Common use of Collateral Provisions Clause in Contracts

Collateral Provisions. On any ▇▇▇▇▇ Business Day (any such date referred to as a "Credit Support Valuation Date"), a party may determine the following: (i) the Exposure (as defined below), (ii) the market value (determined in accordance with the Eligible Collateral Annex hereto) of all Collateral (as defined in the Eligible Collateral Annex), if any, pledged by a party, and (iii) the Credit Support Amount (as defined below) for such date. "Exposure" means for any Credit Support Valuation Date, the amount, if any, that would be payable to a party (the "Secured Party") by the other party (the "Pledgor") (expressed as a positive number) or by the Secured Party to the Pledgor (expressed as a negative number) to replace all of the Transactions that are or may be entered into and governed by the Master Agreement so as to preserve the economic equivalent of the payment obligations of the parties with respect thereto. "Credit Support Amount" means the Secured Party's Exposure plus, the aggregate of the Initial Collateral Requirements (as set forth in paragraph (b) below and as expressed in Confirmations in connection with other Transactions, if any), applicable to the Pledgor, if any, minus the aggregate of the Initial Collateral Requirements applicable to the Secured Party, if any. If the Credit Support Amount exceeds the market value of all Collateral held by the Secured Party by an amount (the "Delivery Amount") equal to or greater than USD 250,000, then the Pledgor shall transfer to the Secured Party Collateral with a market value equal to or greater than the Delivery Amount. If the market value of all Collateral held by the Secured Party exceeds the Credit Support Amount by an amount (the "Return Amount") equal to or greater than USD 250,000, then the Secured Party shall return to the Pledgor Collateral with a market value as close as practicable (but not greater than) the Return Amount. Each delivery or return of Collateral required under this paragraph shall be made by the close of business on the relevant Credit Support Valuation Date if notice requesting such delivery or return is received by 11 A.M. New York City time, or by the next Local Business Day if notice is received after 11 A.M. New York City time.

Collateral Provisions. On any ▇▇▇▇▇ Local Business Day (any such date referred to as a "Credit Support Valuation Date"), a party the Calculation Agent may determine the following: (i) the Exposure (as defined below), (ii) the market value (determined in accordance with the Eligible Collateral Annex hereto) of all Collateral (as defined in the Eligible Collateral Annex), if any, pledged by a party, and (iii) the Credit Support Amount (as defined below) for such date. "Exposure" means for any Credit Support Valuation Date, the amount, if any, that would be payable to a party (the "Secured Party") by the other party (the "Pledgor") (expressed as a positive number) or by the Secured Party to the Pledgor (expressed as a negative number) to replace all of the Transactions that are or may be entered into and governed by the Master Agreement so as to preserve the economic equivalent of the payment obligations of the parties with respect thereto. "Credit Support Amount" means the Secured Party's Exposure plus, the aggregate of the Initial Collateral Requirements (as set forth in paragraph (b) below and as expressed in Confirmations in connection with other Transactions, if any), applicable to the Pledgor, if any, minus the aggregate of the Initial Collateral Requirements applicable to the Secured Party, if any. If the Credit Support Amount exceeds the market value of all Collateral held by the Secured Party by an amount (the "Delivery Amount") equal to or greater than USD 250,000_____, then the Pledgor shall transfer to the Secured Party Collateral with a market value equal to or greater than the Delivery Amount. If the market value of all Collateral held by the Secured Party exceeds the Credit Support Amount by an amount (the "Return Amount") equal to or greater than USD 250,000______, then the Secured Party shall return to the Pledgor Collateral with a market value as close as practicable (but not greater than) the Return Amount. Each delivery or return of Collateral required under this paragraph shall be made by the close of business on the relevant Credit Support Valuation Date if notice requesting such delivery or return is received by 11 A.M. New York City time, or by the next Local Business Day if notice is received after 11 A.M. New York City time. For the avoidance of doubt, only BNY shall be required to post collateral in accordance with the provisions hereunder.