Section 350: Limitation on multi-branch netting agreement relating to collateral arrangement

350. Limitation on multi-branch netting agreement relating to collateral arrangement (1) The non-insolvent party to a multi-branch netting agreement which has a perfected security interest in collateral, or other valid title, lien or security interest in collateral enforceable against third parties pursuant to the multi-branch netting agreement, may retain all the collateral and on termination of the multi-branch netting agreement in accordance with its terms apply the collateral in satisfaction of any claims secured by the collateral. [Issue 3] I14 – 190 Revised Laws of Mauritius (2) The total amount so applied to those claims shall in no event exceed the global net payment obligation, if any, and any excess collateral shall be returned to the foreign party. Sub-Part IV – Securities Held with Intermediary