Template:Pledge GMSLA 2018 5: Difference between revisions

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 {{pgmslaprov|5.1}} '''{{pgmslaprov|Delivery of Collateral on commencement of Loan}}''': Subject to the other provisions of this paragraph {{pgmslaprov|5}}, {{pgmslaprov|Borrower}} undertakes to deliver {{pgmslaprov|Collateral}} to the relevant {{pgmslaprov|Secured Account}}s so that in respect of each {{pgmslaprov|Loan}} the condition precedent specified in paragraph {{pgmslaprov|3.2}}(b) is satisfied.<br>
 {{pgmslaprov|5.2}} '''{{pgmslaprov|Deliveries through securities settlement systems generating automatic payments}}''': 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. <br>
-{{pgmslaprov|5.3}} '''{{pgmslaprov|Marking to Market of Collateral during the currency of a Loan}}''': Unless otherwise agreed between the {{pgmslaprov|Parties}}:
+{{Pledge GMSLA 2018 5.3}}
-:{{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:
-::{{pgmslaprov|5.3(a)(i)}} the {{pgmslaprov|Market Value}}s of {{pgmslaprov|Securities}} {{pgmslaprov|Equivalent}} to the {{pgmslaprov|Loaned Securities}}; plus
-::{{pgmslaprov|5.3(a)(ii)}} all amounts (if any) due and payable by {{pgmslaprov|Borrower}} under this Agreement but which are unpaid; plus
-::{{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
-::{{pgmslaprov|5.3(a)(iv)}} if agreed between the {{pgmslaprov|Parties}}, any amounts which have accrued pursuant to paragraph 7
-:(the '''{{pgmslaprov|Required Collateral Value}}''');
-:{{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;
-:{{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
-:{{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}}.
 {{pgmslaprov|5.4}} '''{{pgmslaprov|Instructions relating to the Required Collateral Value and responsibility for the Custodian}}''':
 :{{pgmslaprov|5.4(a)}}	[[Unless otherwise agreed]], no later than the {{pgmslaprov|Notification Time}} on each {{pgmslaprov|Business Day}}: