5.5 - GMSLA Provision

See also 5.4, Collateralisation on aggregate, which will generally be the preferred alternative for most financial institutions.

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:

(b) whenever the Market Value of the Template:Gmlsaprov for any Loan together with:

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

(ii) any Income payable in respect of Non-Cash Collateral

exceeds the Required Collateral Value in respect of the Loan together with:

(i) all amounts due by the Borrower in respect of that Loan; 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

falls below the Required Collateral Value together with:

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

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

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