4. Delivery
4.1 Delivery of Securities on commencement of Loan
Lender shall procure the Delivery of Securities to Borrower or deliver such Securities in accordance with this Agreement and the terms of the relevant Loan.
4.2 Requirements to effect Delivery
The Parties shall execute and deliver all necessary documents and give all necessary instructions to procure that all right, title and interest in:
- (a) any Securities borrowed pursuant to paragraph 3;
- (b) any Equivalent Securities delivered pursuant to paragraph 8;
- (c) any Collateral delivered pursuant to paragraph 5;
- (d) any Equivalent Collateral delivered pursuant to paragraphs 5 or 8;
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.
4.3 Deliveries to be simultaneous unless otherwise agreed
Where under the terms of this Agreement a Party is not obliged to make a Delivery unless simultaneously a Delivery is made to it, subject to and without prejudice to its rights under paragraph 8.6, such Party may from time to time in accordance with market practice and in recognition of the practical difficulties in arranging simultaneous delivery of Securities, Collateral and cash transfers, waive its right under this Agreement in respect of simultaneous delivery and/or payment provided that no such waiver (whether by course of conduct or otherwise) in respect of one transaction shall bind it in respect of any other transaction.
4.4 Deliveries of Income
In respect of
Income being paid in relation to any
Loaned Securities or
Collateral,
Borrower (in the case of Income being paid in respect of
Loaned Securities) and
Lender (in the case of
Income being paid in respect of
Collateral)
shall provide to the other
Party, as the case may be, any endorsements or assignments as shall be customary and appropriate to effect, in accordance with paragraph
6, the payment or delivery of money or property in respect of such Income to
Lender, irrespective of whether
Borrower received such endorsements or assignments in respect of any
Loaned Securities, or to
Borrower, irrespective of whether
Lender received such endorsements or assignments in respect of any
Collateral.