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> | ||
: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). | :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). | ||
: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}}. | :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}}. | ||
: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> | :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.