Template:Pledge GMSLA 2018 8.3: Difference between revisions
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{{pgmslaprov|8.3}} '''{{pgmslaprov|Non-Defaulting Party’s right to terminate all Loans}}''' | {{pgmslaprov|8.3}} '''{{pgmslaprov|Non-Defaulting Party’s right to terminate all Loans}}''': If any of the events specified in sub-paragraphs (a) to (j) inclusive of paragraph {{pgmslaprov|10.1}} has occurred and is continuing and provided always that no {{pgmslaprov|Event of Default}} has occurred, and notwithstanding the scheduled termination dates of the relevant {{pgmslaprov|Loan}}s, the {{pgmslaprov|Non-Defaulting Party}} shall be entitled on any {{pgmslaprov|Business Day}} to terminate all {{pgmslaprov|Loan}}s by giving written notice to {{pgmslaprov|Defaulting Party}} of such election under this paragraph {{pgmslaprov|8.3}} and, where the {{pgmslaprov|Non-Defaulting Party}} gives such a notice, (i) each such {{pgmslaprov|Loan}} will terminate on the expiry of the standard settlement time commencing on the date on which the {{pgmslaprov|Non-Defaulting Party}}'s notice was given and Borrower will, in respect of each such {{pgmslaprov|Loan}}, not later than such expiration date deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} in respect of the relevant {{pgmslaprov|Loan}} to {{pgmslaprov|Lender}} in accordance with {{pgmslaprov|Lender}}'s instruction and (ii) any amounts accrued under paragraph {{pgmslaprov|7}} shall be accelerated and immediately payable. [[For the avoidance of doubt]], if {{pgmslaprov|Borrower}} fails to deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} in accordance with this paragraph, {{pgmslaprov|Lender}} will be entitled to exercise the remedies provided to it in paragraph {{pgmslaprov|9.1}}. <br> | ||
:If any of the events specified in sub-paragraphs (a) to (j) inclusive of paragraph 10.1 has occurred and is continuing and provided always that no {{pgmslaprov|Event of Default}} has occurred, and notwithstanding the scheduled termination dates of the relevant {{pgmslaprov|Loan}}s, the {{pgmslaprov|Non-Defaulting Party}} shall be entitled on any {{pgmslaprov|Business Day}} to terminate all {{pgmslaprov|Loan}}s by giving written notice to {{pgmslaprov|Defaulting Party}} of such election under this paragraph 8.3 and, where the {{pgmslaprov|Non-Defaulting Party}} gives such a notice, (i) each such {{pgmslaprov|Loan}} will terminate on the expiry of the standard settlement time commencing on the date on which the {{pgmslaprov|Non-Defaulting Party}}'s notice was given and Borrower will, in respect of each such {{pgmslaprov|Loan}}, not later than such expiration date deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} in respect of the relevant {{pgmslaprov|Loan}} to {{pgmslaprov|Lender}} in accordance with {{pgmslaprov|Lender}}'s instruction and (ii) any amounts accrued under paragraph {{pgmslaprov|7}} shall be accelerated and immediately payable. [[For the avoidance of doubt]], if {{pgmslaprov|Borrower}} fails to deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} in accordance with this paragraph, {{pgmslaprov|Lender}} will be entitled to exercise the remedies provided to it in paragraph {{pgmslaprov|9.1}}. <br> | |||
Latest revision as of 14:57, 7 July 2020
8.3 Non-Defaulting Party’s right to terminate all Loans: If any of the events specified in sub-paragraphs (a) to (j) inclusive of paragraph 10.1 has occurred and is continuing and provided always that no Event of Default has occurred, and notwithstanding the scheduled termination dates of the relevant Loans, the Non-Defaulting Party shall be entitled on any Business Day to terminate all Loans by giving written notice to Defaulting Party of such election under this paragraph 8.3 and, where the Non-Defaulting Party gives such a notice, (i) each such Loan will terminate on the expiry of the standard settlement time commencing on the date on which the Non-Defaulting Party's notice was given and Borrower will, in respect of each such Loan, not later than such expiration date deliver Equivalent Securities in respect of the relevant Loan to Lender in accordance with Lender's instruction and (ii) any amounts accrued under paragraph 7 shall be accelerated and immediately payable. For the avoidance of doubt, if Borrower fails to deliver Equivalent Securities in accordance with this paragraph, Lender will be entitled to exercise the remedies provided to it in paragraph 9.1.