Common use of Variation Margin Clause in Contracts

Variation Margin. MSCG may, in its reasonable discretion and upon notice to TRC, require that TRC provide it with satisfactory security (“Variation Margin”) in an amount equal to MSCG’s estimate of its Exposure on any day on or prior to the third Business Day following such date of determination, subject to a minimum exposure to be mutually agreed between the Parties from time to time. 12.5.2.1 MSCG shall calculate its “Exposure” by netting the following amounts: (i) the aggregate *****; (ii) the ***** on any relevant day; (iii) the difference between *****; and (iv) the *****.