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Template:2000 GMSLA 16: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{gmslaprov|16}}. '''{{gmslaprov|Transactions entered into as Agent}}''' <br> :{{gmslaprov|16.1}} '''{{gmslaprov|Power for Lender to enter into Loans as agent}}''' <br> Subjec...") |
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{{gmslaprov|16}}. '''{{gmslaprov|Transactions entered into as Agent}}''' <br> | {{gmslaprov|16}}. '''{{gmslaprov|Transactions entered into as Agent}}''' <br> | ||
:{{gmslaprov|16.1}} '''{{gmslaprov|Power for Lender to enter into Loans as agent}}''' <br> | :{{gmslaprov|16.1}} '''{{gmslaprov|Power for Lender to enter into Loans as agent}}''' <br> | ||
Subject to the following provisions of this paragraph, {{gmslaprov|Lender}} may (if so indicated in paragraph {{gmslaprov|6}} of the Schedule) enter into {{gmslaprov|Loan}}s as agent (in such capacity, the "'''{{gmslaprov|Agent}}'''") for a third person (a "'''{{gmslaprov|Principal}}'''"), whether as custodian or investment manager or otherwise (a {{gmslaprov|Loan}} so entered into being referred to in this paragraph as an "{{gmslaprov|Agency Transaction}}"). <br> | :Subject to the following provisions of this paragraph, {{gmslaprov|Lender}} may (if so indicated in paragraph {{gmslaprov|6}} of the Schedule) enter into {{gmslaprov|Loan}}s as agent (in such capacity, the "'''{{gmslaprov|Agent}}'''") for a third person (a "'''{{gmslaprov|Principal}}'''"), whether as custodian or investment manager or otherwise (a {{gmslaprov|Loan}} so entered into being referred to in this paragraph as an "{{gmslaprov|Agency Transaction}}"). <br> | ||
{{gmslaprov|16.2}} '''{{gmslaprov|Conditions for agency loan}}''' <br> | :{{gmslaprov|16.2}} '''{{gmslaprov|Conditions for agency loan}}''' <br> | ||
A {{gmslaprov|Lender}} may enter into an {{gmslaprov|Agency Transaction}} if, but only if:- <br> | :A {{gmslaprov|Lender}} may enter into an {{gmslaprov|Agency Transaction}} if, but only if:- <br> | ||
::{{gmslaprov|16.2(i)}} it specifies that {{gmslaprov|Loan}} as an {{gmslaprov|Agency Transaction}} at the time when it enters into it; <br> | ::{{gmslaprov|16.2(i)}} it specifies that {{gmslaprov|Loan}} as an {{gmslaprov|Agency Transaction}} at the time when it enters into it; <br> | ||
::{{gmslaprov|16.2(ii)}} it enters into that {{gmslaprov|Loan}} on behalf of a single {{gmslaprov|Principal}} whose identity is disclosed to {{gmslaprov|Borrower}} (whether by name or by reference to a code or identifier which the Parties have agreed will be used to refer to a specified {{gmslaprov|Principal}}) at the time when it enters into the {{gmslaprov|Loan}} or as otherwise agreed between the Parties; and <br> | ::{{gmslaprov|16.2(ii)}} it enters into that {{gmslaprov|Loan}} on behalf of a single {{gmslaprov|Principal}} whose identity is disclosed to {{gmslaprov|Borrower}} (whether by name or by reference to a code or identifier which the Parties have agreed will be used to refer to a specified {{gmslaprov|Principal}}) at the time when it enters into the {{gmslaprov|Loan}} or as otherwise agreed between the Parties; and <br> | ||
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::{{gmslaprov|16.3(i)}} of any event which constitutes an Act of Insolvency with respect to the relevant Principal; or <br> | ::{{gmslaprov|16.3(i)}} of any event which constitutes an Act of Insolvency with respect to the relevant Principal; or <br> | ||
::{{gmslaprov|16.3(ii)}} of any breach of any of the warranties given in paragraph {{gmslaprov|16.5}} or of any event or circumstance which has the result that any such warranty would be untrue if repeated by reference to the then current facts; <br> | ::{{gmslaprov|16.3(ii)}} of any breach of any of the warranties given in paragraph {{gmslaprov|16.5}} or of any event or circumstance which has the result that any such warranty would be untrue if repeated by reference to the then current facts; <br> | ||
it will inform {{gmslaprov|Borrower}} of that fact and will, if so required by {{gmslaprov|Borrower}}, furnish it with such additional information as it may reasonably request. <br> | :it will inform {{gmslaprov|Borrower}} of that fact and will, if so required by {{gmslaprov|Borrower}}, furnish it with such additional information as it may reasonably request. <br> | ||
:{{gmslaprov|16.4}} '''{{gmslaprov|Status of agency transaction}}''' <br> | :{{gmslaprov|16.4}} '''{{gmslaprov|Status of agency transaction}}''' <br> | ||
::{{gmslaprov|16.4(i)}} Each {{gmslaprov|Agency Transaction}} shall be a transaction between the relevant Principal and {{gmslaprov|Borrower}} and no person other than the relevant {{gmslaprov|Principal}} and {{gmslaprov|Borrower}} shall be a party to or have any rights or obligations under an {{gmslaprov|Agency Transaction}}. Without limiting the foregoing, {{gmslaprov|Lender}} shall not be liable as principal for the performance of an {{gmslaprov|Agency Transaction}}, but this is without prejudice to any liability of {{gmslaprov|Lender}} under any other provision of this clause; and <br> | ::{{gmslaprov|16.4(i)}} Each {{gmslaprov|Agency Transaction}} shall be a transaction between the relevant Principal and {{gmslaprov|Borrower}} and no person other than the relevant {{gmslaprov|Principal}} and {{gmslaprov|Borrower}} shall be a party to or have any rights or obligations under an {{gmslaprov|Agency Transaction}}. Without limiting the foregoing, {{gmslaprov|Lender}} shall not be liable as principal for the performance of an {{gmslaprov|Agency Transaction}}, but this is without prejudice to any liability of {{gmslaprov|Lender}} under any other provision of this clause; and <br> | ||
::{{gmslaprov|16.4(ii)}} all the provisions of the Agreement shall apply separately as between {{gmslaprov|Borrower}} and each Principal for whom the Agent has entered into an {{gmslaprov|Agency Transaction}} or {{gmslaprov|Agency Transaction}}s as if each such Principal were a party to a separate agreement with {{gmslaprov|Borrower}} in all respects identical with this Agreement other than this paragraph and as if the Principal were {{gmslaprov|Lender}} in respect of that agreement; <br> | ::{{gmslaprov|16.4(ii)}} all the provisions of the Agreement shall apply separately as between {{gmslaprov|Borrower}} and each {{gmslaprov|Principal}} for whom the {{gmslaprov|Agent}} has entered into an {{gmslaprov|Agency Transaction}} or {{gmslaprov|Agency Transaction}}s as if each such Principal were a party to a separate agreement with {{gmslaprov|Borrower}} in all respects identical with this {{gmslaprov|Agreement}} other than this paragraph and as if the {{gmslaprov|Principal}} were {{gmslaprov|Lender}} in respect of that agreement; <br> | ||
:'''PROVIDED THAT''' <br> | :'''PROVIDED THAT''' <br> | ||
:if there occurs in relation to the Agent an Event of Default or an event which would constitute an Event of Default if {{gmslaprov|Borrower}} served written notice under any sub-clause of paragraph {{gmslaprov|14}}, {{gmslaprov|Borrower}} shall be entitled by giving written notice to the Principal (which notice shall be validly given if given to {{gmslaprov|Lender}} in accordance with paragraph {{gmslaprov|21}}) to declare that by reason of that event an Event of Default is to be treated as occurring in relation to the Principal. If {{gmslaprov|Borrower}} gives such a notice then an Event of Default shall be treated as occurring in relation to the Principal at the time when the notice is deemed to be given; and <br> | :if there occurs in relation to the Agent an Event of Default or an event which would constitute an Event of Default if {{gmslaprov|Borrower}} served written notice under any sub-clause of paragraph {{gmslaprov|14}}, {{gmslaprov|Borrower}} shall be entitled by giving written notice to the Principal (which notice shall be validly given if given to {{gmslaprov|Lender}} in accordance with paragraph {{gmslaprov|21}}) to declare that by reason of that event an Event of Default is to be treated as occurring in relation to the Principal. If {{gmslaprov|Borrower}} gives such a notice then an Event of Default shall be treated as occurring in relation to the Principal at the time when the notice is deemed to be given; and <br> | ||