Template:Nutshell GMSLA Addendum 4: Difference between revisions

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{{gmslaprov|Addendum 4}}. {{gmslaprov|Allocation of Agency Loans}} <br>
{{gmslaprov|Addendum 4}}. '''{{gmslaprov|Allocation of Agency Loans}}''' <br>
:{{gmslaprov|Addendum 4.1}} If, when it enters into an {{gmslaprov|Agency Loan}}, the Agent has not allocated the {{gmslaprov|Loan}} to a {{gmslaprov|Principal}}, it must allocate it to one or more Principals before the {{gmslaprov|Settlement Date}}. A {{gmslaprov|Principal}} will be responsible for only that part of an {{gmslaprov|Agency Loan}} allocated to it. The {{gmslaprov|Agent}} must promptly tell the {{gmslaprov|Borrower}} (by name or agreed unique identifier) to which {{gmslaprov|Principal}} it has allocated each part of each {{gmslaprov|Agency Loan}}.
:4.1 An Agent must allocate an {{gmslaprov|Agency Loan}} to one or more {{gmslaprov|Principal}}s before the {{gmslaprov|Settlement Date}}. Each {{gmslaprov|Principal}} will be responsible for only that part of an {{gmslaprov|Agency Loan}} allocated to it. The {{gmslaprov|Agent}} must promptly disclose all allocations to the {{gmslaprov|Borrower}} (using a name or agreed unique identifier).
:{{gmslaprov|Addendum 4.1}} Once so allocated, from the effective date of an {{gmslaprov|Agency Loan}}, a separate Loan will be [[deem|deemed]] to exist between {{gmslaprov|Borrower}} and each such {{gmslaprov|Principal}} with respect to its relative portion of the {{gmslaprov|Agency Loan}}.  
:4.2 Once allocated, from the effective date of an {{gmslaprov|Agency Loan}}, a separate {{gmslaprov|Loan}} will be [[deem|deemed]] between {{gmslaprov|Borrower}} and each {{gmslaprov|Principal}} with respect to its respective portion of the {{gmslaprov|Agency Loan}}.  
:{{gmslaprov|Addendum 4.1}} If the {{gmslaprov|Agent}} breaches its obligations under paragraph {{gmslaprov|Addendum 4.2}} above when assessing the Borrower’s damages (but for no other purpose) it shall be assumed that, if the Loan concerned (to the extent not allocated) had been allocated in accordance with that paragraph, all the terms of the Loan would have been duly performed. <br>
:4.3 If the {{gmslaprov|Agent}} fails to allocate a loan, when assessing the {{gmslaprov|Borrower}}’s damages (but for no other purpose) the Borrower may assume that, had the {{gmslaprov|Loan}} had been properly allocated it would have been duly performed. <br>

Latest revision as of 17:17, 4 March 2019

Addendum 4. Allocation of Agency Loans

4.1 An Agent must allocate an Agency Loan to one or more Principals before the Settlement Date. Each Principal will be responsible for only that part of an Agency Loan allocated to it. The Agent must promptly disclose all allocations to the Borrower (using a name or agreed unique identifier).
4.2 Once allocated, from the effective date of an Agency Loan, a separate Loan will be deemed between Borrower and each Principal with respect to its respective portion of the Agency Loan.
4.3 If the Agent fails to allocate a loan, when assessing the Borrower’s damages (but for no other purpose) the Borrower may assume that, had the Loan had been properly allocated it would have been duly performed.
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