Delivery of Collateral on commencement of Loan - GMSLA Provision
GMSLA Anatomy™
Subject to the other provisions of this paragraph 5, Borrower undertakes to deliver to or deposit with Lender (or in accordance with Lender’s instructions) Collateral simultaneously with Delivery of the Securities to which the Loan relates and in any event no later than Close of Business on the Settlement Date.
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Commentary
For more about how one values the amount of collateral required under any Loan, eager readers are directed to the provision in Para 5.4 and the concept of Required Collateral Value. Note that the definition set out in Para 5.4 applies whether you calculate collateral on an aggregated basis (under 5.4) or on a Loan-by-Loan basis under Para 5.5.