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.. 8ubl1ftVtlon Seller may. lUbfed to 8gTWment wfth and acceptanc:e by Buywr. aåtJWt8 OCher Securities for Irr'f ~ Sec:urities. Such lWsUtutìon WI( be made by transfer to theS4Jy8r of 8Ud1 OCher Securtlies 8;a1nst 8irnuftanecus tansrer 80 hi SeIer d IUCh F\rI::hued. S«:u1ties. NWt. ~ .. aàbJIed 8ecurtties wn be deemed to be Pun:Nad Sec:uiti8a. 10. "epre8entatJona Each of Buyer and Stner represents and warrants to the other that (I) It Is d4lty authorfz8d to execute and eMr....er INs Agreement. to ente, InIo the 'ansactions ccntemplated herfiftStr and to perform Its obfigations hereunder and has taken all necessary aaion to authorize such eua.rtion. delivery and performance, (1111 wflf engage In 8Ud\ 1i'ansacti~ u principar (or. I agrHd k\. writing k\. advance of 8fty 1tansaction by fMt other party hereto. as agent for a disclosed princ:ipaQ. (il) b p8t$Cn ISgning this AQrHment on Its behalf II duty authorized 10 do 10 en Its beharf (or en behalf of any IUd\ disdoHd principal). (rv) I has obtained all authorizations of any ;overrvnentar bod)' requIted In ccnnection wtU\ WI Agreement and the 1i'ansactions hereundtt and such authorizations are In fuft force and effect and (v) the 8xec:ution. delivery and performance of IN¡ Agrttment and the '1iansactions hereunder wW net \'folate any law. ordinance, cIw1er. by-law or ftJft appficabre 10 . or any agrttment by which I. bcund or ~. which any of Its assets are affected. On b Purchase Oatl for any 'D'ansaction. Buy.r and SeDer 8hd lach be d4Nmed to repeat aD thl foregoing representations made by L 11. Iv.ntl of Default In fl. Ivent that. (I). Selltt fans to repurd\ase or luytr faJIs to transflr P\m::N.sed SecuriUes upon .... çpficabre Repurchase Dati, (Ii)/SelJer or Buyer fllts, after cnt business day'¡ notice, to complywtlh Paragraph .. hereof. (iii) BU)'Ir faits 10 oornpry wtU\.. Paragraph 5 hereof. (Iv) an Ad of InsoIvlncy OOCVI tII'M resped 10 Seiter or Buyer. (v) In)' representaUon made by Setter or Buyer. shaD haw been Irœrrtc:t or unwl In any material resped when made or "peated or deemed to haw been ma6t or ..peated. or (vi) Sener or Buyer shan admit to the other Ita Inability to.. or IIIn18ntion not to. ptrfonn 11ft of II obrigatiol'\S hereunder Clach an -Evlnt or DtflJ.d!1: (I) þJ the option of &he nondlfaulting party, exercfsed by wrttten noGce to the defaufting party. (~ CIp5on. sP\aII. be cSeemed to have been Ixerå$td, even I no notice .. g1wn. hvned'lIte!)t '4XX" h ca::urn:II øI an AI::J. of fnsdve~, .... Repurcñase Dce b' NCh 'Iaraction ~ Ihd. be deemed ~ ID GCCUt (b) In an Transactions In wNch the dtfaufting party Is ading u Setter,. r the nondtfautting party exercIses Of Is deemed 10 have exercised IN option "rerred 10 In subparagraph ea) of this paragrçh. (i) .... deraufting part1$ obrigations hereunder 80 repurtN.se aD ~. SecurtUes In. such 'hnsactic:n shaD thereupon becomelmmediatety due and payable. (ii] to IN extent permltted by appficablelaw. '" Repurchase Price with respect 10 lach auc:h Transaction ahall be Inc:reutd by the aggregate amount obtaIned by daity appfication of (x) the grlafer of She PricIng Rate for luch Transaction or IN Primt F\at8 to (y) the Repurchase Price for auch,., ansac:Uon IS of the RepurcN.se Dati IS determined p,n'Iuant II) tUbparagraph (a) of this Paragraph (decrlued IS of In)' day ~ (A) any amounts "tatntd by .. nondefaulting party wtth respect. to such Repurçhase Price pursuant 10 c:fause (iii) of INs subparagraph. (B) any proceeds from the SIre of Purc:tlased Securities pursuanUo subpa'agrapl\(d)(t) of this paragraph. and (C) any amounts credited to the account of the defautUng party pursuant. to lubparag~h (e) of IhiI paragraph) on a 360 day per year basts for the actual number of days during the period from the dati of IN Event of Default giving rise 10 such option to the dati of payment of the Repurd'we Price IS 10 h::rea.sed, Cui) an Income paId after sud\ exercise or deemed exercise s!\an be rÑined by b nondefaulting party and 89pfied 10 the aggregate unpaid Repurchase Priees owed by the defaulting. party. and (Iv) IMt defautling party shan Immedi~tety derav" to the nonderautUng patty any PurcN.s'- s.curities subject to 8uch Transactions then In the defaulting party's posseøJon. (e) In all 1iansactions In YltVch the csefauft¡ng part)' Is acting u Su'fer,1.ÇQn t8n6er by b nondefaufting Party of payment of the aggregate Repurchasl Prices for an such TransactionS. 1M defaulting party" right. titre and interest In all Purchased Securities subjedto such '1ians I dion shanÞe cSeemtdttansftrT8d to the nondefautting. party. and the defaulting party shalf. deliver aJt IUd\ Purd\&secS Securities 10 twI nondefautting party. Cd). After one business day" notice 10 the defautUng party (whIch notiœ need not be gfvtn If an Ad of Insorvency shan have occuned,. and which may be the notice given under subparagraph (a) of this Paragraph or the notice rerened 1O~lncJause (II).of the farll sentence of this Paragrçh),1he nondefaulting party may: (I) as to Transadions In which IN defaulting party; Is acting. u Serr~ (A) Immediately seD. In a rec:ognized marttet at suc:h price or prices u" nondefaufting. party mayrea.sonably """' Ati$f~ any or In Purchased Securities subject to lUCh'1iansactions and çptythe proceeds thereof to the aggregate unp2id Repurc:N.s8 Prices and any oU\er amounts owing by U\e defaulting party hereunder 22