Applicability - GMSLA Provision: Difference between revisions
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{{2010 GMSLA Section 1 TOC}} | {{2010 GMSLA Section 1 TOC}} | ||
{{ | {{Box|{{2010 GMSLA 1.1}} | ||
{{ | {{2010 GMSLA 1.2}}}} | ||
Revision as of 10:15, 11 July 2013
- 1.1 From time to time the Parties acting through one or more Designated Offices may enter into transactions in which one party (Lender) will transfer to the other (Borrower) securities and financial instruments (Securities) against the transfer of Collateral (as defined in paragraph 2) with a simultaneous agreement by Borrower to transfer to Lender Securities equivalent to such Securities on a fixed date or on demand against the transfer to Borrower by Lender of assets equivalent to such Collateral.
1.2 Each such transaction shall be referred to in this Agreement as a Loan and shall be governed by the terms of this Agreement, including the supplemental terms and conditions contained in the Schedule and any Addenda or Annexes attached hereto, unless otherwise agreed in writing. In the event of any inconsistency between the provisions of an Addendum or Annex and this Agreement, the provisions of such Addendum or Annex shall prevail unless the Parties otherwise agree.