Template:GMSLA 2010 9.1: Difference between revisions
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{{gmslaprov|9.1}} '''{{gmslaprov|Borrower’s failure to deliver Equivalent Securities}}''' <br> | |||
:If {{gmslaprov|Borrower}} fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} in accordance with paragraph {{gmslaprov|8.3}} {{gmslaprov|Lender}} may: <br> | |||
:(a) elect to continue the {{gmslaprov|Loan}} (which, {{f|for the avoidance of doubt}}, shall continue to be taken into account for the purposes of paragraph {{gmslaprov|5.4}} or {{gmslaprov|5.5}} as applicable); or <br> | |||
:(b) at any time while such failure continues, by written notice to {{gmslaprov|Borrower}} declare that that {{gmslaprov|Loan}} (but only that {{gmslaprov|Loan}}) shall be terminated immediately in accordance with paragraph {{gmslaprov|11.2}} as if (i) an {{gmslaprov|Event of Default}} had occurred in relation to the {{gmslaprov|Borrower}}, (ii) references to the {{gmslaprov|Termination Date}} were to the date on which notice was given under this sub paragraph, and (iii) the {{gmslaprov|Loan}} were the only {{gmslaprov|Loan}} outstanding. {{f|For the avoidance of doubt}}, any such failure shall not constitute an {{gmslaprov|Event of Default}} (including under paragraph {{gmslaprov|10.1(i)}}) unless the {{gmslaprov|Parties}} otherwise agree. <br> | |||
Revision as of 16:50, 5 October 2017
9.1 Borrower’s failure to deliver Equivalent Securities
- If Borrower fails to deliver Equivalent Securities in accordance with paragraph 8.3 Lender may:
- (a) elect to continue the Loan (which, for the avoidance of doubt, shall continue to be taken into account for the purposes of paragraph 5.4 or 5.5 as applicable); or
- (b) at any time while such failure continues, by written notice to Borrower declare that that Loan (but only that Loan) shall be terminated immediately in accordance with paragraph 11.2 as if (i) an Event of Default had occurred in relation to the Borrower, (ii) references to the Termination Date were to the date on which notice was given under this sub paragraph, and (iii) the Loan were the only Loan outstanding. For the avoidance of doubt, any such failure shall not constitute an Event of Default (including under paragraph 10.1(i)) unless the Parties otherwise agree.