Common use of Stock Borrow Events Clause in Contracts

Stock Borrow Events. Notwithstanding anything to the contrary herein, in the Agreement or in the Equity Definitions, if, after using commercially reasonable efforts, BNYM (or its affiliate) is unable to hedge (or maintain a hedge of) BNYM’s exposure to any Transaction (a “Stock Borrow Event”) because (i) of the lack of sufficient Shares being made available for Share borrowing by lenders or (ii) it (or its affiliate) would incur a stock loan cost of more than 45 basis points per annum, BNYM shall have the right to designate any Scheduled Trading Day to be a Settlement Date in respect of such Transaction on at least three Scheduled Trading Days’ notice, and to select the number of Settlement Shares for such Settlement Date; provided that (x) prior to the effectiveness of the designation of a Stock Borrow Event under this paragraph (a), Party B may refer BNYM to a lending party reasonably acceptable to BNYM that will lend BNYM (or its affiliate) Shares within such three Scheduled Trading Day period, on terms reasonably acceptable to BNYM and at a stock loan cost of no more than 45 basis points per annum and (y) the number of Settlement Shares for any Settlement Date so designated by BNYM shall not exceed the number of Shares as to which such inability to, or cost limitation with respect to, borrow exists; or

Stock Borrow Events. Notwithstanding anything to the contrary herein, in the Agreement or in the Equity Definitions, if, after using commercially reasonable efforts, BNYM KBCM (or its affiliate) is unable to hedge (or maintain a hedge of) BNYMKBCM’s exposure to any Transaction (a “Stock Borrow Event”) because (i) of the lack of sufficient Shares being made available for Share borrowing by lenders or (ii) it (or its affiliate) would incur a stock loan cost of more than 45 basis points per annum, BNYM KBCM shall have the right to designate any Scheduled Trading Day to be a Settlement Date in respect of such Transaction on at least three Scheduled Trading Days’ notice, and to select the number of Settlement Shares for such Settlement Date; provided that (x) prior to the effectiveness of the designation of a Stock Borrow Event under this paragraph (a), Party B may refer BNYM KBCM to a lending party reasonably acceptable to BNYM KBCM that will lend BNYM KBCM (or its affiliate) Shares within such three Scheduled Trading Day period, on terms reasonably acceptable to BNYM KBCM and at a stock loan cost of no more than 45 basis points per annum and (y) the number of Settlement Shares for any Settlement Date so designated by BNYM KBCM shall not exceed the number of Shares as to which such inability to, or cost limitation with respect to, borrow exists; or