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| {{Pledge GMSLA 2018 3}} | | {{Pledge GMSLA 2018 3}} |
| {{Pledge GMSLA 2018 4}} | | {{Pledge GMSLA 2018 4}} |
| | {{Pledge GMSLA 2018 5}} |
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| {{pgmslaprov|5}} '''{{pgmslaprov|Collateral}}'''<br>
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| {{pgmslaprov|5.1}} {{pgmslaprov|Delivery of Collateral on commencement of Loan}}
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| :Subject to the other provisions of this paragraph 5, {{pgmslaprov|Borrower}} undertakes to deliver {{pgmslaprov|Collateral}} to the relevant {{pgmslaprov|Secured Account}}s so that in respect of each Loan the condition precedent specified in paragraph 3.2(b) is satisfied.
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| {{pgmslaprov|5.2}} {{pgmslaprov|Deliveries through securities settlement systems generating automatic payments}}
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| :Unless otherwise agreed between the {{pgmslaprov|Parties}}, where any {{pgmslaprov|Securities}} or {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} are transferred through a book entry transfer or settlement system which automatically generates a payment or {{pgmslaprov|Delivery}}, or obligation to pay or deliver, against the transfer of such {{pgmslaprov|Securities}}, then such automatically generated payment, {{pgmslaprov|Delivery}} or obligation shall be treated as a payment or {{pgmslaprov|Delivery}} by the transferee to the transferor, and except to the extent that it is applied to discharge an obligation of the transferee to effect payment or {{pgmslaprov|Delivery}}, the Party so treated as receiving such payment or {{pgmslaprov|Delivery}} shall cause to be made to the other Party for value the same day either, where such transfer is a payment, an irrevocable payment in the amount of such transfer or, where such transfer is a {{pgmslaprov|Delivery}}, an irrevocable {{pgmslaprov|Delivery}} of {{pgmslaprov|Securities}} (or other property, as the case may be) {{pgmslaprov|Equivalent}} to such property.
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| {{pgmslaprov|5.3}} {{pgmslaprov|Marking to Market of Collateral during the currency of a Loan}} <br>
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| :Unless otherwise agreed between the {{pgmslaprov|Parties}}:
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| :{{pgmslaprov|5.3(a)}} the aggregate {{pgmslaprov|Market Value}} of the {{pgmslaprov|Posted Collateral}} in respect of all outstanding Loans and, as of the relevant {{pgmslaprov|Settlement Date}} or any earlier time agreed between the {{pgmslaprov|Parties}} for the {{pgmslaprov|Delivery}} of {{pgmslaprov|Collateral}} with respect to any {{pgmslaprov|Unsettled Loans}}, such {{pgmslaprov|Unsettled Loans}}, shall equal the aggregate of:
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| ::{{pgmslaprov|5.3(a)(i)}} the {{pgmslaprov|Market Value}}s of {{pgmslaprov|Securities}} {{pgmslaprov|Equivalent}} to the {{pgmslaprov|Loaned Securities}}; plus
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| ::{{pgmslaprov|5.3(a)(ii)}} all amounts (if any) due and payable by {{pgmslaprov|Borrower}} under this Agreement but which are unpaid; plus
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| ::{{pgmslaprov|5.3(a)(iii)}} if agreed between the {{pgmslaprov|Parties}} and if the {{pgmslaprov|Income Record Date}} has occurred in respect of any {{pgmslaprov|Securities}} {{pgmslaprov|Equivalent}} to {{pgmslaprov|Loaned Securities}}, the amount or {{pgmslaprov|Market Value}} of {{pgmslaprov|Income}} payable in respect of such {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} in respect of such Loans; plus
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| ::{{pgmslaprov|5.3(a)(iv)}} if agreed between the {{pgmslaprov|Parties}}, any amounts which have accrued pursuant to paragraph 7
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| (the {{pgmslaprov|Required Collateral Value}});
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| :{{pgmslaprov|5.3(b)}} if on any {{pgmslaprov|Business Day}} the aggregate {{pgmslaprov|Market Value}} of the {{pgmslaprov|Posted Collateral}} exceeds the {{pgmslaprov|Required Collateral Value}} applicable on that day, {{pgmslaprov|Lender}} shall in the manner provided by the {{pgmslaprov|Control Agreement}} instruct {{pgmslaprov|Custodian}} to transfer to {{pgmslaprov|Borrower}} from the relevant {{pgmslaprov|Secured Account}} by {{pgmslaprov|Close of Business}} on the relevant {{pgmslaprov|Business Day}} {{pgmslaprov|Posted Collateral}} having a {{pgmslaprov|Market Value}} at the date of transfer as close as practicable to (but not exceeding) the amount of the excess;
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| :{{pgmslaprov|5.3(c)}} if on any {{pgmslaprov|Business Day}} the aggregate {{pgmslaprov|Market Value}} of the {{pgmslaprov|Posted Collateral}} falls below the {{pgmslaprov|Required Collateral Value}} applicable on that day, {{pgmslaprov|Borrower}} shall in the manner provided by the {{pgmslaprov|Control Agreement}} deliver and, in the case of {{pgmslaprov|Cash Collateral}}, transfer into the relevant {{pgmslaprov|Secured Account}} by {{pgmslaprov|Close of Business}} on the relevant {{pgmslaprov|Business Day}}, such further {{pgmslaprov|Collateral}} having a {{pgmslaprov|Market Value}} as at the date of transfer as close as practicable to (but not less than) the amount of the deficiency; and
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| :{{pgmslaprov|5.3(d)}} each Party agrees that any transfer of {{pgmslaprov|Collateral}} into or out of the {{pgmslaprov|Secured Account}}s will be effected only in accordance with the {{pgmslaprov|Control Agreement}}.
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| {{pgmslaprov|5.4}} {{pgmslaprov|Instructions relating to the Required Collateral Value and responsibility for the Custodian}} <br>
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| :{{pgmslaprov|5.4(a)}} Unless otherwise agreed, no later than the {{pgmslaprov|Notification Time}} on each {{pgmslaprov|Business Day}}:
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| ::{{pgmslaprov|5.4(a)(i)}} each Party will notify the other Party of its determination of the {{pgmslaprov|Required Collateral Value}}; and
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| ::{{pgmslaprov|5.4(a)(ii)}} each Party shall notify the {{pgmslaprov|Custodian}} in accordance with the terms of the {{pgmslaprov|Control Agreement}} of the {{pgmslaprov|Required Collateral Value}} so determined by it.
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| :{{pgmslaprov|5.4(b)}} {{pgmslaprov|Borrower}} will be liable for the acts or omissions of {{pgmslaprov|Custodian}} to the same extent that {{pgmslaprov|Borrower}} would be liable hereunder for its own acts or omissions and any such act or omission of {{pgmslaprov|Custodian}} will be deemed to be the act or omission of {{pgmslaprov|Borrower}} for purposes of Paragraph 10.1. {{pgmslaprov|Lender}} will not be liable for the acts or omissions of {{pgmslaprov|Custodian}}.
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| :{{pgmslaprov|5.4(c)}} Any obligation of {{pgmslaprov|Lender}} to instruct {{pgmslaprov|Custodian}} to transfer {{pgmslaprov|Posted Collateral}} to {{pgmslaprov|Borrower}} will be deemed satisfied by {{pgmslaprov|Lender}} sending appropriate instructions to {{pgmslaprov|Custodian}} in accordance with the terms of the {{pgmslaprov|Control Agreement}}. For the avoidance of doubt, {{pgmslaprov|Lender}} will bear no liability for any failure by {{pgmslaprov|Custodian}} to comply with such instructions and no failure by the {{pgmslaprov|Custodian}} to transfer {{pgmslaprov|Posted Collateral}} to {{pgmslaprov|Borrower}} under this Agreement will constitute an {{pgmslaprov|Event of Default}} with respect to {{pgmslaprov|Lender}}.
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| {{pgmslaprov|6}} '''{{pgmslaprov|Distributions and Corporate Actions}}''' <br> | | {{pgmslaprov|6}} '''{{pgmslaprov|Distributions and Corporate Actions}}''' <br> |
| {{pgmslaprov|6.1}} '''{{pgmslaprov|Manufactured payments in respect of Loaned Securities}}''' <br> | | {{pgmslaprov|6.1}} '''{{pgmslaprov|Manufactured payments in respect of Loaned Securities}}''' <br> |