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Template:GMSLA 2010 5.4: Difference between revisions
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{{gmslaprov|5.4}} '''{{gmslaprov|Marking to Market of Collateral during the currency of a Loan on aggregated basis}}''' <br> | {{gmslaprov|5.4}} '''{{gmslaprov|Marking to Market of Collateral during the currency of a Loan on aggregated basis}}''' <br> | ||
Unless paragraph 1.3 of the {{gmslaprov|Schedule}} indicates that paragraph {{gmslaprov|5.5}} shall apply in lieu of this paragraph {{gmslaprov|5.4}}, or unless otherwise agreed between the {{gmslaprov|Parties}}: | Unless paragraph 1.3 of the {{gmslaprov|Schedule}} indicates that paragraph {{gmslaprov|5.5}} shall apply in lieu of this paragraph {{gmslaprov|5.4}}, or unless otherwise agreed between the {{gmslaprov|Parties}}: | ||
:(a) the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Collateral}} delivered to or deposited with {{gmslaprov|Lender}} (excluding any {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} repaid or delivered under paragraphs {{gmslaprov|5.4}}(b) or {{gmslaprov|5.5}}(b) (as the case may be)) ('''{{gmslaprov|Posted Collateral}}''') in respect of all {{gmslaprov|Loans}} outstanding under this {{gmslaprov|Agreement}} shall equal the aggregate of the {{gmslaprov|Market Value}} of {{gmslaprov|Securities}} equivalent to the {{gmslaprov|Loaned Securities}} and the applicable {{gmslaprov|Margin}} (the '''{{gmslaprov|Required Collateral Value}}''') in respect of such Loans; <br> | :{{gmslaprov|5.4(a)}} the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Collateral}} delivered to or deposited with {{gmslaprov|Lender}} (excluding any {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} repaid or delivered under paragraphs {{gmslaprov|5.4}}(b) or {{gmslaprov|5.5}}(b) (as the case may be)) ('''{{gmslaprov|Posted Collateral}}''') in respect of all {{gmslaprov|Loans}} outstanding under this {{gmslaprov|Agreement}} shall equal the aggregate of the {{gmslaprov|Market Value}} of {{gmslaprov|Securities}} equivalent to the {{gmslaprov|Loaned Securities}} and the applicable {{gmslaprov|Margin}} (the '''{{gmslaprov|Required Collateral Value}}''') in respect of such Loans; <br> | ||
:(b) if at any time on any {{gmslaprov|Business Day}} the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} in respect of all {{gmslaprov|Loans}} outstanding under this {{gmslaprov|Agreement}} together with: | :{{gmslaprov|5.4(b)}} if at any time on any {{gmslaprov|Business Day}} the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} in respect of all {{gmslaprov|Loans}} outstanding under this {{gmslaprov|Agreement}} together with: | ||
::(i) all amounts due and payable by the {{gmslaprov|Lender}} under this {{gmslaprov|Agreement}} but which are unpaid; and | ::(i) all amounts due and payable by the {{gmslaprov|Lender}} under this {{gmslaprov|Agreement}} but which are unpaid; and | ||
::(ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of any {{gmslaprov|Non-Cash Collateral}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Non-Cash Collateral}} | ::(ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of any {{gmslaprov|Non-Cash Collateral}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Non-Cash Collateral}} | ||
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::(ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of any securities equivalent to {{gmslaprov|Loaned Securities}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Equivalent}} {{gmslaprov|Securities}}, | ::(ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of any securities equivalent to {{gmslaprov|Loaned Securities}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Equivalent}} {{gmslaprov|Securities}}, | ||
:{{gmslaprov|Lender}} shall (on demand) repay [[and/or]] deliver, [[as the case may be]], to {{gmslaprov|Borrower}} such {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} as will eliminate the excess; <br> | :{{gmslaprov|Lender}} shall (on demand) repay [[and/or]] deliver, [[as the case may be]], to {{gmslaprov|Borrower}} such {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} as will eliminate the excess; <br> | ||
:(c) if [[at any time]] on any {{gmslaprov|Business Day}} the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} in respect of all {{gmslaprov|Loans}} outstanding under this {{gmslaprov|Agreement}} together with: | :{{gmslaprov|5.4(c)}} if [[at any time]] on any {{gmslaprov|Business Day}} the aggregate {{gmslaprov|Market Value}} of the {{gmslaprov|Posted Collateral}} in respect of all {{gmslaprov|Loans}} outstanding under this {{gmslaprov|Agreement}} together with: | ||
::(i) all amounts due and payable by the {{gmslaprov|Lender}} under this {{gmslaprov|Agreement}} but which are unpaid; and | ::(i) all amounts due and payable by the {{gmslaprov|Lender}} under this {{gmslaprov|Agreement}} but which are unpaid; and | ||
::(ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of any {{gmslaprov|Non-Cash Collateral}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Non-Cash Collateral}} | ::(ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of any {{gmslaprov|Non-Cash Collateral}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income}} payable in respect of such {{gmslaprov|Non-Cash Collateral}} | ||
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::(i) all amounts due and payable by the {{gmslaprov|Borrower}} under this {{gmslaprov|Agreement}} but which are unpaid; and | ::(i) all amounts due and payable by the {{gmslaprov|Borrower}} under this {{gmslaprov|Agreement}} but which are unpaid; and | ||
::(ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of {{gmslaprov|Securities}} equivalent to any {{gmslaprov|Loaned Securities}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income payable}} in respect of such {{gmslaprov|Equivalent}} {{gmslaprov|Securities}}, | ::(ii) if agreed between the parties and if the {{gmslaprov|Income Record Date}} has occurred in respect of {{gmslaprov|Securities}} equivalent to any {{gmslaprov|Loaned Securities}}, the amount or {{gmslaprov|Market Value}} of {{gmslaprov|Income payable}} in respect of such {{gmslaprov|Equivalent}} {{gmslaprov|Securities}}, | ||
{{gmslaprov|Borrower}} shall (on demand) provide such further {{gmslaprov|Collateral}} to {{gmslaprov|Lender}} as will eliminate the deficiency; <br> | :{{gmslaprov|Borrower}} shall (on demand) 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}}.<br> | :{{gmraprov|5.4(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}}.<br> | ||