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Template:Nutshell GMSLA Addendum 4: Difference between revisions
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{{gmslaprov|Addendum 4}}. {{gmslaprov|Allocation of Agency Loans}} <br> | {{gmslaprov|Addendum 4}}. '''{{gmslaprov|Allocation of Agency Loans}}''' <br> | ||
:4.1 An Agent must allocate an {{gmslaprov|Agency Loan}} to one or more {{gmslaprov|Principal}}s before the {{gmslaprov|Settlement Date}}. Each {{gmslaprov|Principal}} will be responsible for only that part of an {{gmslaprov|Agency Loan}} allocated to it. The {{gmslaprov|Agent}} must promptly disclose all allocations to the {{gmslaprov|Borrower}} (using a name or agreed unique identifier). | :4.1 An Agent must allocate an {{gmslaprov|Agency Loan}} to one or more {{gmslaprov|Principal}}s before the {{gmslaprov|Settlement Date}}. Each {{gmslaprov|Principal}} will be responsible for only that part of an {{gmslaprov|Agency Loan}} allocated to it. The {{gmslaprov|Agent}} must promptly disclose all allocations to the {{gmslaprov|Borrower}} (using a name or agreed unique identifier). | ||
:4.2 Once allocated, from the effective date of an {{gmslaprov|Agency Loan}}, a separate {{gmslaprov|Loan}} will be [[deem|deemed]] between {{gmslaprov|Borrower}} and each {{gmslaprov|Principal}} with respect to its respective portion of the {{gmslaprov|Agency Loan}}. | :4.2 Once allocated, from the effective date of an {{gmslaprov|Agency Loan}}, a separate {{gmslaprov|Loan}} will be [[deem|deemed]] between {{gmslaprov|Borrower}} and each {{gmslaprov|Principal}} with respect to its respective portion of the {{gmslaprov|Agency Loan}}. | ||
:4.3 If the {{gmslaprov|Agent}} fails to allocate a loan, when assessing the {{gmslaprov|Borrower}}’s damages (but for no other purpose) the Borrower may assume that, had the {{gmslaprov|Loan}} had been properly allocated it would have been duly performed. <br> | :4.3 If the {{gmslaprov|Agent}} fails to allocate a loan, when assessing the {{gmslaprov|Borrower}}’s damages (but for no other purpose) the Borrower may assume that, had the {{gmslaprov|Loan}} had been properly allocated it would have been duly performed. <br> | ||