|
|
| (One intermediate revision by the same user not shown) |
| Line 2: |
Line 2: |
| {{Pledge GMSLA 2018 9.1}} | | {{Pledge GMSLA 2018 9.1}} |
| {{Pledge GMSLA 2018 9.2}} | | {{Pledge GMSLA 2018 9.2}} |
|
| |
|
| |
| {{gmslaprov|9.1}} '''{{pgmslaprov|Borrower’s failure to deliver Equivalent Securities}}''' <br>
| |
|
| |
| If {{gmslaprov|Borrower}} fails to [[deliver]] {{pgmslaprov|Equivalent Securities}} in accordance with paragraph {{pgmslaprov|8.1}} to {{pgmslaprov|8.3}} {{pgmslaprov|Lender}} may:
| |
| :(a) elect to continue the {{pgmslaprov|Loan}} (which, [[for the avoidance of doubt]], shall continue to be taken into account for the purposes of paragraph {{pgmslaprov|5.3}}); or
| |
| :(b) at any time while such failure continues, by written notice to {{pgmslaprov|Borrower}} declare that that {{pgmslaprov|Loan}} (but only that {{pgmslaprov|Loan}}) shall be terminated immediately in accordance with paragraph {{pgmslaprov|11.2}} as if
| |
| ::(i) an {{pgmslaprov|Event of Default}} had occurred in relation to Borrower,
| |
| ::(ii) references to the {{pgmslaprov|Termination Date}} were to the date on which notice was given under this sub-paragraph, and
| |
| ::(iii) the {{pgmslaprov|Loan}} were the only {{pgmslaprov|Loan}} outstanding.
| |
| [[For the avoidance of doubt]], any such failure shall not constitute an {{pgmslaprov|Event of Default} (including under paragraph {{pgmslaprov|10.1(i)}}) unless the {{pgmslaprov|Parties}} otherwise agree.
| |
|
| |
| {{gmslaprov|9.2}} '''{{pgmslaprov|Failure by either Party to deliver or instruct delivery}}''' <br>
| |
| Where {{pgmslaprov|Borrower}} fails to deliver {{pgmslaprov|Equivalent {{pgmslaprov|Securities}}, or {{pgmslaprov|Lender}} fails to instruct {{pgmslaprov|Custodian}} to deliver {{pgmslaprov|Posted Collateral}}, in either case by the time required under this {{pgmslaprov|Agreement}} or within such other period as may be agreed between such {{pgmslaprov|Party}} (the {{pgmslaprov|Transferor}}) and the other {{pgmslaprov|Party}} (the {{pgmslaprov|Transferee}}), and the {{pgmslaprov|Transferee}}:
| |
| :(a) incurs interest, overdraft or similar costs and expenses; or
| |
| :(b) incurs costs and expenses as a direct result of a Buy-in exercised against it by a third party,
| |
| :then the {{pgmslaprov|Transferor}} agrees to pay within one {{pgmslaprov|Business Day}} of a demand from the {{pgmslaprov|Transferee}} and [[hold harmless]] the {{pgmslaprov|Transferee}} with respect to all reasonable costs and expenses listed in sub-paragraphs (a) and (b) above properly incurred which arise directly from such failure other than (i) such costs and expenses which arise from the [[negligence]] or [[wilful default]] of the {{pgmslaprov|Transferee}} and (ii) any indirect or [[consequential loss]]es.
| |