Template:Nutshell OSLA Equivalent Securities

Equivalent Securities means securities that are fungible with the borrowed Securities, and and certificates or documents of title. Where Securities are partly paid or have been converted, subdivided, consolidated, redeemed, made the subject of a takeover, capitalisation issue, rights issue or similar event it will mean:

(a) For conversions, subdivisions or consolidations: the securities into which the borrowed Securities have been converted, subdivided or consolidated and any necessary notice given under Clause 4(B)(vi);

(b) For redemptions: a sum of equivalent to the proceeds of the redemption;

(c) For takeovers: the consideration of which the Lender has given notice to the Borrower under Clause 4(B)(vi);

(d) For calls on partly paid securities: the paid-up securities PROVIDED THAT the Lender shall have paid to the Borrower an amount of money equal to the sum due in respect of the call;

(e) For a capitalisation issues: the borrowed Securities and the securities allotted by way of a bonus thereon;

(f) For rights issues: the borrowed Securities and the securities allotted thereon, as long as the Lender has given notice to the Borrower under Clause 4(B)(vi), and has paid to the Borrower all sums due;

(g) For Income in the form of securities or an option to take Income in the form of securities: securities equivalent to those allotted;

(h) For any similar event: the borrowed Securities or the money or securities equivalent to that received on those borrowed Securities resulting from such event;

Here “equivalent” means “fungible with”;