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

Commentary

To Summarise:

Unless "single Loan margining under 5.5 applies:

(a) the aggregate Posted Collateral Market Value in respect of all outstanding Loans shall equal the aggregate Market Value of the Loaned Securities plus applicable Margin (the Required Collateral Value);

(b) if the aggregate Market Value of the Posted Collateral in respect of outstanding Loans together with:

(i) all unpaid amounts due by the Lender under this Agreement; and

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

exceeds the aggregate of the Required Collateral Values in respect of such Loans together with:

(i) all unpaid amounts due by the Borrower; and

(ii) the Market Value of Income payable in respect of such Equivalent Securities,

Lender must repay to Borrower such Equivalent Collateral as will eliminate the excess;

(c) if the aggregate Market Value of the Posted Collateral in respect of outstanding Loans together with:

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

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

falls below the aggregate of Required Collateral Values in respect of all such Loans together with:

(i) all unpaid amounts due by the Borrower; and

(ii) the Market Value of Income payable in respect of any Equivalent Securities,

Borrower must provide such further Collateral to Lender as will eliminate the deficiency;

(d) where a Party acts as both Lender and Borrower under this Agreement, the provisions of paragraphs 5.4(b) and 5.4(c) shall apply separately (and without duplication) in respect of Loans entered into by that Party as Lender and Loans entered into by that Party as Borrower.

Related Provisions

update to anat|gmsla

Navigation 2010 GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · Schedule · Agency Annex · Addendum for Pooled Principal Agency Loans 2018 Pledge GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · 28 · Schedule · Agency Annex Stock lending agreement comparison: Includes navigation for the 2000 GMSLA and the 1995 OSLA

Index: Click ᐅ to expand:

GMSLA

Pledge GMSLA

OSLA

2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code | GMSLA Netting
Pledge GMSLA: Hard copy (ISLA) · Full wikitext · Nutshell wikitext |
1995 OSLA: OSLA wikitext | OSLA in a nutshell | GMSLA/PGMSLA/OSLA clause comparison table
From Our Friends On The Internet: Guide to equity finance | ISLA’s guide to securities lending for regulators and policy makers