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Template:GMSLA 2010 5.6: Difference between revisions
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{{gmslaprov|5.6 }} '''{{gmslaprov|Requirements to deliver excess Collateral}}''' <br> | {{gmslaprov|5.6}} '''{{gmslaprov|Requirements to deliver excess Collateral}}''' <br> | ||
Where paragraph {{gmslaprov|5.4}} applies, unless paragraph 1.4 of the Schedule indicates that this paragraph {{gmslaprov|5.6}} does not apply, if a {{gmslaprov|Party}} (the first {{gmslaprov|Party}}) would, but for this paragraph {{gmslaprov|5.6}}, be required under paragraph {{gmslaprov|5.4}} to provide further {{gmslaprov|Collateral}} or deliver {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} in circumstances where the other {{gmslaprov|Party}} (the second {{gmslaprov|Party}}) would, but for this paragraph {{gmslaprov|5.6}}, also be required to or provide {{gmslaprov|Collateral}} or deliver {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} under paragraph {{gmslaprov|5.4}}, then the {{gmslaprov|Market Value}} of the {{gmslaprov|Collateral}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} deliverable by the first {{gmslaprov|Party}} (X) shall be set off against the {{gmslaprov|Market Value}} of the {{gmslaprov|Collateral}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} deliverable by the second {{gmslaprov|Party}} (Y) and the only obligation of the {{gmslaprov|Parties}} under paragraph {{gmslaprov|5.4}} shall be, where X exceeds Y, an obligation of the first {{gmslaprov|Party}}, or where Y exceeds X, an obligation of the second {{gmslaprov|Party}} to repay and/or (as the case may be) deliver {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} or to deliver further {{gmslaprov|Collateral}} having a {{gmslaprov|Market Value}} equal to the difference between X and Y. <br> | Where paragraph {{gmslaprov|5.4}} applies, unless paragraph 1.4 of the Schedule indicates that this paragraph {{gmslaprov|5.6}} does not apply, if a {{gmslaprov|Party}} (the first {{gmslaprov|Party}}) would, but for this paragraph {{gmslaprov|5.6}}, be required under paragraph {{gmslaprov|5.4}} to provide further {{gmslaprov|Collateral}} or deliver {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} in circumstances where the other {{gmslaprov|Party}} (the second {{gmslaprov|Party}}) would, but for this paragraph {{gmslaprov|5.6}}, also be required to or provide {{gmslaprov|Collateral}} or deliver {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} under paragraph {{gmslaprov|5.4}}, then the {{gmslaprov|Market Value}} of the {{gmslaprov|Collateral}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} deliverable by the first {{gmslaprov|Party}} (X) shall be set off against the {{gmslaprov|Market Value}} of the {{gmslaprov|Collateral}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} deliverable by the second {{gmslaprov|Party}} (Y) and the only obligation of the {{gmslaprov|Parties}} under paragraph {{gmslaprov|5.4}} shall be, where X exceeds Y, an obligation of the first {{gmslaprov|Party}}, or where Y exceeds X, an obligation of the second {{gmslaprov|Party}} to repay and/or (as the case may be) deliver {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} or to deliver further {{gmslaprov|Collateral}} having a {{gmslaprov|Market Value}} equal to the difference between X and Y. <br> | ||