Common use of Value of Pledged Assets Clause in Contracts

Value of Pledged Assets. For so long as the Pledged Assets are maintained in the Control Account pursuant to this Agreement, Optionee shall cause the Pledged Assets to maintain an aggregate fair market value of not less than 75% of the aggregate fair market value of such Pledged Assets at the time such Pledged Assets are deposited into the Control Account (such value, less the related Tax Amounts, the “Initial Value;” provided, that if Pledged Assets have been deposited on more than one occasion, the Initial Value of all the Pledged Assets shall be the aggregate of the fair market values, less the related Tax Amounts, of the separate deposits on their respective deposit dates; and provided further, that if any Pledged Assets remain following the Termination Date (as defined in paragraph 6), then the Initial Value shall be adjusted proportionately to reflect the difference between the value of the initial Pledged Assets and the Holdback Pledged Assets (as defined in paragraph 6 below)). If the value of the Pledged Assets shall decrease below 75% of the Initial Value, Optionee shall contribute additional funds or investments to the Control Account to increase the value of the Pledged Assets to an amount equal to or greater than 75% of the Initial Value. At all times that the account value is at least 75% of the Initial Value, Optionee shall have the right to control the investment activity in the Control Account. Optionee shall be entitled to all interest, dividends, distributions or other income earned, paid or accrued on the Pledged Assets if and to the extent that distribution thereof does not reduce the value of the Pledged Assets below 100% of the Initial Value, but Optionee shall in no event be entitled to receive any proceeds of sale or exchange of Pledged Assets. If the value of the Pledged Assets decreases below 75% of the Initial Value, the Company shall have exclusive control of the investment activity in the Control Account and may notify Goldman to invest the Pledged Assets in one or more short term market instruments, including but not limited to marketable obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or investment grade bank instruments, corporate debt obligations, commercial paper, demand instruments, adjustable rate obligations, asset-backed securities or money market funds subject to the requirements of the Investment Company Act of 1940, as amended; provided, however, that if Optionee contributes assets to the Control Account so as to increase the value of the Pledged Assets such that they exceed 75% of the Initial Value, Optionee shall once again have the right to control the investment activity in the Control Account, subject to the conditions of this paragraph 5.