Template:GMSLA 2010 6.3: Difference between revisions
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{{gmslaprov|6.3}} '''{{gmslaprov|Manufactured payments in respect of Non-Cash Collateral}}''' <br> | {{gmslaprov|6.3}} '''{{gmslaprov|Manufactured payments in respect of Non-Cash Collateral}}''' <br> | ||
Where {{gmslaprov|Non Cash Collateral}} is delivered by {{gmslaprov|Borrower}} to {{gmslaprov|Lender}} and an {{gmslaprov|Income Record Date}} in respect of such {{gmslaprov|Non Cash Collateral}} occurs before {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} is delivered by {{gmslaprov|Lender}} to {{gmslaprov|Borrower}}, {{gmslaprov|Lender}} shall on the date such {{gmslaprov|Income}} is paid, or on such other date as the {{gmslaprov|Parties}} may from time to time agree, pay or deliver to {{gmslaprov|Borrower}} a sum of money or property as is agreed between the {{gmslaprov|Parties}} or, failing such agreement, a sum of money or property equivalent to (and in the same currency as) the type and amount of such {{gmslaprov|Income}} that would be received by {{gmslaprov|Lender}} in respect of such {{gmslaprov|Non Cash Collateral}} assuming {{gmslaprov|Lender}}: | |||
:(a) retained the {{gmslaprov|Non Cash Collateral}} on the {{gmslaprov|Income Record Date}}; and <br> | :(a) retained the {{gmslaprov|Non Cash Collateral}} on the {{gmslaprov|Income Record Date}}; and <br> | ||
:(b) is not entitled to any credit, benefit or other relief in respect of {{gmslaprov|Tax}} under any {{gmslaprov|Applicable Law}}. <br> | :(b) is not entitled to any credit, benefit or other relief in respect of {{gmslaprov|Tax}} under any {{gmslaprov|Applicable Law}}. <br> | ||
Latest revision as of 16:40, 5 October 2017
6.3 Manufactured payments in respect of Non-Cash Collateral
Where Non Cash Collateral is delivered by Borrower to Lender and an Income Record Date in respect of such Non Cash Collateral occurs before Equivalent Collateral is delivered by Lender to Borrower, Lender shall on the date such Income is paid, or on such other date as the Parties may from time to time agree, pay or deliver to Borrower a sum of money or property as is agreed between the Parties or, failing such agreement, a sum of money or property equivalent to (and in the same currency as) the type and amount of such Income that would be received by Lender in respect of such Non Cash Collateral assuming Lender:
- (a) retained the Non Cash Collateral on the Income Record Date; and
- (b) is not entitled to any credit, benefit or other relief in respect of Tax under any Applicable Law.