Article 52 Negotiable collateral

Collateral pledged in accordance with point (c) of Article 51(2) shall, at the time the security is given, have a disposable value of at least 115 % of the value of the security required.

A competent authority may accept a security as referred to in point (c) of Article 51(2) only if the party offering it undertakes, in writing, either to give an additional security or to replace the original security should the disposable value of the security in question have been for a period of three months below 105 % of the value of the security required. That written undertaking shall not be necessary where F1national law the law applying in the constituent nation already so provides. The competent authority shall regularly review the value of such security.

The disposable value of a security as referred to in point (c) of Article 51(2) shall be assessed by the competent authority, taking into account any costs of disposal.

The disposable value of securities shall be assessed using the last available quotation.

The party giving the security shall, at the request of the competent authority, provide proof of its disposable value.