Template:Pledge GMSLA 2018 9.1: Difference between revisions
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{{ | {{pgmslaprov|9.1}} '''{{pgmslaprov|Borrower’s failure to deliver Equivalent Securities}}''': If {{pgmslaprov|Borrower}} fails to [[deliver]] {{pgmslaprov|Equivalent Securities}} in accordance with paragraph {{pgmslaprov|8.1}} to {{pgmslaprov|8.3}} {{pgmslaprov|Lender}} may: | ||
If {{ | |||
:(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 | :(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 | :(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 | ||
Latest revision as of 15:06, 7 July 2020
9.1 Borrower’s failure to deliver Equivalent Securities: If Borrower fails to deliver Equivalent Securities in accordance with paragraph 8.1 to 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 5.3); 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 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.