{"component": "clause", "props": {"groups": [{"samples": [{"hash": "eAvjf0WThnR", "uri": "/contracts/eAvjf0WThnR#collateral-valuation", "label": "Credit Agreement (Cme Group Inc.)", "score": 22.8754272461, "published": true}, {"hash": "kqPTeqCuRiE", "uri": "/contracts/kqPTeqCuRiE#collateral-valuation", "label": "Credit Agreement (Cme Group Inc.)", "score": 21.9472961426, "published": true}], "snippet": "The Collateral Agent shall monitor the Market Value of the Collateral. On each Borrowing Date, the Collateral Agent shall determine the Market Value of the Collateral (in accordance with Section 3.1(b) with respect to timing of such valuation) securing the Loans to be made on such date. On each subsequent Business Day on which there is an outstanding Advance, the Collateral Agent shall (i) to the extent any such Advance is a Company Pool Loan, determine the Company Borrowing Base on and as of such date in accordance with its usual and customary practices and (ii) to the extent any such Advance is a Clearing Fund Pool Loan, determine the applicable Clearing Fund Borrowing Base on and as of such date in accordance with its usual and customary practices, and, in each case, shall advise and notify (which may be by telephone, provided that written confirmation thereof shall promptly follow) the Company, the Administrative Agent and each Bank of each such determination.", "size": 3, "snippet_links": [{"key": "agent-shall", "type": "definition", "offset": [15, 26]}, {"key": "value-of-the-collateral", "type": "clause", "offset": [46, 69]}, {"key": "each-borrowing-date", "type": "clause", "offset": [74, 93]}, {"key": "determine-the", "type": "clause", "offset": [122, 135]}, {"key": "in-accordance-with", "type": "definition", "offset": [168, 186]}, {"key": "with-respect-to", "type": "clause", "offset": [202, 217]}, {"key": "timing-of", "type": "clause", "offset": [218, 227]}, {"key": "loans-to", "type": "clause", "offset": [257, 265]}, {"key": "business-day", "type": "definition", "offset": [307, 319]}, {"key": "outstanding-advance", "type": "definition", "offset": [341, 360]}, {"key": "to-the-extent", "type": "clause", "offset": [393, 406]}, {"key": "company-pool-loan", "type": "definition", "offset": [429, 446]}, {"key": "company-borrowing-base", "type": "definition", "offset": [462, 484]}, {"key": "customary-practices", "type": "clause", "offset": [541, 560]}, {"key": "clearing-fund-pool-loan", "type": "definition", "offset": [606, 629]}, {"key": "the-applicable", "type": "clause", "offset": [641, 655]}, {"key": "clearing-fund-borrowing-base", "type": "definition", "offset": [656, 684]}, {"key": "each-case", "type": "definition", "offset": [770, 779]}, {"key": "by-telephone", "type": "clause", "offset": [819, 831]}, {"key": "provided-that", "type": "definition", "offset": [833, 846]}, {"key": "written-confirmation", "type": "definition", "offset": [847, 867]}, {"key": "the-administrative-agent", "type": "definition", "offset": [912, 936]}, {"key": "bank-of", "type": "definition", "offset": [946, 953]}, {"key": "such-determination", "type": "definition", "offset": [959, 977]}], "hash": "938c068b1df4ccda06337c054edcff76", "id": 8}, {"samples": [{"hash": "9pLz1TdFYh0", "uri": "/contracts/9pLz1TdFYh0#collateral-valuation", "label": "Credit Agreement (Cme Group Inc.)", "score": 35.3134841919, "published": true}, {"hash": "3iUZGMuAoX", "uri": "/contracts/3iUZGMuAoX#collateral-valuation", "label": "Credit Agreement (Cme Group Inc.)", "score": 34.319644928, "published": true}, {"hash": "ggVxt14tKZX", "uri": "/contracts/ggVxt14tKZX#collateral-valuation", "label": "Credit Agreement (Cme Group Inc.)", "score": 33.3203277588, "published": true}], "snippet": "(a) The Discounted Value of the Collateral shall be monitored by, and all calculations of \u201cDiscounted Value\u201d or \u201cBorrowing Base\u201d contemplated by the Loan Documents shall be determined by the Collateral Monitoring Agent; provided that, in making any such determination, the Collateral Monitoring Agent shall be entitled (i) to conclusively rely, without any independent investigation or inquiry, on any respective Custodian\u2019s calculations of Market Value which are provided to the Collateral Monitoring Agent in the manner agreed to by the Collateral Monitoring Agent in the applicable Control Agreement or other applicable Collateral Document and (ii) in the case of any Gold Warrant or Clearing Member Customer Gold Warrant, to conclusively rely, without any independent investigation or inquiry, on a description of the amount and characteristics of gold subject to such Gold Warrant or Clearing Member Customer Gold Warrant, as applicable, or other data provided to the Collateral Monitoring Agent by the applicable Custodian. The Collateral Monitoring Agent shall not be liable for any failure or delay by any Custodian to provide such calculations, so long as the Collateral Monitoring Agent has used its commercially reasonable efforts to cause such Custodian to do so, nor shall the Collateral Monitoring Agent be liable for any errors in any Custodian\u2019s calculations. Upon the request of the Collateral Monitoring Agent, the Company shall use commercially reasonable efforts to assist the Collateral Monitoring Agent in obtaining such calculations from the applicable Custodians. If any Custodian fails or is delayed in providing such calculations, the Collateral Monitoring Agent shall provide such calculations; provided that such Custodian has delivered to the Collateral Monitoring Agent a list of the assets and amounts thereof and other data, in each case, required to be delivered under the terms of the relevant Control Agreement or other applicable Collateral Document (upon which the Collateral Monitoring Agent may conclusively rely, without any independent inquiry or investigation). With respect to any asset, if any Custodian fails to deliver, in accordance with the relevant Control Agreement or other applicable Collateral Document, any information deemed reasonably necessary by the Collateral Monitoring Agent for the Collateral Monitoring Agent to calculate the Market Value of such asset, the Collateral Monitoring Agent shall value such asset held by such Custodian at zero (0) for purposes of its calculations. The Administrative Agent and Collateral Agent shall be entitled to conclusively rely, without any independent investigation or inquiry, on any such calculations made by the Collateral Monitoring Agent which are provided (either directly or through the Collateral Agent) to the Administrative Agent.\n(b) On each Borrowing Date, the Collateral Monitoring Agent shall determine the Market Value of the Collateral securing the Loans to be made on such date in accordance with Section 1.4(a). On each subsequent Business Day on which there is an outstanding Advance, the Collateral Monitoring Agent shall determine the Borrowing Base on and as of such date in accordance with Section 1.4(a), and, in each case, shall promptly (and in any event on or before 12:00 noon (New York time on such day)) advise and notify (which may be by telephone, provided that written confirmation thereof shall promptly follow) the Company, the Collateral Agent and the Administrative Agent of each such determination.\n(c) Each calculation of the Discounted Value of any Collateral denominated in a currency other than U.S. Dollars shall include the U.S. Dollar Equivalent of such Discounted Value. For purposes of determining such U.S. Dollar Equivalent as of any date, the U.S. Dollar Equivalent as of the most recent Revaluation Date shall be used to calculate the Market Value of the Collateral Pool as of the date of determination.", "size": 18, "snippet_links": [{"key": "collateral-shall", "type": "definition", "offset": [32, 48]}, {"key": "borrowing-base", "type": "definition", "offset": [113, 127]}, {"key": "the-loan-documents", "type": "clause", "offset": [145, 163]}, {"key": "collateral-monitoring-agent", "type": "definition", "offset": [191, 218]}, {"key": "provided-that", "type": "definition", "offset": [220, 233]}, {"key": "such-determination", "type": "definition", "offset": [249, 267]}, {"key": "agent-shall", "type": "definition", "offset": [295, 306]}, {"key": "independent-investigation", "type": "definition", "offset": [357, 382]}, {"key": "market-value", "type": "definition", "offset": [441, 453]}, {"key": "agreed-to-by-the", "type": "definition", "offset": [522, 538]}, {"key": "agreement-or", "type": "definition", "offset": [593, 605]}, {"key": "collateral-document", "type": "definition", "offset": [623, 642]}, {"key": "in-the-case", "type": "clause", "offset": [652, 663]}, {"key": "clearing-member-customer-gold-warrant", "type": "definition", "offset": [687, 724]}, {"key": "description-of-the", "type": "definition", "offset": [803, 821]}, {"key": "characteristics-of", "type": "definition", "offset": [833, 851]}, {"key": "subject-to", "type": "definition", "offset": [857, 867]}, {"key": "data-provided", "type": "clause", "offset": [952, 965]}, {"key": "failure-or-delay", "type": "clause", "offset": [1090, 1106]}, {"key": "to-provide", "type": "clause", "offset": [1124, 1134]}, {"key": "the-request", "type": "clause", "offset": [1381, 1392]}, {"key": "the-company-shall", "type": "clause", "offset": [1429, 1446]}, {"key": "use-commercially-reasonable-efforts", "type": "clause", "offset": [1447, 1482]}, {"key": "assist-the", "type": "clause", "offset": [1486, 1496]}, {"key": "a-list", "type": "definition", "offset": [1800, 1806]}, {"key": "the-assets", "type": "clause", "offset": [1810, 1820]}, {"key": "each-case", "type": "definition", "offset": [1860, 1869]}, {"key": "the-relevant", "type": "clause", "offset": [1915, 1927]}, {"key": "inquiry-or-investigation", "type": "clause", "offset": [2077, 2101]}, {"key": "with-respect-to", "type": "clause", "offset": [2104, 2119]}, {"key": "fails-to-deliver", "type": "clause", "offset": [2148, 2164]}, {"key": "in-accordance-with", "type": "definition", "offset": [2166, 2184]}, {"key": "reasonably-necessary", "type": "clause", "offset": [2280, 2300]}, {"key": "the-market", "type": "definition", "offset": [2385, 2395]}, {"key": "for-purposes-of", "type": "clause", "offset": [2507, 2522]}, {"key": "the-administrative-agent-and-collateral-agent", "type": "clause", "offset": [2541, 2586]}, {"key": "the-collateral-agent", "type": "definition", "offset": [2789, 2809]}, {"key": "each-borrowing-date", "type": "clause", "offset": [2847, 2866]}, {"key": "determine-the", "type": "clause", "offset": [2906, 2919]}, {"key": "loans-to", "type": "clause", "offset": [2964, 2972]}, {"key": "business-day", "type": "definition", "offset": [3048, 3060]}, {"key": "outstanding-advance", "type": "definition", "offset": [3082, 3101]}, {"key": "the-borrowing", "type": "clause", "offset": [3151, 3164]}, {"key": "new-york-time", "type": "clause", "offset": [3305, 3318]}, {"key": "by-telephone", "type": "clause", "offset": [3365, 3377]}, {"key": "written-confirmation", "type": "definition", "offset": [3393, 3413]}, {"key": "collateral-agent-and-the", "type": "clause", "offset": [3462, 3486]}, {"key": "calculation-of-the", "type": "clause", "offset": [3545, 3563]}, {"key": "the-us", "type": "clause", "offset": [3663, 3670]}, {"key": "dollar-equivalent", "type": "clause", "offset": [3672, 3689]}, {"key": "most-recent", "type": "definition", "offset": [3825, 3836]}, {"key": "revaluation-date", "type": "definition", "offset": [3837, 3853]}, {"key": "collateral-pool", "type": "definition", "offset": [3905, 3920]}, {"key": "date-of-determination", "type": "definition", "offset": [3931, 3952]}], "hash": "3abeb0bdf815d740f7fa05f9556244ba", "id": 2}, {"samples": [{"hash": "6MOEe2SJwSn", "uri": "/contracts/6MOEe2SJwSn#collateral-valuation", "label": "Primary Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr16)", "score": 21.0, "published": true}, {"hash": "lPFp646RtIL", "uri": "/contracts/lPFp646RtIL#collateral-valuation", "label": "Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5)", "score": 19.0, "published": true}, {"hash": "jjuPQMM8Zv1", "uri": "/contracts/jjuPQMM8Zv1#collateral-valuation", "label": "Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005-Hq6)", "score": 19.0, "published": true}], "snippet": "Discuss the original appraisal", "size": 19, "snippet_links": [{"key": "original-appraisal", "type": "definition", "offset": [12, 30]}], "hash": "6111527f59f3d3ea79bba57e30d94e6b", "id": 1}, {"samples": [{"hash": "iQV6fzG5qNE", "uri": "/contracts/iQV6fzG5qNE#collateral-valuation", "label": "Paycheck Protection Program Liquidity Facility Letter of Agreement (Square, Inc.)", "score": 30.0910339355, "published": true}, {"hash": "6kqSEcV13Ey", "uri": "/contracts/6kqSEcV13Ey#collateral-valuation", "label": "Paycheck Protection Program Liquidity Facility Agreement", "score": 30.0288543701, "published": true}, {"hash": "kFMtjI6mimI", "uri": "/contracts/kFMtjI6mimI#collateral-valuation", "label": "Paycheck Protection Program Liquidity Facility Agreement (Square, Inc.)", "score": 29.4202594757, "published": true}], "snippet": "PPPLF Collateral valuation for each Item shall equal the principal amount of the PPP Loan outstanding at the time the PPP Loan is pledged as PPPLF Collateral.", "size": 7, "snippet_links": [{"key": "the-principal-amount", "type": "definition", "offset": [53, 73]}, {"key": "loan-outstanding", "type": "definition", "offset": [85, 101]}, {"key": "at-the-time", "type": "definition", "offset": [102, 113]}], "hash": "0135687b5de4a0dcef44eb7c09538297", "id": 3}, {"samples": [{"hash": "i7t0AJ7cdw5", "uri": "/contracts/i7t0AJ7cdw5#collateral-valuation", "label": "Credit Agreement (Cme Group Inc.)", "score": 21.0, "published": true}, {"hash": "3chIV6p5hPE", "uri": "/contracts/3chIV6p5hPE#collateral-valuation", "label": "Credit Agreement (Chicago Mercantile Exchange Holdings Inc)", "score": 21.0, "published": true}, {"hash": "2u6gMjGnl6b", "uri": "/contracts/2u6gMjGnl6b#collateral-valuation", "label": "Credit Agreement (Cme Group Inc.)", "score": 21.0, "published": true}], "snippet": "Collateral Agent shall monitor the market value of the Collateral. On each Borrowing Date, promptly after receiving notice from the Company of a proposed borrowing, on each subsequent day on which there is an outstanding Advance, and on the last day of each calendar month (or, if such day is not a Business Day, the next succeeding Business Day), commencing with the first such date to occur after the date hereof, Collateral Agent shall determine the aggregate market value of all Collateral on and as of such date in accordance with its usual and customary practices and shall advise and notify (which may be by telephone) the Company, Administrative Agent and each Bank thereof (each a \u201cCollateral Notice\u201d). Collateral Agent agrees to deliver promptly to the Company, Administrative Agent and each Bank a written confirmation of any telephonic Collateral Notice which is given on a Borrowing Date.", "size": 5, "snippet_links": [{"key": "agent-shall", "type": "definition", "offset": [11, 22]}, {"key": "the-market", "type": "definition", "offset": [31, 41]}, {"key": "value-of-the-collateral", "type": "clause", "offset": [42, 65]}, {"key": "each-borrowing-date", "type": "clause", "offset": [70, 89]}, {"key": "after-receiving", "type": "clause", "offset": [100, 115]}, {"key": "notice-from-the-company", "type": "clause", "offset": [116, 139]}, {"key": "proposed-borrowing", "type": "clause", "offset": [145, 163]}, {"key": "outstanding-advance", "type": "definition", "offset": [209, 228]}, {"key": "day-of", "type": "clause", "offset": [246, 252]}, {"key": "calendar-month", "type": "clause", "offset": [258, 272]}, {"key": "not-a-business-day", "type": "clause", "offset": [293, 311]}, {"key": "commencing-with-the", "type": "clause", "offset": [348, 367]}, {"key": "date-hereof", "type": "clause", "offset": [403, 414]}, {"key": "determine-the", "type": "clause", "offset": [439, 452]}, {"key": "aggregate-market-value", "type": "clause", "offset": [453, 475]}, {"key": "in-accordance-with", "type": "definition", "offset": [517, 535]}, {"key": "customary-practices", "type": "clause", "offset": [550, 569]}, {"key": "by-telephone", "type": "clause", "offset": [612, 624]}, {"key": "administrative-agent", "type": "definition", "offset": [639, 659]}, {"key": "each-bank", "type": "clause", "offset": [664, 673]}, {"key": "collateral-notice", "type": "definition", "offset": [691, 708]}, {"key": "agrees-to", "type": "clause", "offset": [729, 738]}, {"key": "to-the-company", "type": "definition", "offset": [756, 770]}, {"key": "bank-a", "type": "definition", "offset": [802, 808]}, {"key": "confirmation-of", "type": "clause", "offset": [817, 832]}, {"key": "a-borrowing", "type": "definition", "offset": [884, 895]}], "hash": "0ea6c61ca3f0c7db666665de1536ad15", "id": 4}, {"samples": [{"hash": "j4mnhlEMwvM", "uri": "/contracts/j4mnhlEMwvM#collateral-valuation", "label": "Insurance and Indemnity Agreement (Special Value Expansion Fund, LLC)", "score": 18.0, "published": true}, {"hash": "c35AtuYrJDw", "uri": "/contracts/c35AtuYrJDw#collateral-valuation", "label": "Insurance and Indemnity Agreement (Special Value Opportunities Fund LLC)", "score": 18.0, "published": true}, {"hash": "4egtXvmB3Du", "uri": "/contracts/4egtXvmB3Du#collateral-valuation", "label": "Insurance and Indemnity Agreement (Special Value Expansion Fund, LLC)", "score": 18.0, "published": true}], "snippet": "The rights of Ambac set forth in Section 6.1.1(e) of the Credit Agreement shall survive the termination of the Credit Agreement and shall be deemed set forth herein in full.", "size": 4, "snippet_links": [{"key": "rights-of", "type": "clause", "offset": [4, 13]}, {"key": "termination-of-the-credit-agreement", "type": "clause", "offset": [92, 127]}], "hash": "e4045ec8762d630d87310ea7303159b2", "id": 5}, {"samples": [{"hash": "jUkHU2RKZuC", "uri": "/contracts/jUkHU2RKZuC#collateral-valuation", "label": "Forward Contract", "score": 34.4314002991, "published": true}, {"hash": "TyG4JRpHCq", "uri": "/contracts/TyG4JRpHCq#collateral-valuation", "label": "Forward Contract", "score": 25.3552360535, "published": true}, {"hash": "7FNND9wSmMO", "uri": "/contracts/7FNND9wSmMO#collateral-valuation", "label": "Forward Contract", "score": 23.1279945374, "published": true}], "snippet": "Each Bank shall determine the value of collateral securing the Bank\u2019s advances in accordance with the collateral valuation procedures set forth in the Bank\u2019s member products policy established pursuant to \u00a7 917.4 of this chapter.", "size": 4, "snippet_links": [{"key": "each-bank", "type": "clause", "offset": [0, 9]}, {"key": "value-of-collateral", "type": "clause", "offset": [30, 49]}, {"key": "the-bank", "type": "clause", "offset": [59, 67]}, {"key": "in-accordance-with", "type": "definition", "offset": [79, 97]}, {"key": "the-collateral", "type": "clause", "offset": [98, 112]}, {"key": "valuation-procedures", "type": "clause", "offset": [113, 133]}, {"key": "member-products-policy", "type": "definition", "offset": [158, 180]}, {"key": "pursuant-to", "type": "definition", "offset": [193, 204]}, {"key": "this-chapter", "type": "definition", "offset": [216, 228]}], "hash": "2f72c2bbb4d89e03547e025db43aec84", "id": 6}, {"samples": [{"hash": "j8WIvqxJAkJ", "uri": "/contracts/j8WIvqxJAkJ#collateral-valuation", "label": "Rules and Regulations", "score": 31.9303092957, "published": true}, {"hash": "dIwA506PqNh", "uri": "/contracts/dIwA506PqNh#collateral-valuation", "label": "Rules and Regulations", "score": 31.9303092957, "published": true}, {"hash": "8YDdWScvifu", "uri": "/contracts/8YDdWScvifu#collateral-valuation", "label": "Rules and Regulations", "score": 23.2419033051, "published": true}], "snippet": "(a) The Clearing House will at its sole discretion determine the value to be attributed to the Collateral provided to the Clearing House.\n(b) Without limiting the generality of Rule 5.13(a), the Clearing House may give zero value to any Collateral provided by a Trading Clearing Participant for the purposes of satisfying its obligations under these Rules if such Collateral is found in any way to be unacceptable by the Clearing House.", "size": 3, "snippet_links": [{"key": "clearing-house", "type": "definition", "offset": [8, 22]}, {"key": "sole-discretion", "type": "definition", "offset": [35, 50]}, {"key": "the-value", "type": "clause", "offset": [61, 70]}, {"key": "the-collateral", "type": "clause", "offset": [91, 105]}, {"key": "without-limiting-the-generality-of", "type": "clause", "offset": [142, 176]}, {"key": "trading-clearing-participant", "type": "definition", "offset": [262, 290]}, {"key": "for-the-purposes-of", "type": "clause", "offset": [291, 310]}, {"key": "these-rules", "type": "definition", "offset": [344, 355]}], "hash": "8000cede2184cb386a6a6fc8148e472c", "id": 7}, {"samples": [{"hash": "24In65vhsOp", "uri": "/contracts/24In65vhsOp#collateral-valuation", "label": "Custody and Control Agreement", "score": 23.7446956635, "published": true}], "snippet": "Upon request, the Bank shall provide the IBFD with a report indicating the total amount of Public Funds (as defined in the Agreement) on deposit at the Bank and the total Market Value of the Collateral delivered and credited to or otherwise held in the Account as of the close of business on the day(s) requested by the IBFD by sending an e- mail to \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587 at \u2587\u2587\u2587\u2587\u2587\u2587@\u2587\u2587\u2587.\u2587\u2587.\u2587\u2587\u2587, or her designee. If the Market Value of the Collateral is less than the Collateral Requirement, after any applicable credit has been given in the amount of the maximum draw amount under any Letter of Credit as Pledged Collateral against the Collateral Requirement, on any valuation day, the Bank shall, before noon (prevailing Eastern time) on the next Business Day following the date of such determination, deliver to and deposit into the Account Collateral having an aggregate Market Value that is not less than the amount of such deficiency so the Collateral Requirement is satisfied, and the Bank shall inform the IBFD that the Collateral Requirement has been satisfied by sending an e-mail to \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587 at \u2587\u2587\u2587\u2587\u2587\u2587@\u2587\u2587\u2587.\u2587\u2587.\u2587\u2587\u2587 or her designee. 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Typically, it outlines the methods, timing, and frequency of valuation, such as using market prices or third-party appraisals, and may specify who is responsible for conducting the valuation. This clause ensures that both parties have a clear and agreed-upon process for assessing the worth of collateral, thereby reducing disputes and managing credit risk effectively."}, "json": true, "cursor": ""}}