the defaulting party is acting as Buyer, upon tender by the nondefaulting party of payment of the aggre- gate Repurchase Prices for all such Transactions, all right, title and interest in and entitlement to all Purchased Securities subject to such Transactions shall be deemed transferred to the nondefaulting party, and the defaulting party shall deliver all such Purchased Securities to the nondefaulting party.   (d) If the nondefaulting party exercises or is deemed to have exercised the option referred to in subparagraph (a) of this Paragraph, the nondefaulting party, without prior notice to the defaulting party, may:   (i) as to Transactions in which the defaulting party is acting as Seller, (A) immediately sell, in a recognized market (or other- wise in a commercially reasonable manner) at such price or prices as the nondefaulting party may reasonably deem satisfac- tory, any or all Purchased Securities subject to such Transac- tions and apply the proceeds thereof to the aggregate unpaid Repurchase Prices and any other amounts owing by the default- ing party hereunder or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Securities, to give the     defaulting party credit for such Purchased Securities in an amount equal to the price therefor on such date, obtained from a generally recognized source or the most recent closing bid quotation from such a source, against the aggregate unpaid Repurchase Prices and any other amounts owing by the default- ing party hereunder; and   (ii) as to Transactions in which the defaulting party is acting as Buyer, (A) immediately purchase, in a recognized market (or otherwise in a commercially reasonable manner) at such price or prices as the nondefaulting party may reasonably deem satis- factory, securities ("Replacement Securities") of the same class and amount as any Purchased Securities that are not delivered by the defaulting party to the nondefaulting party as required hereunder or (B) in its sole discretion elect, in lieu of purchasing Replacement Securities, to be deemed to have purchased Replacement Securities at the price therefor on such date, obtained from a generally recognized source or the most recent closing offer quotation from such a source.