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Where {{gmslaprov|5.5}} applies, the {{gmslaprov|Posted Collateral}} in respect of any {{gmslaprov|Loan}} bears the same proportion to the {{gmslaprov|Market Value}} of the {{gmslaprov|Loaned Securities}} as the {{gmslaprov|Posted Collateral}} bore at the commencement of the {{gmslaprov|Loan}}. Accordingly: <br> | Where {{gmslaprov|5.5}} applies, the {{gmslaprov|Posted Collateral}} in respect of any {{gmslaprov|Loan}} bears the same proportion to the {{gmslaprov|Market Value}} of the {{gmslaprov|Loaned Securities}} as the {{gmslaprov|Posted Collateral}} bore at the commencement of the {{gmslaprov|Loan}}. Accordingly: <br> | ||
:(a) the {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} must always equal the {{gmslaprov|Required Collateral Value}}; <br> | :(a) the {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} must always equal the {{gmslaprov|Required Collateral Value}}; <br> | ||
:(b) whenever the {{gmslaprov|Market Value}} of the {{ | :(b) whenever the {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} for any {{gmslaprov|Loan}} together with:<br> | ||
::(i) all unpaid amounts due by the Lender under that Loan; and <br> | ::(i) all unpaid amounts due by the Lender under that Loan; and <br> | ||
::(ii) any {{gmslaprov|Income}} payable in respect of {{gmslaprov|Non-Cash Collateral}} <br> | ::(ii) any {{gmslaprov|Income}} payable in respect of {{gmslaprov|Non-Cash Collateral}} <br> | ||
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:falls below the {{gmslaprov|Required Collateral Value}} together with: <br> | :falls below the {{gmslaprov|Required Collateral Value}} together with: <br> | ||
::(i) all amounts due by the {{gmslaprov|Borrower}} under the {{gmslaprov|Loan}}; and <br> | ::(i) all amounts due by the {{gmslaprov|Borrower}} under the {{gmslaprov|Loan}}; and <br> | ||
::(ii) any {{ | ::(ii) any {{gmslaprov|Income}} payable under the {{gmslaprov|Equivalent Securities}}, {{gmslaprov|Borrower}} shall (on demand) provide further {{gmslaprov|Collateral}} to {{gmslaprov|Lender}} to eliminate the deficiency.<br> | ||
====See Also==== | ====See Also==== | ||
{{gmslaanatomy}} | {{gmslaanatomy}} |