Template:GMSLA 2010 5.4: Difference between revisions

{{gmslaprov|5.4}} '''{{gmslaprov|Marking to Market of Collateral during the currency of a Loan on aggregated basis}}''' <br>

:(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 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 (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}} exceeds the aggregate of the {{gmslaprov|Required Collateral Values}} in respect of such {{gmslaprov|Loans}} together with: (i) all amounts due and payable by the {{gmslaprov|Borrower}} under this 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 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>

:(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 (ii) if agreed between the parties and if the Income Record Date has occurred in respect of any Non-Cash Collateral, the amount or Market Value of Income payable in respect of such {{gmslaprov|Non-Cash Collateral}} falls below the aggregate of {{gmslaprov|Required Collateral Values}} in respect of all such {{gmslaprov|Loans}} together with: (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 Equivalent Securities, Borrower shall (on demand) provide such further Collateral to 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>