Template:Pledge GMSLA 2018 3

3 Loans of Securities
3.1 Loans: Borrower will borrow Securities from Lender and, subject to paragraph 3.2 below, Lender will lend Securities to Borrower, in accordance with the terms and conditions of this Agreement. The terms of each Loan shall be agreed prior to the commencement of the relevant Loan either orally or in writing (including any agreed form of electronic communication) and confirmed in such form and on such basis as shall be agreed between the Parties. Unless otherwise agreed, any confirmation produced by a Party shall not supersede or prevail over the prior oral, written or electronic communication (as the case may be).
3.2 Conditions Precedent: :The obligations of Lender under paragraphs 3.1 and 4.1 with respect to a Loan are subject to the conditions precedent that:

3.2(a) no event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default has occurred and is continuing in relation to Borrower; and

3.2(b) prior to the time at which the relevant Loaned Securities are due to be delivered by Lender or any earlier time agreed between the Parties, the aggregate Market Value of the Posted Collateral is greater than or equal to the Required Collateral Value calculated taking into account all Loaned Securities including the relevant Loaned Securities.