Liquidity Margin Excess

Liquidity Margin Excess. With respect to any Person, the amount by which (x) the value of assets sold or assigned by such Person or subsidiaries of such Person under repurchase or similar credit facility arrangements exceeds (y) the aggregate outstanding repurchase price thereof, in each case solely to the extent that such excess has been unconditionally approved (or is available for draw without approval) by the related buyer or lender for disbursement or lending to the applicable Person or its subsidiaries including,... without limitation, any Margin Excess pursuant to Sections 3.11 or 4.01(b) of the Repurchase Agreement with respect to which all applicable conditions precedent have been satisfied (including, without limitation, the determination by Buyer that Margin Excess exists). View More