Common use of Redesignation of Settlement Loans Clause in Contracts

Redesignation of Settlement Loans. During any Business Day on which Settlement Loans remain outstanding, the Company may deliver to the Collateral Agent a notice, substantially in the form of Exhibit J (a “Notice of Redesignation”), pursuant to which the Company may redesignate (i) one or more Settlement Loans previously designated as Company Pool Loans as Clearing Fund Pool Loans for any Clearing Business or (ii) one or more Settlement Loans previously designated as Clearing Fund Pool Loans for any Clearing Business as Company Pool Loans and, if such Settlement Loans are being redesignated as Clearing Fund Pool Loans, shall specify the applicable Clearing Business; provided, that (x) if such redesignation is in respect of a Settlement Loan to be redesignated as a Clearing Fund Pool Loan, the aggregate principal amount of all the applicable Clearing Fund Pool Loans outstanding as of the date of such redesignation, after giving effect to such redesignation, shall not exceed the applicable Clearing Fund Borrowing Base (as determined by the Company and confirmed to the Company by the Collateral Agent (with the Collateral Agent’s determination controlling in the event of any discrepancy)) and (y) if such redesignation is in respect of a Settlement Loan to be redesignated as a Company Pool Loan, the aggregate principal amount of all Company Pool Loans outstanding as of the date of such redesignation, after giving effect to such redesignation, shall not exceed the Company Borrowing Base (as determined by the Company and confirmed to the Company by the Collateral Agent (with the Collateral Agent’s determination controlling in the event of any discrepancy)). Upon any such confirmation by the Collateral Agent, the related redesignation shall become effective.

Redesignation of Settlement Loans. During any Business Day on which Settlement Loans remain outstanding, the Company may deliver to the Collateral Agent a notice, substantially in the form of Exhibit J K (a “Notice of Redesignation”), pursuant to which the Company may redesignate (i) one or more Settlement Loans previously designated as Company Pool Loans as Clearing Fund Pool Loans for any Clearing Business or (ii) one or more Settlement Loans previously designated as Clearing Fund Pool Loans for any Clearing Business as Company Pool Loans and, if such Settlement Loans are being redesignated as Clearing Fund Pool Loans, shall specify the applicable Clearing Business; provided, that (x) if such redesignation is in respect of a Settlement Loan to be redesignated as a Clearing Fund Pool Loan, the aggregate principal amount of all the applicable Clearing Fund Pool Loans outstanding as of the date of such redesignation, after giving effect to such redesignation, shall not exceed the applicable Clearing Fund Borrowing Base (as determined by the Company and confirmed to the Company by the Collateral Agent (with the Collateral Agent’s determination controlling in the event of any discrepancy)) and (y) if such redesignation is in respect of a Settlement Loan to be redesignated as a Company Pool Loan, the aggregate principal amount of all Company Pool Loans outstanding as of the date of such redesignation, after giving effect to such redesignation, shall not exceed the Company Borrowing Base (as determined by the Company and confirmed to the Company by the Collateral Agent (with the Collateral Agent’s determination controlling in the event of any discrepancy)). Upon any such confirmation by the Collateral Agent, the related redesignation shall become effective.

Redesignation of Settlement Loans. During any Business Day on which Settlement Loans remain outstanding, the Company may deliver to the Collateral Agent a notice, substantially in the form of Exhibit J K (a “Notice of Redesignation”), pursuant to which the Company may redesignate (i) one or more Settlement Loans previously designated as Company Pool Loans as either Clearing Fund Pool Loans for any Clearing Business or (ii) one or more Settlement Loans previously designated as Clearing Fund Pool Loans for any Clearing Business as Company Pool Loans and, if such Settlement Loans are being redesignated as Clearing Fund Pool Loans, shall specify the applicable Clearing Business; provided, that (x) if such redesignation is in respect of a Settlement Loan to be redesignated as a Clearing Fund Pool Loan, the aggregate principal amount of all the applicable Clearing Fund Pool Loans outstanding as of the date of such redesignation, after giving effect to such redesignation, shall not exceed the applicable Clearing Fund Borrowing Base (as determined by the Company and confirmed to the Company by the Collateral Agent (with the Collateral Agent’s determination controlling in the event of any discrepancy)) and (y) if such redesignation is in respect of a Settlement Loan to be redesignated as a Company Pool Loan, the aggregate principal amount of all Company Pool Loans outstanding as of the date of such redesignation, after giving effect to such redesignation, shall not exceed the Company Borrowing Base (as determined by the Company and confirmed to the Company by the Collateral Agent (with the Collateral Agent’s determination controlling in the event of any discrepancy)). Upon any such confirmation by the Collateral Agent, the related redesignation shall become effective.