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

@@ Line 1: / Line 1: @@
-{{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>
-:(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>
-:(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>

Revision as of 16:31, 22 July 2013