Common use of Variation Margin Clause in Contracts

Variation Margin. The Market Value of this Agreement may be determined at any time by Barclays Bank PLC, as calculation agent (the “Calculation Agent”), in its sole reasonable discretion. The amount by which the market value of this Agreement increases or decreases from the market value of this Agreement as of the date hereof, is referred to as the “Variation Margin”. If on any date, the Calculation Agent determines that amounts would otherwise be payable in respect of Margin Excess or Margin Deficit (each as defined in the Master Repurchase Agreement) by a party, on the one hand, and that offsetting amounts are payable by the other party in respect of an increase or decrease in Variation Margin, respectively, on the other hand, then, on such date, each party’s obligation to make payment of any such amount may be netted. The Calculation Agent’s calculations and determinations shall be made in good faith and will be provided to the Seller upon request. The intent of this Section 9 is to offset the effect of a Margin Deficit or Margin Excess against Variation Margin.

Variation Margin. The Market Value market value of this Agreement may be determined at any time by Barclays Bank PLC, as calculation agent (the “Calculation Agent”), in its sole reasonable discretion. The amount by which the market value of this Agreement increases or decreases from the market value of this Agreement as of the date hereof, is referred to as the “Variation Margin”. If on any date, the Calculation Agent determines that amounts would otherwise be payable in respect of Margin Excess or Margin Deficit (each as defined in the Master Repurchase Agreement) by a party, on the one hand, and that offsetting amounts are payable by the other party in respect of an increase or decrease in Variation Margin, respectively, on the other hand, then, on such date, each party’s obligation to make payment of any such amount may be netted. The Calculation Agent’s calculations and determinations shall be made in good faith and will be provided to the Seller upon request. The intent of this Section 9 is to offset the effect of a Margin Deficit or Margin Excess against Variation Margin.