Common use of Netting arrangements Clause in Contracts

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. Bank shall enter into security arrangements (“Security Arrangements”) with the Borrower whereby, in addition to the rights over the Collateral granted to each Lender, 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 secure all amounts payable under the Global Securities Borrowing Agreements following an event of default by the BorrowerAgreements. Such amounts represent Without such additional Security Arrangement, any excess amounts payable by these clients (including each Lender) Collateral granted to a specific lender would otherwise be returned to Borrower following a termination of the applicable Global Securities Borrowing Agreement as a result of a Borrower event of default. Following However, with the additional Security Arrangements, following a Borrower event of default, such excess 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 LenderXxxxxx’s behalf under a Global Master Repurchase Agreement (“GMRA”) an MRA or GMRA with a Borrower that also has in place a Global Securities Borrowing Agreement, any excess amounts under the GMRA MRA or GMRA, as applicable, 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. Bank may also enter into, as principal, a MSLA, GMSLA or Pledge GMSLA with a Borrower (any such agreement, a “Principal Securities Borrowing Agreement”). To the extent Bank has entered into securities lending transactions under a Principal Securities Borrowing Agreement with a Borrower that also has in place a Securities Borrowing Agreement, the additional Security Arrangements may also provide that following a Borrower default (i) any excess amounts under the Principal Securities Borrowing Agreement otherwise transferable to the Borrower (after any exposure of BNYM, as principal, for which such amounts is being held, is first satisfied in full) shall also be available to Bank to apply to any amounts due to all the clients (including Lender) by the Borrower under their Securities Borrowing Agreements, and (ii) any excess amounts under the Securities Borrowing Agreements or MRA or GMRA otherwise transferable to the Borrower (after (a) any exposure of the lender for which that Collateral is being held under the Security Arrangements is first satisfied in full, and then (b) any exposure of all the clients (including Lender) by the Borrower under their Securities Borrowing Agreements are satisfied in full) shall also be available to Bank to apply to any amounts due to BNYM, as principal, under the Principal Securities Borrowing Agreement.

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 LenderLxxxxx’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. 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 Lender into securities loans under a pledge collateral structure, but Bank will not carry out this type of securities loan without Lender’s your 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. 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.