Template:GMSLA 2010 8.4: Difference between revisions
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{{gmslaprov|8.4}} '''{{gmslaprov|Delivery of Equivalent Collateral on termination of a Loan}}''' <br> | {{gmslaprov|8.4}} '''{{gmslaprov|Delivery of Equivalent Collateral on termination of a Loan}}''' <br> | ||
On the date and time that {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} are required to be delivered by {{gmslaprov|Borrower}} on the termination of a {{gmslaprov|Loan}}, {{gmslaprov|Lender}} shall simultaneously (subject to paragraph {{gmslaprov|5.4}} if applicable) repay to {{gmslaprov|Borrower}} any {{gmslaprov|Cash Collateral}} or, as the case may be, deliver {{gmslaprov|Collateral}} equivalent to the {{gmslaprov|Collateral}} provided by {{cassprov|Borrower}} pursuant to paragraph {{gmslaprov|5}} in respect of such {{gmslaprov|Loan}}. For the avoidance of doubt any reference in this {{gmslaprov|Agreement}} or in any other agreement or communication between the {{gmslaprov|Parties}} (however expressed) to an obligation to deliver or account for or act in relation to {{gmslaprov|Collateral}} shall accordingly be construed as a reference to an obligation to deliver or account for or act in relation to {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}. <br> | On the date and time that {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} are required to be delivered by {{gmslaprov|Borrower}} on the termination of a {{gmslaprov|Loan}}, {{gmslaprov|Lender}} shall simultaneously (subject to paragraph {{gmslaprov|5.4}} if applicable) repay to {{gmslaprov|Borrower}} any {{gmslaprov|Cash Collateral}} or, as the case may be, deliver {{gmslaprov|Collateral}} equivalent to the {{gmslaprov|Collateral}} provided by {{cassprov|Borrower}} pursuant to paragraph {{gmslaprov|5}} in respect of such {{gmslaprov|Loan}}. {{f|For the avoidance of doubt}} any reference in this {{gmslaprov|Agreement}} or in any other agreement or communication between the {{gmslaprov|Parties}} (however expressed) to an obligation to deliver or account for or act in relation to {{gmslaprov|Collateral}} shall accordingly be construed as a reference to an obligation to deliver or account for or act in relation to {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}. <br> | ||
Revision as of 12:25, 14 November 2016
8.4 Delivery of Equivalent Collateral on termination of a Loan
On the date and time that Equivalent Securities are required to be delivered by Borrower on the termination of a Loan, Lender shall simultaneously (subject to paragraph 5.4 if applicable) repay to Borrower any Cash Collateral or, as the case may be, deliver Collateral equivalent to the Collateral provided by Borrower pursuant to paragraph 5 in respect of such Loan. For the avoidance of doubt any reference in this Agreement or in any other agreement or communication between the Parties (however expressed) to an obligation to deliver or account for or act in relation to Collateral shall accordingly be construed as a reference to an obligation to deliver or account for or act in relation to Equivalent Collateral.