Section 349: Limitation on foreign party’s right to receive payment

349. Limitation on foreign party’s right to receive payment (1) The liability of the non-insolvent party under this section shall be reduced by any amount otherwise paid to or received by the liquidator or any other liquidator or receiver of the foreign party in its home country or any other country in respect of the global net payment entitlement pursuant to such multi-branch netting agreement which if added to the liability of the non-insolvent party under this section would exceed the global net payment entitlement. (2) The liability of the non-insolvent party under this section to the liquidator pursuant to such multi-branch netting agreement also shall be reduced by the fair market value of, or the amount of any proceeds of, collateral that secures or supports the obligations of the non-insolvent party and has been applied to satisfy the obligations of the non-insolvent party pursuant to such multi-branch netting agreement to the foreign party.