Marking to Market of Collateral during the currency of a Loan on aggregated basis - GMSLA Provision: Difference between revisions

Marking to Market of Collateral during the currency of a Loan on aggregated basis - GMSLA Provision (view source)

Revision as of 18:04, 11 July 2013

142 bytes removed , 11 July 2013

→‎Commentary

Amwelladmin

Bureaucrats, Interface administrators, Administrators

82,387

edits

@@ Line 4: / Line 4: @@
 Unless "single {{gmslaprov|Loan}} margining under {{gmslaprov|5.5}} applies:
-:(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}});
+:(a)	'''{{gmslaprov|Required Collateral Value}}''': The aggregate {{gmslaprov|Market Value}} of {{gmslaprov|Posted Collateral}} in respect of all outstanding {{gmslaprov|Loans}} must equal the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Loaned Securities}} plus applicable {{gmslaprov|Margin}}.
-:(b)	if the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} in respect of outstanding {{gmslaprov|Loans}} together with: <br>
+:(b)	'''Excess {{gmslaprov|Collateral}}''': if the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} together with: <br>
-::(i) all unpaid amounts due by the {{gmslaprov|Lender}} under this {{gmslaprov|Agreement}}; and <br>
+::(i) all unpaid amounts due by the {{gmslaprov|Lender}}; and <br>
-::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of any {{gmslaprov|Non-Cash Collateral}} <br>
+::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} due on any {{gmslaprov|Non-Cash Collateral}} <br>
-:exceeds the aggregate of the {{gmslaprov|Required Collateral Values}} in respect of such {{gmslaprov|Loans}} together with:
+:exceeds the aggregate of the {{gmslaprov|Required Collateral Values}} together with:
-::(i) all unpaid amounts due by the Borrower; and
+::(i) all unpaid amounts due by the {{gmslaprov|Borrower}}; and
-::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Equivalent Securities}},<br>
+::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} due on the {{gmslaprov|Equivalent Securities}},<br>
 :{{gmslaprov|Lender}} must repay to {{gmslaprov|Borrower}} such {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} as will eliminate the excess;
-:(c) if the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} in respect of outstanding {{gmslaprov|Loans}} together with: <br>
+:(c) '''{{gmslaprov|Collateral}} Deficiency''': if the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} together with: <br>
 ::(i) all unpaid amounts due by the {{gmslaprov|Lender}}; and <br>
-::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of any {{gmslaprov|Non-Cash Collateral}} <br>
+::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} due on any {{gmslaprov|Non-Cash Collateral}} <br>
-:falls below the aggregate of {{gmslaprov|Required Collateral Values}} in respect of all such {{gmslaprov|Loans}} together with:
+:falls below the aggregate {{gmslaprov|Required Collateral Value}} together with:
-::(i) all unpaid amounts due by the Borrower; and
+::(i) all unpaid amounts due by the {{gmslaprov|Borrower}}; and
-::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of any {{gmslaprov|Equivalent Securities}},<br>
+::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} due on any {{gmslaprov|Equivalent Securities}},<br>
 :{{gmslaprov|Borrower}} must provide such further {{gmslaprov|Collateral}} to {{gmslaprov|Lender}} as will eliminate the deficiency;<br>
-:(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}}.
+:(d)	'''Shorts and Longs''': 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}}.
 ====Related Provisions====