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In the event that a valued pledge from an OCC control account recycles to the pledgee and does not complete (drops) by DTC’s valued recycle cutoff at approximately 3:10 p.m. eastern time, DTC will reverse the associated demand of collateral transaction. The demand of collateral reversal will, in effect, “repledge” the Participant’s securities back to OCC. The demand of collateral reversal will appear as an adjustment in the Activity Inquiry function.

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