Template:GMSLA 2010 5.7: Difference between revisions
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{{gmslaprov|5.7}} Where {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} is repaid or delivered (as the case may be) or further {{gmslaprov|Collateral}} is provided by a Party under paragraph {{gmslaprov|5.6}}, the {{gmslaprov|Parties}} shall agree to which {{gmslaprov|Loan}} or {{gmslaprov|Loans}} such repayment, delivery or further provision is to be attributed and failing agreement it shall be attributed, as determined by the {{gmslaprov|Party}} making such repayment, delivery or further provision to the earliest outstanding Loan and, in the case of a repayment or delivery up to the point at which the {{gmslaprov|Market Value}} of {{gmslaprov|Collateral}} in respect of such {{gmslaprov|Loan}} equals the {{gmslaprov|Required Collateral Value}} in respect of such {{gmslaprov|Loan}}, and then to the next earliest outstanding {{gmslaprov|Loan}} up to the similar point and so on. <br> | |||
Revision as of 15:29, 12 July 2013
5.7 Where Equivalent Collateral is repaid or delivered (as the case may be) or further Collateral is provided by a Party under paragraph 5.6, the Parties shall agree to which Loan or Loans such repayment, delivery or further provision is to be attributed and failing agreement it shall be attributed, as determined by the Party making such repayment, delivery or further provision to the earliest outstanding Loan and, in the case of a repayment or delivery up to the point at which the Market Value of Collateral in respect of such Loan equals the Required Collateral Value in respect of such Loan, and then to the next earliest outstanding Loan up to the similar point and so on.