on such Business Day of determination; provided, that with respect to one or more Loans hereunderclauses (i) and (ii) above, 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 Agent will promptly give Lender a Loan-by-Loan basis.
9.5 Borrower statement setting forth the Market Value of all Collateral upon Lender’s request and Lender may agreeshall have the right to audit the Market Value of all Collateral; provided, with respect to any or all Loans hereunderfurther, that the respective rights of Lender and Borrower under Sections 9.2 clause (i) and 9.3 (ii) may be exercised only where a Margin Collateral Excess or Margin Deficit Collateral Deficit, as the case may be, exceeds a specified dollar amount or a specified percentage 5% of the Market Value of the outstanding Loaned Securities under such Loans (which amount or percentage shall be agreed to by Borrower and Lender prior to entering into any such Loans)Shares.
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
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 shall transfer to Lender 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 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 9.2 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"”), Lender hereby authorizes 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 9.3 Borrower and Lender may agree, with respect to one or more Loans hereunder, to xxxx the values to market pursuant to Sections 9.1 and 9.2 and 9.3 by separately valuing the Loaned Securities lent and lentand the Collateral given in respect thereof on a Loan-by-Loan basis.
9.5 9.4 Borrower and Lender may agree, with respect to any or all Loans hereunder, that the respective rights of Lender and Borrower under Sections 9.1 and 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 such Loans).
9.6 If any notice is given by Borrower or Lender under Sections 9.2 or 9.3 at or before the Margin Notice Deadline on any day on which a transfer of Collateral may be effected in accordance with Section 15, the party receiving such notice shall transfer Collateral as provided in such Section no later than the Close of Business on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such Collateral no later than the Close of Business on the next Business Day following the day of such notice.
Appears in 1 contract
Samples: Securities Lending Agreement
