Redelivery of Equivalent Securities - OSLA Provision

7. Redelivery of Equivalent Securities

7(A) Borrower’s undertaking to redeliver Equivalent Securities

7(B) Lender’s right to call for redelivery of Equivalent Securities

7(C) Lender’s election where Borrower does not return Equivalent Securities

7(D) Borrower to pay reasonable costs of any Buy-in

7(E) Borrower’s right to terminate loans

7(F) Redelivery of Talisman certificates

Paragraph 7, 1995 Overseas Securities Lender’s Agreement

Template:1995 OSLA 7
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Commentary

See Clause 8.3 and 8.4 of the GMSLA by way of comparison, and also Clause 9 which deals with the “mini-closeout” right upon a Party's Failure to Deliver Equivalent Securities or Failure to Deliver Equivalent Collateral.

Clause 7(C) of the OSLA operates in much the same way as the “mini-closeout”, by permitting a Non-Defaulting Party to determine a value of each Loan as the difference between the value of the opposing legs of the trade.

Related Provisions

• 2010 GMSLA Paragraphs 8 and 9.

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