Template:Nutshell GMSLA Addendum 4: Difference between revisions

{{gmslaprov|Addendum 4}}. {{gmslaprov|Allocation of Agency Loans}} <br>

:{{gmslaprov|Addendum 4.1}} If, when it enters into an {{gmslaprov|Agency Loan}}, the Agent has not allocated the {{gmslaprov|Loan}} to a {{gmslaprov|Principal}}, it must allocate it to one or more Principals before the {{gmslaprov|Settlement Date}}. A {{gmslaprov|Principal}} will be responsible for only that part of an {{gmslaprov|Agency Loan}} allocated to it. The {{gmslaprov|Agent}} must promptly tell the {{gmslaprov|Borrower}} (by name or agreed unique identifier) to which {{gmslaprov|Principal}} it has allocated each part of each {{gmslaprov|Agency Loan}}.

:{{gmslaprov|Addendum 4.1}} Once so allocated, from the effective date of an {{gmslaprov|Agency Loan}}, a separate Loan will be [[deem|deemed]] to exist between {{gmslaprov|Borrower}} and each such {{gmslaprov|Principal}} with respect to its relative portion of the {{gmslaprov|Agency Loan}}.  

:{{gmslaprov|Addendum 4.1}} If the {{gmslaprov|Agent}} breaches its obligations under paragraph {{gmslaprov|Addendum 4.2}} above when assessing the Borrower’s damages (but for no other purpose) it shall be assumed that, if the Loan concerned (to the extent not allocated) had been allocated in accordance with that paragraph, all the terms of the Loan would have been duly performed. <br>