Modifications to the Agency Annex - GMSLA Provision

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GMSLA Anatomy


In a Nutshell Clause Addendum 3:

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2010 GMSLA full text of Clause Addendum 3:

Addendum 3. Modifications to the Agency Annex

3.1 Paragraph 1.3(b) of the Agency Annex is deleted and replaced by the following:
“it enters into that Loan on behalf of one or more Principals and at or before the time when it enters into the Loan it discloses to Borrower the identity and the jurisdiction of incorporation, organisation or establishment of each such Principal (and such disclosure may be made either directly or by reference to a code or identifier which the Parties have agreed will be used to refer to a specified Principal);”.

3.2 Paragraph 1.3(c) of the Agency Annex is deleted and replaced by the following:

“it has at the time when the Loan is entered into actual authority to enter into the Loan on behalf of each Principal and to perform on behalf of each Principal all of that Principal’s obligations under the Agreement”.

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