Common use of Type and Amount Clause in Contracts

Type and Amount. The Collateral which is to be delivered by the Borrower to the Lender in accordance with Section 1 hereof, shall consist of either (i) cash transferred to the Lender by (I) wire transfer, (II) certified or official bank check or checks in clearing house (i.e., next day) funds payable to the Lender (both I and II collectively the “Cash Collateral”), or (III) credit to an account maintained by the Lender at a financial institution or depository and designated by the Lender as the account to which Cash Collateral may be transferred; (ii) direct general obligations of, or obligations the payment of the principal of, and interest on, which are unconditionally guaranteed by the United States of America [or its agencies?] (“Government Securities”) (“Securities Collateral”); or (iii) an unconditional and irrevocable letter of credit issued to the Lender as beneficiary by a bank other than the Borrower or an affiliate thereof, which is acceptable to the Lender (“Credit Collateral”). The market value of the Collateral to be delivered on the day a Loan is made shall equal at least one hundred two percent of the market value of the Loaned Securities and any accrued interest thereon (or at least one hundred five percent in the case of foreign Loaned Securities), as of the close of business on the first business day next preceding the day on which the Loan is made. For purposes of this Agreement, the market value of the Loaned Securities and the Collateral shall be deemed to be in the case of equity and corporate securities their closing price on the exchange on which they are traded as of the close of business on the preceding business day, and in the case of Government Securities their ending bid price as listed in pricing sources utilized by the Lender as of the close of business on the preceding business day. The term “Collateral” shall include any securities in which any Collateral may be invested, all proceeds of any such investment and all securities and other properties exchanged therefore or distributed with respect thereto, any substitute Collateral delivered by the Borrower to the Lender in accordance with Subsection (b) hereof and any additional Collateral delivered by the Borrower to the Lender in accordance with Subsection (c) hereof.

Type and Amount. The Collateral which is to be delivered by the Borrower to the Lender in accordance with Section 1 hereof, shall consist of either (i) cash transferred to the Lender by (I) wire transfer, (II) certified or official bank check or checks in clearing house (i.e., next day) funds payable to the Lender (both I and II collectively the “"Cash Collateral”"), or (III) credit to an account maintained by the Lender at a financial institution or depository and designated by the Lender as the account to which Cash Collateral may be transferred; (ii) direct general obligations of, or obligations the payment of the principal of, and interest on, which are unconditionally guaranteed by the United States of America [or its agencies?] (“Government Securities”) (“"Securities Collateral”"); or (iii) an unconditional and irrevocable letter of credit issued to the Lender as beneficiary by a bank other than the Borrower or an affiliate thereof, which is acceptable to the Lender (“"Credit Collateral”"). The market value of the Collateral to be delivered on the day a Loan is made shall equal at least one hundred two percent of the market value of the Loaned Securities and any accrued interest thereon thereon, (or at least one hundred five percent in the case of foreign Loaned Securities), ) as of the close of business on the first business day next preceding the day on which the Loan is made. For purposes of this Agreement, the market value of the Loaned Securities and the Collateral shall be deemed to be in the case of equity and corporate securities their closing price on the exchange on which they are traded as of the close of business on the preceding business day, and in the case of Government Securities their ending bid price as listed in pricing sources utilized by the Lender as of the close of business on the preceding business day. The term “"Collateral” " shall include any securities in which any Collateral may be invested, all proceeds of any such investment and all securities and other properties exchanged therefore or distributed with respect thereto, any substitute Collateral delivered by the Borrower to the Lender in accordance with Subsection (b) hereof and any additional Collateral delivered by the Borrower to the Lender in accordance with Subsection (c) hereof.