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GMSLA Anatomy™
In a Nutshell™ Clause 17:
17 Single Agreement
The parties enter into this Agreement and each Loan on the assumption that Loans constitute a single business and contractual relationship and are made in consideration of each other and therefore agrees:
- (a) that its default under one Loan will be a default under all of them (except where provided otherwise); and
- (b) that its performance under any one Loan is in consideration of the other Party’s performance under all Loans.
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2010 GMSLA full text of Clause 17:
17. Single Agreement
Each Party acknowledges that, and has entered into this Agreement and will enter into each Loan in consideration of and in reliance upon the fact that, all Loans constitute a single business and contractual relationship and are made in consideration of each other. Accordingly, each Party agrees:
- (a) to perform all of its obligations in respect of each Loan, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Loans, subject always to the other provisions of the Agreement; and
- (b) that payments, deliveries and other transfers made by either of them in respect of any Loan shall be deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Loan.
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