Requirements to effect Delivery - GMSLA Provision
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GMSLA Anatomy™
passes as required by this Agreement with full title guarantee, free from all encumbrances. For dematerialised Securities, Collateral delivery and transfer of title will take place under the prevailing rules of the relevant settlement system. The Party acquiring such interests does not have to return the actual assets it recceives but must, subject to the terms of this Agreement, to deliver Equivalent assets as appropriate.
shall pass from one Party to the other subject to the terms and conditions set out in this Agreement, on delivery of the same in accordance with this Agreement with full title guarantee, free from all liens, charges and encumbrances. In the case of Securities, Collateral, Equivalent Securities or Equivalent Collateral title to which is registered in a computer based system which provides for the recording and transfer of title to the same by way of book entries, delivery and transfer of title shall take place in accordance with the rules and procedures of such system as in force from time to time. The Party acquiring such right, title and interest shall have no obligation to return or deliver any of the assets so acquired but, in so far as any Securities are borrowed by or any Collateral is delivered to such Party, such Party shall be obliged, subject to the terms of this Agreement, to deliver Equivalent Securities or Equivalent Collateral as appropriate.
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