What happens to the amount owed by the non-insolvent party to the liquidator according to the Multi-Branch Netting Agreement when collateral is used to satisfy obligations to the foreign party?
The amount owed by the non-insolvent party to the liquidator pursuant to the Multi-Branch Netting Agreement is reduced by the fair market value of or the amount of any proceeds from the collateral that secures or supports the obligations of the non-insolvent party and has been applied to satisfy the obligations to the foreign party under the same Multi-Branch Netting Agreement.