Capitalized terms used in this letter have the meanings specified in the CFTC IM Segregation Right Notice referenced below unless otherwise defined.
Initial Margin Segregation Election
Counterparty1 makes the following election with respect to IM posted on its behalf in connection with any Uncleared Swap between Counterparty and Northern Trust that is executed after delivery of this election letter to Northern Trust: (check one)
1 "Counterparty" means each account, client, fund, investor, and/or other principal on behalf of whom this CFTC IM Segregation Election Letter is executed.
2 The relevant election in this letter will only apply to Uncleared Swaps that are executed by the relevant party that executes this letter. For instance, if this letter is being executed by any agent, then the relevant election will only apply to Uncleared Swaps that are executed by such agent on behalf of Counterparty.