Template:GMSLA 2010 Addendum 5: Difference between revisions
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Latest revision as of 13:10, 12 September 2017
Addendum 5. Allocation of Collateral
- 5.1 Unless the Agent expressly allocates :(a) a deposit or delivery of Posted Collateral or (b) a repayment of Cash Collateral or a redelivery of Equivalent Collateral (each a Collateral Transfer) before such time, the Agent shall, at the time of making or receiving that Collateral Transfer, be deemed to have allocated any Collateral Transfer in accordance with paragraph Addendum 6.3 below.
- 5.2
- (a) If the Agent has made a Collateral Transfer on behalf of more than one Pooled Principal, that Collateral Transfer shall be allocated in proportion to Borrower’s Net Loan Exposure in respect of each Pooled Principal at the Agent’s close of business on the Business Day before the Collateral Transfer is made; and
- (b) if the Agent has received a Collateral Transfer on behalf of more than one Pooled Principal, that Collateral Transfer shall be allocated in proportion to each Pooled Principal’s Net Loan Exposure in respect of Borrower at the Agent’s close of business on the Business Day before the Collateral Transfer is made.
- (c) Sub-paragraphs (a) and (b) shall not apply in respect of any Collateral Transfer which is effected or deemed to have been effected under paragraph Addendum 6.3 below.