Margin Refund Clause Samples

Margin Refund. If during the term of a Loan the value of the Borrowed Asset decreases relative to the Collateral by the Margin Refund Rate indicated on the Loan Term Sheet, as measured by the spot rate published on Coinbase Pro, or if the Borrowed Asset is not listed on Coinbase Pro, then the spot rate published on Kraken (such rate, the “Margin Return Spot Rate”), Borrower shall have the right to require Lender to return a portion of Collateral so that the Collateral is valued at the same percentage indicated in the Loan Term Sheet relative to the value of the Borrowed Asset at the Margin Return Spot Rate (the “Margin Refund Amount”). If Borrower requires Lender to provide the Margin Refund Amount, it shall send a notice (the “Margin Refund Notice”) that sets forth: (i) the Margin Return Spot Rate and (ii) the Margin Refund Amount required based on the Margin Return Spot Rate. Such notice may be sent electronically, via email, telephone, Telegram, WhatsApp, or any other means of electronic communication agreed upon by the parties. Lender shall have [***] to respond and send the Margin Refund Amount to Borrower. Lender shall not be required to send a Margin Refund Amount pursuant to a Margin Refund Notice where (i) the spot rate for Digital Currency Collateral as indicated on Coinbase Pro or Kraken, as applicable, has decreased sufficiently such that it is no longer at or above the Margin Return Spot Rate, and (ii) where such spot rate remains below the Margin Return Spot Rate for the remainder of [***]