Common use of Foreign Securities Clause in Contracts

Foreign Securities. If the Borrower in respect of any Loan of Foreign Securities effected pursuant hereto and pursuant to the applicable MSLA fails to return any Securities on Loan to Chase for the Account on the Return Date, Chase will, at Chase's sole election and at its expense (subject to paragraph (d) hereof), as soon as practicable, either (x) deposit replacement Securities of the same issue, type, class and series to the Account or (y) credit to Lender's Account, in Dollars with the difference ("Difference") (where a positive number), if any, between (xx) the market value of such lent Securities on the Return Date (including, in the case of debt Securities, accrued but unpaid interest), and (yy) in the case of Loans collateralized by (i) Cash Collateral, the greater of (A) the Market Value of the Cash Collateral on the date of initial pledge as adjusted for any subsequent marks-to-market through the Return Date and (B) the Market Value of Authorized Investments on the Return Date, or (ii) non-Cash Collateral comprising securities Collateral, the Market Value of such Collateral on the Return Date. Market Value shall be determined by Chase in accordance with the applicable MSLA, including the computation of Dollar equivalents where Securities on Loan and/or Collateral (and Proceeds) are denominated in a currency other than Dollars. Where Cash Collateral and non-Cash Collateral have been allocated to a Loan as of the Return Date, the Difference payable by Chase shall be computed in accordance with the foregoing as if there had been two Loans in effect on the Return Date, one collateralized by Cash Collateral and the other collateralized by non-Cash Collateral.