Common use of Defaults by Counterparties Clause in Contracts

Defaults by Counterparties. (a) Upon the occurrence of an event of default (as defined in the Securities Loan Agreement or other documentation governing an Investment) by a Borrower or a Counterparty or other obligor on an Investment, MetWest may, unless such event of default is cured prior thereto, terminate such Loan or Investment in accordance with the Securities Loan Agreement or any documentation covering the Investment, and MetWest shall inform Client regarding its rights thereunder. (b) Seventy-five percent of all expenses incurred by MetWest in acting pursuant to this Section 6.2 shall be borne by Client, and any such amounts (as well as any other amounts to which MetWest is entitled hereunder) will be charged to the Client. (c) Client hereby understands and agrees that MetWest is acting as agent for Client and is not in any way responsible for the performance of a Borrower under any Securities Loan Agreement or a Counterparty or other obligor under an Investment and shall in no way bear any responsibility for any default by either of them. (d) In the event for any reason there is a failure on the part of a Borrower to deliver Loaned Securities to Client on an agreed upon date, MetWest may, but shall not be obligated to, invest Cash Collateral with respect to such Loaned Securities overnight in any short term investment account or take such other action as it deems appropriate to the extent such action is consistent with this agreement.

Defaults by Counterparties. (a) Upon the occurrence of an event of default (as defined in the Securities Loan Agreement or other documentation governing an Investment) by a Borrower or a Counterparty or other obligor on an Investment, MetWest may, unless such event of default is cured prior thereto, terminate such Loan or Investment in accordance with the Securities Loan Agreement or any documentation covering the Investment, and MetWest shall inform Client regarding its rights thereunder. (b) Seventy-five percent of all expenses incurred by MetWest in acting pursuant to this Section 6.2 shall be borne by Client, and any such amounts (as well as any other amounts to which MetWest is entitled hereunder) will be charged to the Client. (c) Client hereby understands and agrees that MetWest is acting as agent for Client and is not in any way responsible for the performance of a Borrower under any Securities Loan Agreement or a Counterparty or other obligor under an Investment and shall in no way bear any responsibility for any default by either of them. (d) In the event for any reason there is a failure on the part of a Borrower to deliver Loaned Securities to Client on an agreed upon date, MetWest may, but shall not be obligated to, invest Cash Collateral with respect to such Loaned Securities overnight in any short term investment account or take such other action as it deems appropriate to the extent such action is consistent with this agreementAgreement.