How does the liability of the liquidator of an Insolvent branch or agency of a Foreign Party change under a Multi-Branch Netting Agreement?
The liability of the liquidator is reduced by the fair market value of, or the amount of any proceeds of, Collateral that secures or supports the obligations of the Foreign Party under the Multi-Branch Netting Agreement and has been applied to satisfy the obligations of the Foreign Party to the non-Insolvent.