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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