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 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).
:4.2 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}}.  
:4.3 If the {{gmslaprov|Agent}} breaches its obligations under paragraph 4.2 above when assessing the {{gmslaprov|Borrower}}’s damages (but for no other purpose) it shall be assumed 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>
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