Common use of Collateral Valuation Clause in Contracts

Collateral Valuation. (a) The Discounted Value of the Collateral shall be monitored by, and all calculations of “Discounted Value”, “Borrowing Base”, “Clearing Fund Borrowing Base” or “Company Fund Borrowing Base” contemplated by the Loan Documents shall be determined by the Collateral Agent; provided that, in making any such determination, the Collateral Agent shall be entitled to conclusively rely, without any independent investigation or inquiry, on any respective Custodian’s calculations of Market Value which are provided to the Collateral Agent. The Collateral Agent shall not be liable for any failure or delay by any Custodian to provide such calculations, so long as the Collateral Agent has used its commercially reasonable efforts to cause such Custodian to do so, nor shall the Collateral Agent be liable for any errors, in any Custodian’s calculations. Upon the request of the Collateral Agent, the Company shall use commercially reasonable efforts to assist the Collateral Agent in obtaining such calculations from the applicable Custodians. In no event shall the Collateral Agent be responsible for calculating the Market Value of the Collateral in the possession of a Custodian if such Custodian fails or is unable to calculate and provide the calculation of Market Value. In the event no Market Value is given by a Custodian for any particular asset included in the Collateral, the Discounted Value of such asset shall be deemed to be zero. The Administrative Agent shall be entitled to conclusively rely, without any independent investigation or inquiry, on any such calculations made by the Collateral Agent which are provided to the Administrative Agent.

Collateral Valuation. (a) The Discounted Value of the Collateral shall be monitored by, and all calculations of “Discounted Value”, “Borrowing Base”, “Clearing Fund Borrowing Base” or “Company Fund Borrowing Base” contemplated by the Loan Documents shall be determined by the Collateral Agent; provided that, in making any such determination, the Collateral Agent shall be entitled to conclusively rely, without any independent investigation or inquiry, on any respective Custodian’s calculations of Market Value which are provided to the Collateral Agent. The Collateral Agent shall not be liable for any failure or delay by any Custodian to provide such calculations, so long as the Collateral Agent has used its commercially reasonable efforts to cause such Custodian to do so, nor shall the Collateral Agent be liable for any errors, errors in any Custodian’s calculations. Upon the request of the Collateral Agent, the Company shall use commercially reasonable efforts to assist the Collateral Agent in obtaining such calculations from the applicable Custodians. In no event shall the Collateral Agent be responsible for calculating the Market Value of the Collateral in the possession of a Custodian if such Custodian fails or is unable to calculate and provide the calculation of Market Value. In the event no Market Value is given by a Custodian for any particular asset included in the Collateral, the Discounted Value of such asset shall be deemed to be zero. The Administrative Agent shall be entitled to conclusively rely, without any independent investigation or inquiry, on any such calculations made by the Collateral Agent which are provided to the Administrative Agent.

Collateral Valuation. (a) The Discounted Value of the Collateral shall be monitored by, and all calculations of “Discounted Value”, “Borrowing Base”, “Clearing Fund Borrowing Base” or “Company Fund Borrowing Base” contemplated by the Loan Documents shall be determined by the Collateral Agent; provided that, in making any such determination, the Collateral Agent shall be entitled to conclusively rely, without any independent investigation or inquiry, on any respective Custodian’s calculations of Market Value which are provided to the Collateral Agent. The Collateral Agent shall not be liable for any failure or delay by any Custodian to provide such calculations, so long as the Collateral Agent has used its commercially reasonable efforts to cause such Custodian to do so, nor shall the Collateral Agent be liable for any errors, errors in any Custodian’s calculations. Upon the request of the Collateral Agent, the Company shall use commercially reasonable efforts to assist the Collateral Agent in obtaining such calculations from the applicable Custodians. In no event shall the Collateral Agent be responsible for calculating the Market Value of the Collateral in the possession of a Custodian if such Custodian fails or is unable to calculate and provide the calculation of Market Value. In the event no Market Value is given by a Custodian for any particular asset included in the Collateral, the Discounted Value of such asset shall be deemed to be zero. The Administrative Agent shall be entitled to conclusively rely, without any independent investigation or inquiry, on any such calculations made by the Collateral Agent which are provided to the Administrative Agent.