Template:Nutshell OSLA Recital: Difference between revisions

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Created page with "'''Whereas''':- <br> :1. The {{oslaprov|Parties}} hereto are desirous of agreeing a procedure whereby either one of them (the "{{oslaprov|Lender}}..."
 
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'''[[Recital - OSLA Provision|Whereas]]''':- <br>
'''[[Recital - OSLA Provision|Whereas]]''':- <br>
:1. The {{oslaprov|Parties}} hereto are desirous of agreeing a procedure whereby either one of them (the "{{oslaprov|Lender}}") will make available to the other of them (the "{{oslaprov|Borrower}}") [[from time to time]] {{oslaprov|Securities}} (as hereinafter defined) in order to enable the {{oslaprov|Borrower}}, subject to any Inland Revenue provisions then in force, to fulfil a {{t|contract}} to sell such {{oslaprov|Securities}} or to on-lend such {{oslaprov|Securities}} to a third party to enable such party to fulfil a {{t|contract}} to sell such {{oslaprov|Securities}}, whether or not as part of a chain of arrangements to enable the final party in such chain to fulfil a {{t|contract}} to sell such {{oslaprov|Securities}} or to replace an existing loan of {{oslaprov|Securities}} to such third party, or for other purposes.  <br>
:1. The {{oslaprov|Parties}} want to agree arrangements under which one (the "{{oslaprov|Lender}}") will make {{oslaprov|Securities}} available to the other (the "{{oslaprov|Borrower}}") [[from time to time]] so the {{oslaprov|Borrower}} can sell them to someone else, so ''that someone else'' can sell them to someone else,, who in turn can sell them — and so on and so on you get the picture — or — hell, I don’t know — for other purposes too.  <br>
:2. All transactions carried out under this {{oslaprov|Agreement}} will be effected in accordance with the {{oslaprov|Rules}} (as hereinafter defined) TOGETHER WITH current market practices, customs and conventions. <br>
:2. All transactions carried out under this {{oslaprov|Agreement}} will be effected in accordance with applicable {{oslaprov|Rules}} market practices, customs and conventions.<br>

Revision as of 15:56, 27 November 2019

Whereas:-

1. The Parties want to agree arrangements under which one (the "Lender") will make Securities available to the other (the "Borrower") from time to time so the Borrower can sell them to someone else, so that someone else can sell them to someone else,, who in turn can sell them — and so on and so on you get the picture — or — hell, I don’t know — for other purposes too.
2. All transactions carried out under this Agreement will be effected in accordance with applicable Rules market practices, customs and conventions.