Template:GMSLA 2010 5.4: Difference between revisions
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{{gmslaprov|5.4}} '''{{gmslaprov|Marking to Market of Collateral during the currency of a Loan on aggregated basis}}''' <br> | {{gmslaprov|5.4}} '''{{gmslaprov|Marking to Market of Collateral during the currency of a Loan on aggregated basis}}''' <br> | ||
Unless paragraph 1.3 of the {{gmslaprov|Schedule}} indicates that paragraph {{gmslaprov|5.5}} shall apply in lieu of this paragraph {{gmslaprov|5.4}}, or unless otherwise agreed between the {{gmslaprov|Parties}}: | Unless paragraph 1.3 of the {{gmslaprov|Schedule}} indicates that paragraph {{gmslaprov|5.5}} shall apply in lieu of this paragraph {{gmslaprov|5.4}}, or unless otherwise agreed between the {{gmslaprov|Parties}}: | ||
:(a) the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Collateral}} delivered to or deposited with {{gmslaprov|Lender}} (excluding any {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} repaid or delivered under paragraphs {{gmslaprov|5.4}}(b) or {{gmslaprov|5.5}}(b) (as the case may be)) ('''{{gmslaprov|Posted Collateral}}''') in respect of all {{gmslaprov|Loans}} outstanding under this {{gmslaprov|Agreement}} shall equal the aggregate of the {{gmslaprov|Market Value}} of {{gmslaprov|Securities}} equivalent to the {{gmslaprov|Loaned Securities}} and the applicable {{gmslaprov|Margin}} (the {{gmslaprov|Required Collateral}} | :{{gmslaprov|5.4(a)}} the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Collateral}} delivered to or deposited with {{gmslaprov|Lender}} (excluding any {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} repaid or delivered under paragraphs {{gmslaprov|5.4}}(b) or {{gmslaprov|5.5}}(b) (as the case may be)) ('''{{gmslaprov|Posted Collateral}}''') in respect of all {{gmslaprov|Loans}} outstanding under this {{gmslaprov|Agreement}} shall equal the aggregate of the {{gmslaprov|Market Value}} of {{gmslaprov|Securities}} equivalent to the {{gmslaprov|Loaned Securities}} and the applicable {{gmslaprov|Margin}} (the '''{{gmslaprov|Required Collateral Value}}''') in respect of such Loans; <br> | ||
:(b) if at any time on any Business Day the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} in respect of all {{gmslaprov|Loans}} outstanding under this {{gmslaprov|Agreement}} together with: (i) all amounts due and payable by the {{gmslaprov|Lender}} under this {{gmslaprov|Agreement}} but which are unpaid; and (ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of any {{gmslaprov|Non-Cash Collateral}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Non-Cash Collateral}} exceeds the aggregate of the {{gmslaprov|Required Collateral Values}} in respect of such {{gmslaprov|Loans}} together with: (i) all amounts due and payable by the {{gmslaprov|Borrower}} under this Agreement but which are unpaid; and (ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of any securities equivalent to {{gmslaprov|Loaned Securities}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Equivalent}} {{gmslaprov|Securities}}, {{gmslaprov|Lender}} shall (on demand) repay and/or deliver, as the case may be, to {{gmslaprov|Borrower}} such {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} as will eliminate the excess; <br> | :{{gmslaprov|5.4(b)}} if at any time on any {{gmslaprov|Business Day}} the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} in respect of all {{gmslaprov|Loans}} outstanding under this {{gmslaprov|Agreement}} together with: | ||
:(c) if at any time on any {{gmslaprov|Business Day}} the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} in respect of all {{gmslaprov|Loans}} outstanding under this {{gmslaprov|Agreement}} together with: (i) all amounts due and payable by the {{gmslaprov|Lender}} under this {{gmslaprov|Agreement}} but which are unpaid; and (ii) if agreed between the parties and if the Income Record Date has occurred in respect of any Non-Cash Collateral, the amount or Market Value of Income payable in respect of such {{gmslaprov|Non-Cash Collateral}} falls below the aggregate of {{gmslaprov|Required Collateral Values}} in respect of all such {{gmslaprov|Loans}} together with: (i) all amounts due and payable by the {{gmslaprov|Borrower}} under this {{gmslaprov|Agreement}} but which are unpaid; and (ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of {{gmslaprov|Securities}} equivalent to any {{gmslaprov|Loaned Securities}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income payable}} in respect of such Equivalent Securities, Borrower shall (on demand) provide such further Collateral to Lender as will eliminate the deficiency; <br> | ::(i) all amounts due and payable by the {{gmslaprov|Lender}} under this {{gmslaprov|Agreement}} but which are unpaid; and | ||
:(d) where a {{gmslaprov|Party}} acts as both {{gmslaprov|Lender}} and {{gmslaprov|Borrower}} under this {{gmslaprov|Agreement}}, the provisions of paragraphs {{gmslaprov|5.4}}(b) and {{gmslaprov|5.4}}(c) shall apply separately (and without duplication) in respect of {{gmslaprov|Loans}} entered into by that {{gmslaprov|Party}} as {{gmslaprov|Lender}} and {{gmslaprov|Loans}} entered into by that {{gmslaprov|Party}} as {{gmslaprov|Borrower}}. | ::(ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of any {{gmslaprov|Non-Cash Collateral}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Non-Cash Collateral}} | ||
:exceeds the aggregate of the {{gmslaprov|Required Collateral Values}} in respect of such {{gmslaprov|Loans}} together with: | |||
::(i) all amounts due and payable by the {{gmslaprov|Borrower}} under this Agreement but which are unpaid; and | |||
::(ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of any securities equivalent to {{gmslaprov|Loaned Securities}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Equivalent}} {{gmslaprov|Securities}}, | |||
:{{gmslaprov|Lender}} shall (on demand) repay [[and/or]] deliver, [[as the case may be]], to {{gmslaprov|Borrower}} such {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} as will eliminate the excess; <br> | |||
:{{gmslaprov|5.4(c)}} if [[at any time]] on any {{gmslaprov|Business Day}} the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} in respect of all {{gmslaprov|Loans}} outstanding under this {{gmslaprov|Agreement}} together with: | |||
::(i) all amounts due and payable by the {{gmslaprov|Lender}} under this {{gmslaprov|Agreement}} but which are unpaid; and | |||
::(ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of any {{gmslaprov|Non-Cash Collateral}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Non-Cash Collateral}} | |||
:falls below the aggregate of {{gmslaprov|Required Collateral Values}} in respect of all such {{gmslaprov|Loans}} together with: | |||
::(i) all amounts due and payable by the {{gmslaprov|Borrower}} under this {{gmslaprov|Agreement}} but which are unpaid; and | |||
::(ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of {{gmslaprov|Securities}} equivalent to any {{gmslaprov|Loaned Securities}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income payable}} in respect of such {{gmslaprov|Equivalent}} {{gmslaprov|Securities}}, | |||
:{{gmslaprov|Borrower}} shall (on demand) provide such further {{gmslaprov|Collateral}} to {{gmslaprov|Lender}} as will eliminate the deficiency; <br> | |||
:{{gmraprov|5.4(d)}} where a {{gmslaprov|Party}} acts as both {{gmslaprov|Lender}} and {{gmslaprov|Borrower}} under this {{gmslaprov|Agreement}}, the provisions of paragraphs {{gmslaprov|5.4}}(b) and {{gmslaprov|5.4}}(c) shall apply separately (and without duplication) in respect of {{gmslaprov|Loans}} entered into by that {{gmslaprov|Party}} as {{gmslaprov|Lender}} and {{gmslaprov|Loans}} entered into by that {{gmslaprov|Party}} as {{gmslaprov|Borrower}}.<br> | |||
Latest revision as of 14:00, 15 April 2020
5.4 Marking to Market of Collateral during the currency of a Loan on aggregated basis
Unless paragraph 1.3 of the Schedule indicates that paragraph 5.5 shall apply in lieu of this paragraph 5.4, or unless otherwise agreed between the Parties:
- 5.4(a) the aggregate Market Value of the Collateral delivered to or deposited with Lender (excluding any Equivalent Collateral repaid or delivered under paragraphs 5.4(b) or 5.5(b) (as the case may be)) (Posted Collateral) in respect of all Loans outstanding under this Agreement shall equal the aggregate of the Market Value of Securities equivalent to the Loaned Securities and the applicable Margin (the Required Collateral Value) in respect of such Loans;
- 5.4(b) if at any time on any Business Day the aggregate Market Value of the Posted Collateral in respect of all Loans outstanding under this Agreement together with:
- (i) all amounts due and payable by the Lender under this Agreement but which are unpaid; and
- (ii) if agreed between the parties and if the Income Record Date has occurred in respect of any Non-Cash Collateral, the amount or Market Value of Income payable in respect of such Non-Cash Collateral
- exceeds the aggregate of the Required Collateral Values in respect of such Loans together with:
- (i) all amounts due and payable by the Borrower under this Agreement but which are unpaid; and
- (ii) if agreed between the parties and if the Income Record Date has occurred in respect of any securities equivalent to Loaned Securities, the amount or Market Value of Income payable in respect of such Equivalent Securities,
- Lender shall (on demand) repay and/or deliver, as the case may be, to Borrower such Equivalent Collateral as will eliminate the excess;
- 5.4(c) if at any time on any Business Day the aggregate Market Value of the Posted Collateral in respect of all Loans outstanding under this Agreement together with:
- (i) all amounts due and payable by the Lender under this Agreement but which are unpaid; and
- (ii) if agreed between the parties and if the Income Record Date has occurred in respect of any Non-Cash Collateral, the amount or Market Value of Income payable in respect of such Non-Cash Collateral
- falls below the aggregate of Required Collateral Values in respect of all such Loans together with:
- (i) all amounts due and payable by the Borrower under this Agreement but which are unpaid; and
- (ii) if agreed between the parties and if the Income Record Date has occurred in respect of Securities equivalent to any Loaned Securities, the amount or Market Value of Income payable in respect of such Equivalent Securities,
- Borrower shall (on demand) provide such further Collateral to Lender as will eliminate the deficiency;
- 5.4(d) where a Party acts as both Lender and Borrower under this Agreement, the provisions of paragraphs 5.4(b) and 5.4(c) shall apply separately (and without duplication) in respect of Loans entered into by that Party as Lender and Loans entered into by that Party as Borrower.