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Unless "single {{gmslaprov|Loan}} margining under {{gmslaprov|5.5}} applies: | Unless "single {{gmslaprov|Loan}} margining under {{gmslaprov|5.5}} applies: | ||
:(a) | :(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) '''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 | ::(i) all unpaid amounts due by the {{gmslaprov|Lender}}; and <br> | ||
::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} | ::(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 | :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}} | ::(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; | :{{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 | :(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> | ::(i) all unpaid amounts due by the {{gmslaprov|Lender}}; and <br> | ||
::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} | ::(ii) the {{gmslaprov|Market Value}} of {{gmslaprov|Income}} due on any {{gmslaprov|Non-Cash Collateral}} <br> | ||
:falls below the aggregate | :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}} | ::(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> | :{{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==== | ====Related Provisions==== |