Template:Nutshell Pledge GMSLA 3: Difference between revisions

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{{pgmslaprov|3}} '''{{pgmslaprov| Loans of Securities}}'''<br>
{{pgmslaprov|3}} '''{{pgmslaprov| Loans of Securities}}'''<br>
{{pgmslaprov|3.1}} '''{{pgmslaprov|Loans}}''':subject to the Conditions Precedent below, {{gmslaprov|Lender}} will lend and {{gmslaprov|Borrower}} will borrow {{gmslaprov|Securities}} under this {{gmslaprov|Agreement}}. The parties will agree the terms of {{gmslaprov|Loan}}s in advance and will confirm them afterwards, though the confirmations will not override the originally agreed terms without further agreement. <br>
{{pgmslaprov|3.1}} '''{{pgmslaprov|Loans}}''': Subject to the {{pgmslaprov|Conditions Precedent}} below, {{gmslaprov|Lender}} will lend and {{gmslaprov|Borrower}} will borrow {{gmslaprov|Securities}} under this {{gmslaprov|Agreement}}. The parties will agree the terms of {{gmslaprov|Loan}}s in advance and will confirm them afterwards, though the confirmations will not override the originally agreed terms without further agreement. <br>
{{pgmslaprov|3.2}} '''{{pgmslaprov|Conditions Precedent}}''': The {{pgmslaprov|Lender}}’s obligations to lend and deliver Securities under a {{pgmslaprov|Loan}} are conditional on:
{{pgmslaprov|3.2}} '''{{pgmslaprov|Conditions Precedent}}''': The {{pgmslaprov|Lender}}’s obligations to lend and deliver Securities under a {{pgmslaprov|Loan}} are conditional on:
:{{pgmslaprov|3.2(a)}} no {{pgmslaprov|Event of Default}} or potential {{pgmslaprov|Event of Default}} existing in relation to {{pgmslaprov|Borrower}}; and
:(a) no {{pgmslaprov|Event of Default}} or potential {{pgmslaprov|Event of Default}} existing in relation to {{pgmslaprov|Borrower}}; and
:{{pgmslaprov|3.2(b)}} the Borrower having {{pgmslaprov|posted Collateral}} having a {{pgmslaprov|Market Value}} at least equal to the {{pgmslaprov|Required Collateral Value}} by the time at which {{pgmslaprov|Lender}} is due to deliver the {{pgmslaprov|Loaned Securities}}. <br>
:(b) the {{pgmslaprov|Borrower}} having {{pgmslaprov|posted Collateral}} having a {{pgmslaprov|Market Value}} at least equal to the {{pgmslaprov|Required Collateral Value}} by the time at which {{pgmslaprov|Lender}} is due to deliver the {{pgmslaprov|Loaned Securities}}. <br>

Latest revision as of 15:46, 3 July 2020

3 Loans of Securities
3.1 Loans: Subject to the Conditions Precedent below, Lender will lend and Borrower will borrow Securities under this Agreement. The parties will agree the terms of Loans in advance and will confirm them afterwards, though the confirmations will not override the originally agreed terms without further agreement.
3.2 Conditions Precedent: The Lender’s obligations to lend and deliver Securities under a Loan are conditional on:

(a) no Event of Default or potential Event of Default existing in relation to Borrower; and
(b) the Borrower having posted Collateral having a Market Value at least equal to the Required Collateral Value by the time at which Lender is due to deliver the Loaned Securities.
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