GUARANTOR COLLATERAL AVAILABILITY. Shall mean, with respect to the Guarantor Collateral pledged by a Guarantor in connection with a Guaranty as security for an individual Loan, the sum of (a) in the case of cash, 100% of the amount of all cash deposited by such Guarantor with North Fork Bank in an account pledged by such Guarantor to Inmark pursuant to a Guarantor Pledge Agreement in connection with such Guarantor's Guaranty, (b) in the case of letters of credit, 100% of the face amount of any letter of credit in form and
... substance reasonably satisfactory to Inmark the original of which is in Inmark's possession issued by a bank reasonably acceptable to Inmark naming such Guarantor as applicant and Inmark as beneficiary thereunder in connection with such Guarantor's Guaranty, (c) in the case of certificates of deposit, 100% of the amount of all certificates of deposit maintained by such Guarantor with North Fork Bank pledged by such Guarantor to Inmark pursuant to a Guarantor Pledge Agreement in connection with such Guarantor's Guaranty, (d) in the case of United States treasury bills, 90% of the market value (as determined by Inmark) of all treasury bills maintained by such Guarantor in a securities account established with North Fork Bank or any of its affiliates and pledged by such Guarantor to Inmark pursuant to a Guarantor Pledge Agreement in connection with such Guarantor's Guaranty, and (e) in the case of all other marketable securities, the percentage of such marketable securities maintained by such Guarantor in a securities account established with North Fork Bank or any of its affiliates and pledged by such Guarantor to Inmark pursuant to a Guarantor Pledge Agreement in -2- connection with such Guarantor's Guaranty reasonably determined by Inmark as an appropriate percentage of availability against such Guarantor Collateral delivered, which percentage may be adjusted from time to time by Inmark based on changes in condition of such Guarantor Collateral. Notwithstanding anything contained herein to the contrary, in no event shall the Guarantor Collateral Availability with respect to any Loan exceed the principal stated amount of the applicable Guarantor's liability under the Guaranty relating to such Loan.
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