Template:GMSLA 2010 9.1: Difference between revisions
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{{gmslaprov|9.1}} '''{{gmslaprov|Borrower’s failure to deliver Equivalent Securities}}''': If {{gmslaprov|Borrower}} fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} in accordance with paragraph {{gmslaprov|8.3}} {{gmslaprov|Lender}} 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> | |||
:(b) at any time while such failure continues, by written notice to {{gmslaprov|Borrower}} 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|Borrower}}, | |||
::(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 16:57, 17 November 2020
9.1 Borrower’s failure to deliver Equivalent Securities: If Borrower fails to deliver Equivalent Securities in accordance with paragraph 8.3 Lender 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 Borrower 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 Borrower,
- (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.