Template:GMSLA 2010 9.2: Difference between revisions
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{{gmslaprov|9.2}} '''{{gmslaprov|Lender’s failure to deliver Equivalent Collateral}}''' | {{gmslaprov|9.2}} '''{{gmslaprov|Lender’s failure to deliver Equivalent Collateral}}''': If {{gmslaprov|Lender}} fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} comprising {{gmslaprov|Non Cash Collateral}} in accordance with paragraph {{gmslaprov|8.4}} or {{gmslaprov|8.5}}, {{gmslaprov|Borrower}} may: <br> | ||
If {{gmslaprov|Lender}} fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} comprising {{gmslaprov|Non Cash Collateral}} in accordance with paragraph {{gmslaprov|8.4}} or {{gmslaprov|8.5}}, {{gmslaprov|Borrower}} may: <br> | |||
:(a) elect to continue the {{gmslaprov|Loan}} (which, {{f|for the avoidance of doubt}}, shall continue to be taken into account for the purposes of paragraph {{gmslaprov|5.4}} or {{gmslaprov|5.5}} as applicable); or <br> | :(a) elect to continue the {{gmslaprov|Loan}} (which, {{f|for the avoidance of doubt}}, shall continue to be taken into account for the purposes of paragraph {{gmslaprov|5.4}} or {{gmslaprov|5.5}} as applicable); or <br> | ||
:(b) at any time while such failure continues, by written notice to {{gmslaprov|Lender}} declare that that {{gmslaprov|Loan}} (but only that {{gmslaprov|Loan}}) shall be terminated immediately in accordance with paragraph {{gmslaprov|11.2}} as if (i) an {{gmslaprov|Event of Default}} had occurred in relation to the {{gmslaprov|Lender}}, (ii) references to the {{gmslaprov|Termination Date}} were to the date on which notice was given under this sub paragraph, and (iii) the {{gmslaprov|Loan}} were the only {{gmslaprov|Loan}} outstanding. {{f|For the avoidance of doubt}}, any such failure shall not constitute an {{gmslaprov|Event of Default}} (including under paragraph {{gmslaprov|10.1(i)}}) unless the {{gmslaprov|Parties}} otherwise agree. <br> | :(b) at any time while such failure continues, by written notice to {{gmslaprov|Lender}} declare that that {{gmslaprov|Loan}} (but only that {{gmslaprov|Loan}}) shall be terminated immediately in accordance with paragraph {{gmslaprov|11.2}} as if | ||
::(i) an {{gmslaprov|Event of Default}} had occurred in relation to the {{gmslaprov|Lender}}, | |||
::(ii) references to the {{gmslaprov|Termination Date}} were to the date on which notice was given under this sub paragraph, and | |||
::(iii) the {{gmslaprov|Loan}} were the only {{gmslaprov|Loan}} outstanding. | |||
{{f|For the avoidance of doubt}}, any such failure shall not constitute an {{gmslaprov|Event of Default}} (including under paragraph {{gmslaprov|10.1(i)}}) unless the {{gmslaprov|Parties}} otherwise agree. <br> | |||
Latest revision as of 15:12, 7 July 2020
9.2 Lender’s failure to deliver Equivalent Collateral: If Lender fails to deliver Equivalent Collateral comprising Non Cash Collateral in accordance with paragraph 8.4 or 8.5, Borrower may:
- (a) elect to continue the Loan (which, for the avoidance of doubt, shall continue to be taken into account for the purposes of paragraph 5.4 or 5.5 as applicable); or
- (b) at any time while such failure continues, by written notice to Lender declare that that Loan (but only that Loan) shall be terminated immediately in accordance with paragraph 11.2 as if
- (i) an Event of Default had occurred in relation to the Lender,
- (ii) references to the Termination Date were to the date on which notice was given under this sub paragraph, and
- (iii) the Loan were the only Loan outstanding.
For the avoidance of doubt, any such failure shall not constitute an Event of Default (including under paragraph 10.1(i)) unless the Parties otherwise agree.