Template:OSLA 1995 7(B): Difference between revisions
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Amwelladmin (talk | contribs) Created page with ":{{oslaprov|7(B)}} Subject to Clause {{oslaprov|8}} hereof and the terms of the relevant {{oslaprov|Borrowing Request}} the {{oslaprov|Lender}} may call for the redelivery of ..." |
Amwelladmin (talk | contribs) m Amwelladmin moved page Template:1995 OSLA 7(B) to Template:OSLA 1995 7(B) |
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:{{oslaprov|7(B)}} Subject to Clause {{oslaprov|8}} hereof and the terms of the relevant {{oslaprov|Borrowing Request}} the {{oslaprov|Lender}} may call for the redelivery of all or any {{oslaprov|Equivalent Securities}} at any time by giving notice on any {{oslaprov|Business Day}} of not less than the standard settlement time for such {{oslaprov|Equivalent Securities}} on the exchange or in the clearing organisation through which the relevant borrowed Securities were originally delivered. The {{oslaprov|Borrower}} shall as hereinafter provided redeliver such {{oslaprov|Equivalent Securities}} not later than the expiry of such notice in accordance with the {{oslaprov|Lender's}} instructions. Simultaneously with the redelivery of the {{oslaprov|Equivalent Securities}} in accordance with such call, the Lender shall (subject to Clause {{oslaprov|6(I)}}, if applicable) repay any {{cassprov|Cash Collateral}} and redeliver to the {{oslaprov|Borrower Collateral}} equivalent to the {{oslaprov|Collateral}} delivered pursuant to Clause {{oslaprov|6}} in respect of the borrowed {{oslaprov|Securities}}. For the avoidance of doubt any reference herein or in any other agreement or communication between the {{oslaprov|Parties}} (however expressed) to an obligation to redeliver or account for or act in relation to {{oslaprov|Collateral}} shall accordingly be construed as a reference to an obligation to redeliver or account for or act in relation to {{oslaprov|Equivalent Collateral}}. <br> | :{{oslaprov|7(B)}} Subject to Clause {{oslaprov|8}} hereof and the terms of the relevant {{oslaprov|Borrowing Request}} the {{oslaprov|Lender}} may call for the redelivery of all or any {{oslaprov|Equivalent Securities}} at any time by giving notice on any {{oslaprov|Business Day}} of not less than the standard settlement time for such {{oslaprov|Equivalent Securities}} on the exchange or in the clearing organisation through which the relevant borrowed Securities were originally delivered. The {{oslaprov|Borrower}} shall as hereinafter provided redeliver such {{oslaprov|Equivalent Securities}} not later than the expiry of such notice in accordance with the {{oslaprov|Lender's}} instructions. Simultaneously with the redelivery of the {{oslaprov|Equivalent Securities}} in accordance with such call, the Lender shall (subject to Clause {{oslaprov|6(I)}}, if applicable) repay any {{cassprov|Cash Collateral}} and redeliver to the {{oslaprov|Borrower Collateral}} equivalent to the {{oslaprov|Collateral}} delivered pursuant to Clause {{oslaprov|6}} in respect of the borrowed {{oslaprov|Securities}}. {{f|For the avoidance of doubt}} any reference herein or in any other agreement or communication between the {{oslaprov|Parties}} (however expressed) to an obligation to redeliver or account for or act in relation to {{oslaprov|Collateral}} shall accordingly be construed as a reference to an obligation to redeliver or account for or act in relation to {{oslaprov|Equivalent Collateral}}. <br> | ||
Latest revision as of 14:20, 27 November 2019
- 7(B) Subject to Clause 8 hereof and the terms of the relevant Borrowing Request the Lender may call for the redelivery of all or any Equivalent Securities at any time by giving notice on any Business Day of not less than the standard settlement time for such Equivalent Securities on the exchange or in the clearing organisation through which the relevant borrowed Securities were originally delivered. The Borrower shall as hereinafter provided redeliver such Equivalent Securities not later than the expiry of such notice in accordance with the Lender's instructions. Simultaneously with the redelivery of the Equivalent Securities in accordance with such call, the Lender shall (subject to Clause 6(I), if applicable) repay any Cash Collateral and redeliver to the Borrower Collateral equivalent to the Collateral delivered pursuant to Clause 6 in respect of the borrowed Securities. For the avoidance of doubt any reference herein or in any other agreement or communication between the Parties (however expressed) to an obligation to redeliver or account for or act in relation to Collateral shall accordingly be construed as a reference to an obligation to redeliver or account for or act in relation to Equivalent Collateral.