What happens to the amount owed by the Insolvent to the Liquidator under the Multi-Branch Netting Agreement?
The amount owed by the Insolvent to the Liquidator under the Multi-Branch Netting Agreement will be reduced by the fair market value of the Collateral or the amount of proceeds from the Collateral that has been used to satisfy the obligations of the Non-Insolvent to the Foreign Party under the same Multi-Branch Netting Agreement.