(1) SEGC must allow a claim in respect of an obligation under a guaranteed securities loan to pay a security benefit that is an amount of money, or to pay some other amount, if the Board is satisfied that:

(a)

the claimant is entitled to make the claim; and

(b)

the obligation is still undischarged to the extent of a particular amount (in this section called the outstanding amount ).

(2) If SEGC allows the claim, it must pay to, or as directed by, the claimant an amount equal to the outstanding amount.