Template:Nutshell GMSLA Addendum 4: Difference between revisions
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Amwelladmin (talk | contribs) Created page with "{{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 all..." |
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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}}. | ||
: | :4.2 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}}. | ||
: | :4.3 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> | ||
Revision as of 17:11, 4 March 2019
Addendum 4. Allocation of Agency Loans
- 4.1 If, when it enters into an Agency Loan, the Agent has not allocated the Loan to a Principal, it must allocate it to one or more Principals before the Settlement Date. A Principal will be responsible for only that part of an Agency Loan allocated to it. The Agent must promptly tell the Borrower (by name or agreed unique identifier) to which Principal it has allocated each part of each Agency Loan.
- 4.2 Once so allocated, from the effective date of an Agency Loan, a separate Loan will be deemed to exist between Borrower and each such Principal with respect to its relative portion of the Agency Loan.
- 4.3 If the Agent breaches its obligations under paragraph 4.2 above when assessing the Borrower’s damages (but for no other purpose) it shall be assumed that, had the Loan had been properly allocated it would have been duly performed.