Template:Nutshell GMSLA 9.1: Difference between revisions
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{{gmslaprov|9.1}} '''{{gmslaprov|Borrower}}’s failure to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} ''' | {{gmslaprov|9.1}} '''{{gmslaprov|Borrower}}’s failure to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} ''': If {{gmslaprov|Borrower}} doesn’t deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} under para {{gmslaprov|8.3}} Lender may: | ||
If {{gmslaprov|Borrower}} doesn’t deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} under para {{gmslaprov|8.3}} Lender may: | |||
:(a) continue the {{gmslaprov|Loan}}; or | :(a) continue the {{gmslaprov|Loan}}; or | ||
:(b) terminate the individual {{gmslaprov|Loan}} per para {{gmslaprov|11.2}} as if the {{gmslaprov|Borrower}} was subject to an {{gmslaprov|Event of Default}} but the {{gmslaprov|Loan}} were the only outstanding {{gmslaprov|Loan}}. Notwithstanding the above such a failure is '''not''' an {{gmslaprov|Event of Default}} unless otherwise agreed. <br> | :(b) terminate the individual {{gmslaprov|Loan}} per para {{gmslaprov|11.2}} as if the {{gmslaprov|Borrower}} was subject to an {{gmslaprov|Event of Default}} but the {{gmslaprov|Loan}} were the only outstanding {{gmslaprov|Loan}}. | ||
Notwithstanding the above, such a failure is '''not''' an {{gmslaprov|Event of Default}} unless otherwise agreed. <br> | |||
Revision as of 16:58, 17 November 2020
9.1 Borrower’s failure to deliver Equivalent Securities : If Borrower doesn’t deliver Equivalent Securities under para 8.3 Lender may:
- (a) continue the Loan; or
- (b) terminate the individual Loan per para 11.2 as if the Borrower was subject to an Event of Default but the Loan were the only outstanding Loan.
Notwithstanding the above, such a failure is not an Event of Default unless otherwise agreed.