Netting arrangements. Bank shall enter into security arrangements (“Security Arrangements”) with the Borrower whereby, in respect of any Global Securities Borrowing Agreement between such Borrower and Bank as agent on behalf of all its clients (including each Lender), the Borrower grants a security interest to Bank in relation to all amounts payable under the Global Securities Borrowing Agreements following an event of default by the Borrower. Such amounts represent excess amounts payable by these clients (including each Lender) to Borrower following a termination of the applicable Global Securities Borrowing Agreement as a result of a Borrower event of default. Following a Borrower event of default, such amounts will be available to Bank to apply to any amounts due to all the clients (including each Lender) by the Borrower under their Global Securities Borrowing Agreements. The proforma will also contain language permitting the lender into securities loans under a pledge collateral structure, but Bank will not carry out this type of securities loan without Lender’s further permission. To the extent Bank has entered into repurchase transactions on each Lender’s behalf under a Global Master Repurchase Agreement (“GMRA”) with a Borrower that also has in place a Global Securities Borrowing Agreement, any excess amounts under the GMRA payable to the Borrower shall also be subject to the Security Arrangements described in the preceding paragraph. Bank may only utilize excess Collateral provided to or for Lender under the Global Securities Borrowing Agreements to the extent that any exposure of Lender for which that Collateral is being held under the Security Arrangements is first satisfied in full.
Netting arrangements. Except as otherwise required by SECTION 4.3 of the Pooling and Servicing Agreement or SECTION 8.4(a) of the Indenture (with respect to In-Store Payments) and the terms of any Supplement, RPA Seller may permit or require payments owed by any Merchant with respect to In-Store Payments and Merchant Adjustment Payments to be netted against amounts owed by RPA Seller to that Merchant. RPA Seller shall pay to Purchaser (or, so long as RPA Seller is Servicer, deposit directly into the Collection Account) on each Business Day an amount equal to the aggregate amount of In-Store Payments netted against amounts owed by RPA Seller to the various Merchants on that Business Day. If, however, Purchaser is required under any Supplement to require RPA Seller to discontinue such netting as to any Merchant, then RPA Seller shall not permit In-Store Payments or Merchant Adjustment Payments to be netted against amounts payable by RPA Seller to that Merchant, but instead RPA Seller shall cause that Merchant to transfer to RPA Seller, not later than the second Business Day following receipt by such Merchant of any In-Store Payments or any event obligating that Merchant to make a Merchant Adjustment Payment, an amount equal to the sum of such In-Store Payments and Merchant Adjustment Payments.
Netting arrangements. 3.1 The Parties acknowledge that (a) under the MarkWest Agreements or otherwise, MarkWest, from time to time, may owe certain amounts of money to Equitable, and (b) Equitable, from time to time, may owe certain amounts of money to MarkWest. At any time, during the terms of the MarkWest Agreements, if MarkWest is in default of any of its payment obligations under the MarkWest Agreements, Equitable shall have the right, in addition to all other rights and remedies available to Equitable under the MarkWest Agreements, or at law or in equity, to set off against and/or recoup amounts owed by Equitable under any of the MarkWest Agreements all amounts owed by MarkWest to Equitable under the MarkWest Agreements.
Netting arrangements. RPA Seller may permit or require payments owed by any Merchant with respect to In-Store Payments and Merchant Adjustment Payments to be netted against amounts owed by RPA Seller to that Merchant; provided that, during any Amortization Period, RPA Seller shall pay to Purchaser (or, so long as RPA Seller is Servicer, deposit directly into the Collection Account) on each Business Day an amount equal to the aggregate amount of In-Store Payments netted against amounts owed by RPA Seller to the various Merchants on that Business Day.
Netting arrangements. Bank shall enter into security arrangements (“
