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tÞ 1kI)"8r ~ FVcN.Md Secutlies1. 80 f\8t ... cah 8nd ~e MaIt8t ~ cI b ~ 8«urUies. ~uding InY 8Uch Add"ftjonaJ Fvrcf\aMd SecurttÞes. wig thereupon equal or UCHd 8UCta 8Qg~ate Buyer'¡ Margin. Amount(dec:rlased by the amount 01 art. Mar;fn Þ8fic1. as ollUChdat8 8tWng tom any'1tans.actions In which 8Ud\ Buyer II IdIng as Sener). (b)i" at any time the aggregate Marbt. V&fue of an~. s.cuttiellUbfed to.. 'IanIactic:Ins " wNdt a particufar party hereto II acting as Serre, IXCftdS the agg1'8gatl Selle", Margfn Amount tar allUCh 1tansactionl at auch time (a "'Margin ExoIss1. lhen Seifer may by notice to Buyer r8qUft1 Burtr In ax:h '1tansactions. at Buyer'¡ option. to transfer cash or Purchased s.curttilS to SeDe~. 10 I\at '" .;gregate Martet Value of the Purchased SecurftilS. after cMduction of any aud\ cash or any Purc:nued Securities 10 transferred. wiD thereupon not exCHcf such aggregate SeDer" MargfnAtnoun& (Increased by "" amount of InY M&rgfn ExceSi II ollUCh date arising from any 'l'anudicna ~ wNc:h..IUC:f\. SeISer II acting as 8u)'8r). (c) Any c:ash transferred pcnuant tÞ tú Paragrçl\.1hd be at\riÞut8d ID IUCt\ "hnsad5cna IIIhd be Igreed upon by Buyer and SeØK (d) Sener and Buyer may agrH. wfth respect to any or aft1tansactions hlreund8r. that the 1'I~ iSghti of Buyer or Sener (or t)oth) under aubparagrçhs (a) and (b) of INs Paragraph may be tlerciMd only wbere a Margin Denclt or Margin Excess exceeds a specified dorrar amount or a specified percentage ollf)l RepurcN.se Prices for IUCh 1'ansactions (which amounI or perc:8ntag. IhaØ be agrHd II:) by 8uyer and Sene, prior to entering Into any such 1tansacti0n8). (e) Seiter and Buyer may agrH. wiU\ flsped1.o anyoraJI '1tansactïons hertund.r.lhat the reSt*tiW rights of Buyer and Sener under subparagraphs ea) and (b) of thIs Paragraph to requIre the 'limination ole Margin eerdt or a Margin Excess. as the casl may be. may be lxerCISed wmenev.r IUd\ a Mat;fn o.rdt Of Margin. Excess .xlsts wfU\ respect to any IIngf. 1tansadion her.undtr (C&JaIfated wfthcut r.¡arcf to any other 'ltansac1ion outItand'an; under 1\11 AQrlllTllftO. .. Inco m , PI)'IM nta Wherl a particufar1i'ansaction\ term .xtends eMr anlnc:ome payment date on"" Sea.mtits IUt:Ii«:t to l\at 1i'ansaction. Buyer shaJl. IS .... parties may agr.e wtU\ resped 10 such 'ltansaction (or. In. '" absence of any agreement. as Buyer shan reasonably determIne In Ita discretion). on.... dati ad\ tœma Is payable tither (i) transfer 10 or crecflt. to the acccunt of s.n.r"anamount equar tø IUCt\ Incam8 payment or payments with resped 10 Ifty P\lrcN.sed Securtties sublec:t to such 1tansadion or (i) çpIy f)llnccme payment or paymentstD reduce the amount to be transferred to BUyer by Seller upQn termination of It'Ie '1iansaction. Buyer shan not be obligated to take InY action PUl'luant to IN pr8C8d'ang aentlnee to \tie ex\ent \tIat such action woutdresuft In the cr.ation of a Margin. Dendi. unless prior IhtretD Of almuttaneously therewith Sener transfel'l to Buy.r cash or Additio"ll f\lrchastd Sec::urfties autrldlnt to aGmInate such Margin DtrdL .. s.curfty Int.reat AMough the parties Intend that a111tansactions hereunder be safes Ind purc:l\aSIS and not bani, In the event any such 1i'ansactions ar. deemed 10 be bans. Selle, shall be deemed to have pledged to BUYI' as securitt!of the performance trt. Sener of 1\s obligations unde, each 8UCh'1'ansadion. and IhaII be deemed to have granted to Buyer a security Inte,est In. aft of the P\lrcNsed Securities wttn respec:t to aD "IJansactions hereunder and all ptOCHds hf8of. 7. Payment and Ttanlfer Unless otherwise mutuany agreed, an transfel'l or funds her.under shall be In Immed'Lltely IVIUaÞlt imds. All Securities tansferred by one party hereto to the other party (i) shalt be In luftA!)le form for "ansfer or shaD be accompanied by duty IxlQJted IhsWments of tans1I' or assignment 1n btank and IUC:h ~r documentatiOn as ~ party receiving possession may reasonably ~ œ INlI be transfenwd on the book-entry system of a Federal Reserve Bank. or (iii) shan be transferred by a.ny other methOd mutually acceptable to Sener and Buyer. As used herein wiU\ respect to SeC\rftie_tì .".nsfer'" Is Intended to hav. the same meaning as when used rn Section 1.313 of Iht New '\brt UnlfOf'lb:-CommerciaJ COde. I. Se-gre-gltton of Purchued StcurttJ.. An Purcha.sed Sec\.lrities rn the possession. of Seller. shaft be se¡r~ated from. 01hef aKUl'1ties In Is possession and shan be Identified IS lubJect 10 this Agreement. Segregation may be acc:omprlShed by appropriate Identification on the books Ind records of the holder. Including a financIal Intermediary or a dearing corporation. Title 10 In Purchased Securities shan pass 10 Buyer and. unless otherwise agrttd bot Buye r and Se ner. no Ching In this Ag r Ie me nt shalf ptedude Buyer from,. e ng a gin;. In r8pur c:N.se t ansactiCnS writh the P\lrchased Securities or otherwise pledging or hypothecating the AJrcf\ased Sft:urities. but no such transaction,shall rer.eve Buyer of Its obligations to transfer Purchased Securities to Sener pursuanl to Paragraphs 3. 4 Of " hereof. or of Buyer's obligation 1.0 cred"1t or pay Income to. or apply Incomt to .... obligations of. Sener pul'luant to Paragraph,¡ hereof. 21