Acceleration on Event of Default - OSLA Provision

Paragraph 8(B), 1995 Overseas Securities Lender’s Agreement

Template:1995 OSLA 8(B)
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8(B) in a Nutshell™ _{(OSLA edition)}

8(B) If an Event of Default occurs to either Party, the Parties’ obligations are accelerated to the time of the Event of Default and:

• the Relevant Value of each Party’s obligations are determined under Clause 8(C); and
• the amount due as at the Performance Date) from each Party to the other (ie the Relevant Value of Equivalent Securities, Equivalent Collateral or any due cash) must be set-off against the sums due from the other and the balance will be payable (by the Party having the smaller claim) on the Performance Date.
  

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Commentary

Clause Comparison with GMSLA

The equivalent of this clause in the 2010 GMSLA is:

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