Acceleration on Event of Default - OSLA Provision: Difference between revisions

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{{oslaprov|8(B)}} If an {{oslaprov|Event of Default}} occurs in relation to either {{oslaprov|Party}}, the {{oslaprov|Parties}}' delivery and payment obligations (and any other obligations they have under this {{oslaprov|Agreement}}) shall be accelerated so as to require performance thereof at the time such {{oslaprov|Event of Default}} occurs (the date of which shall be the "'''{{oslaprov|Performance Date}}'''" for the purposes of this clause) and in such event: <br>
{{oslasnap|8(B)}}
:(i) the {{oslaprov|Relevant Value}} of the {{oslaprov|Securities}} to be delivered (or payment to be made, as the case may be) by each {{oslaprov|Party}} shall be established in accordance with Clause {{oslaprov|8(C)}}; and <br>
{{nuts|OSLA|8(B)}}
:(ii) on the basis of the {{oslaprov|Relevant Value}}s so established, an account shall be taken (as at the {{oslaprov|Performance Date}}) of what is due from each {{oslaprov|Party}} to the other and (on the basis that each {{oslaprov|Party}}'s claim against the other in respect of delivery of {{oslaprov|Equivalent Securities}} or {{oslaprov|Equivalent Collateral}} or any cash payment equals the {{oracle|Relevant Value}} thereof) the sums due from one {{oslaprov|Party}} shall be set-off against the sums due from the other and only the balance of the account shall be payable (by the {{oslaprov|Party}} having the claim valued at the lower amount pursuant to the foregoing) and such balance shall be payable on the {{oslaprov|Performance Date}}. <br>
{{comm}}
====Clause Comparison with {{tag|GMSLA}}====
The equivalent of this clause in the {{Gmsla}} is:
 
{{anat|osla}}

Latest revision as of 16:07, 11 November 2016

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:

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Commentary

Clause Comparison with GMSLA

The equivalent of this clause in the 2010 GMSLA is:

OSLA Anatomy™

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2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code | GMSLA Netting

Pledge GMSLA: Hard copy (ISLA) · Full wikitext · Nutshell wikitext |
1995 OSLA: OSLA wikitext | OSLA in a nutshell | GMSLA/PGMSLA/OSLA clause comparison table
From Our Friends On The Internet: Guide to equity finance | ISLA’s guide to securities lending for regulators and policy makers

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Stock lending agreement comparison: Includes navigation for the 2000 GMSLA and the 1995 OSLA

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