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| {{gmslasnap|5.4}} | | {{manual|MSG|2010|5.4|Section|5.3|medium}} |
| ====Commentary====
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| To Summarise:
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| Unless "single {{gmslaprov|Loan}} margining under {{gmslaprov|5.5}} applies:
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| :(a) the aggregate {{gmslaprov|Posted Collateral}} {{gmslaprov|Market Value}} in respect of all outstanding {{gmslaprov|Loans}} shall equal the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Loaned Securities}} plus applicable {{gmslaprov|Margin}} (the {{gmslaprov|Required Collateral Value}});
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| :(b) if the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} in respect of outstanding {{gmslaprov|Loans}} together with: <br>
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| ::(i) all unpaid amounts due by the {{gmslaprov|Lender}} under this {{gmslaprov|Agreement}}; and <br>
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| ::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of any {{gmslaprov|Non-Cash Collateral}} <br>
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| :exceeds the aggregate of the {{gmslaprov|Required Collateral Values}} in respect of such {{gmslaprov|Loans}} together with:
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| ::(i) all unpaid amounts due by the Borrower; and
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| ::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Equivalent Securities}},<br>
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| :{{gmslaprov|Lender}} must repay to {{gmslaprov|Borrower}} such {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} as will eliminate the excess;
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| :(c) if the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} in respect of outstanding {{gmslaprov|Loans}} together with: <br>
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| ::(i) all unpaid amounts due by the {{gmslaprov|Lender}}; and <br>
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| ::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of any {{gmslaprov|Non-Cash Collateral}} <br>
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| :falls below the aggregate of {{gmslaprov|Required Collateral Values}} in respect of all such {{gmslaprov|Loans}} together with:
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| ::(i) all unpaid amounts due by the Borrower; and
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| ::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of any {{gmslaprov|Equivalent Securities}},<br>
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| :{{gmslaprov|Borrower}} must provide such further {{gmslaprov|Collateral}} to {{gmslaprov|Lender}} as will eliminate the deficiency;<br>
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| :(d) where a {{gmslaprov|Party}} acts as both {{gmslaprov|Lender}} and {{gmslaprov|Borrower}} under this {{gmslaprov|Agreement}}, the provisions of paragraphs {{gmslaprov|5.4}}(b) and {{gmslaprov|5.4}}(c) shall apply separately (and without duplication) in respect of {{gmslaprov|Loans}} entered into by that {{gmslaprov|Party}} as {{gmslaprov|Lender}} and {{gmslaprov|Loans}} entered into by that {{gmslaprov|Party}} as {{gmslaprov|Borrower}}.
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| ====Related Provisions====
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| {{gmslaanatomy}}
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