Template:Nutshell GMSLA 5.9: Difference between revisions
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{{gmslaprov|5.9}} '''{{gmslaprov|Substitutions and extensions of Letters of Credit}}''' <br> | {{gmslaprov|5.9}} '''{{gmslaprov|Substitutions and extensions of Letters of Credit}}''' <br> | ||
:(a) '''Substitution right''': {{gmslaprov|Lender}} may by notice to {{gmslaprov|Borrower}} require {{gmslaprov|Borrower}} to substitute other eligible {{gmslaprov|Collateral}} for any {{gmslaprov|Letter of Credit}} it has provided by way of {{gmslaprov|Collateral}} on the third {{gmslaprov|Business Day}} after that notice. | :(a) '''Substitution right''': {{gmslaprov|Lender}} may by notice to {{gmslaprov|Borrower}} require {{gmslaprov|Borrower}} to substitute other eligible {{gmslaprov|Collateral}} for any {{gmslaprov|Letter of Credit}} it has provided by way of {{gmslaprov|Collateral}} on the third {{gmslaprov|Business Day}} after that notice. | ||
:(b) {{gmslaprov|Borrower}} must extend or replace any {{gmslaprov|Letter of Credit}} it has provided by way of {{gmslaprov|Collateral}} by 10.30 a.m. UK time on the second {{gmslaprov|Business Day}} before such {{gmslaprov|Letter of Credit}} expires.<br> | :(b) '''Extension/replacement''': {{gmslaprov|Borrower}} must extend or replace any {{gmslaprov|Letter of Credit}} it has provided by way of {{gmslaprov|Collateral}} by 10.30 a.m. UK time on the second {{gmslaprov|Business Day}} before such {{gmslaprov|Letter of Credit}} expires.<br> | ||
Latest revision as of 10:11, 20 December 2020
5.9 Substitutions and extensions of Letters of Credit
- (a) Substitution right: Lender may by notice to Borrower require Borrower to substitute other eligible Collateral for any Letter of Credit it has provided by way of Collateral on the third Business Day after that notice.
- (b) Extension/replacement: Borrower must extend or replace any Letter of Credit it has provided by way of Collateral by 10.30 a.m. UK time on the second Business Day before such Letter of Credit expires.