Template:Nutshell GMSLA 5.5

Where 5.5 applies, the Posted Collateral in respect of any Loan bears the same proportion to the Market Value of the Loaned Securities as the Posted Collateral bore at the commencement of the Loan. Accordingly:

(a) the Market Value of the Posted Collateral must always equal the Required Collateral Value;

(b) whenever the Market Value of the Posted Collateral for any Loan (including unpaid amounts and unpaid Income on Non-Cash Collateral) exceeds the Required Collateral Value under the Loan (including all amounts due by the Borrower and

(ii) any Income payable in respect of Equivalent Securities,

Lender shall repay to Borrower such Equivalent Collateral to eliminate the excess; and

(c) whenever the Market Value of the Posted Collateral together with:

(i) all amounts due by the Lender under the Loan; and

(ii) any Income payable on Non-Cash Collateral

falls below the Required Collateral Value together with:

(i) all amounts due by the Borrower under the Loan; and

(ii) any Income payable under the Equivalent Securities, Borrower shall (on demand) provide further Collateral to Lender to eliminate the deficiency.