Use of Posted Collateral The provisions of Paragraph 6(c)(i) will not apply to Party B, but the provisions of Paragraph 6(c)(ii) will apply to Party B.
Holding and Using Posted Collateral (i) Eligibility to Hold Posted Collateral; Custodians. Counterparty and its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied: (1) Counterparty is not a Defaulting Party; and (2) Posted Collateral may be held only in the following jurisdictions: New York State or such other state in the United States in which the Counterparty is located; and (3) the account is segregated from all other accounts held by the Counterparty and its Custodian. (4) Party B may appoint as Custodian (A) the entity then serving as Trustee under the Pooling Agreement or (B) any other entity if such entity (or, to the extent applicable, the parent company or credit support provider) shall have a long-term senior unsecured debt rating by S&P of at least “A” or a short-term senior unsecured debt rating of at least “A-1” by S&P. Initially, the Custodian for Counterparty is: None
Eligibility to Hold Posted Collateral; Custodians Counterparty and its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied: (1) Counterparty is not a Defaulting Party and (2) Posted Collateral may be held only in the following jurisdictions: New York State. Initially, the Custodian for Counterparty is: None
Eligible Collateral (a) As used herein the term “Eligible Collateral” shall mean the amount of Collateral which has an aggregate fair market value equal to the amount by which the Pledgor is in default (without regard to any amounts owing solely as the result of an acceleration of the Loan Agreement) or such lesser amount of Collateral as may be required pursuant to section 13 of this Pledge Agreement.
Cap Collateral Reserved.