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This excerpt taken from the AYR 10-Q filed Nov 17, 2008. Margin
Calls
Our interest rate derivative instruments are, in some cases,
subject to margin calls based on the value of the underlying
security and the level of interest rates. Margin calls resulting
from decreases in the value of our debt instruments or
mark-to-market losses on our derivative instruments due to
decreasing interest rates could require that we post additional
collateral. Management believes that we maintain adequate cash
reserves and liquidity to meet any reasonably possible margin
calls resulting from these risks, but can make no assurances
that we will have adequate additional collateral under all
potential scenarios. At December 31, 2007 and
September 30, 2008, we had margin deposits in the amount of
$35.9 million and $9.9 million, respectively. As of
October 31, 2008, the aggregate fair value of our interest
rate swaps and our interest rate forward contracts was a
liability of $131.9 million and we had pledged
$9.0 million in cash collateral required under certain of
our interest rate swaps and our interest rate forward contracts.
This excerpt taken from the AYR 10-Q filed Aug 8, 2008. Margin
Calls
Our interest rate derivative instruments are, in some cases,
subject to margin calls based on the value of the underlying
security and the level of interest rates. Margin calls resulting
from decreases in the value of our debt instruments or
mark-to-market losses on our derivative instruments due to
decreasing interest rates could require that we post additional
collateral. Management believes that we maintain adequate cash
reserves and liquidity to meet any reasonably possible margin
calls resulting from these risks, but can make no assurances
that we will have adequate additional collateral under all
potential scenarios. At December 31, 2007 and June 30,
2008, we had margin deposits in the amount of $35.9 million
and $1.5 million, respectively. As of August 1, 2008,
the aggregate fair value of our interest rate swaps and our
interest rate forward contracts was a liability of
$106.5 million and we had pledged $3.3 million in cash
collateral required under certain of our interest rate swaps and
our interest rate forward contracts.
This excerpt taken from the AYR 8-K filed Sep 26, 2007. Margin Calls Our repurchase agreements and interest rate derivative instruments are also subject to margin calls based on the value of the underlying security and the level of interest rates. Margin calls resulting from decreases in the value of our debt instruments or mark-to-market losses on our derivative instruments due to decreasing interest rates could require that we post additional collateral. Management believes that we maintain adequate cash reserves and liquidity to meet any reasonably possible margin calls resulting from these risks, but can make no assurances that we will have adequate additional collateral under all potential scenarios. | EXCERPTS ON THIS PAGE:
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