82,891
edits
Template:GMSLA 2000 16: Difference between revisions
Jump to navigation
Jump to search
no edit summary
Amwelladmin (talk | contribs) (Created page with "==={{gmsla2000prov|16}}. {{gmsla2000prov|Transactions entered into as agent}}=== {{gmsla2000prov|16.1}} '''{{gmsla2000prov|Power for Lender to enter into Loans as agent}}''' <...") |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 1: | Line 1: | ||
==={{gmsla2000prov|16}}. {{gmsla2000prov|Transactions entered into as agent}}=== | ==={{gmsla2000prov|16}}. {{gmsla2000prov|Transactions entered into as agent}}=== | ||
{{gmsla2000prov|16.1}} '''{{gmsla2000prov|Power for Lender to enter into Loans as agent}}''' <br> | {{gmsla2000prov|16.1}} '''{{gmsla2000prov|Power for Lender to enter into Loans as agent}}''' <br> | ||
Subject to the following provisions of this paragraph, Lender may (if so indicated in paragraph {{gmsla2000prov|6}} of the {{gmsla2000prov|Schedule}}) enter into {{gmsla2000prov|Loan}}s as agent (in such capacity, the "{{gmsla2000prov|Agent}}") for a third person (a “'''{{gmsla2000prov|Principal}}'''”), whether as [[custodian]] or [[investment manager]] or otherwise (a {{gmsla2000prov|Loan}} so entered into being referred to in this paragraph as an “'''{{gmsla2000prov|Agency Transaction}}'''”). | Subject to the following provisions of this paragraph, {{gmsla2000prov|Lender}} may (if so indicated in paragraph {{gmsla2000prov|6}} of the {{gmsla2000prov|Schedule}}) enter into {{gmsla2000prov|Loan}}s as agent (in such capacity, the "{{gmsla2000prov|Agent}}") for a third person (a “'''{{gmsla2000prov|Principal}}'''”), whether as [[custodian]] or [[investment manager]] or otherwise (a {{gmsla2000prov|Loan}} so entered into being referred to in this paragraph as an “'''{{gmsla2000prov|Agency Transaction}}'''”). | ||
{{gmsla2000prov|16.2}} '''{{gmsla2000prov|Conditions for agency loan}}''' <br> | {{gmsla2000prov|16.2}} '''{{gmsla2000prov|Conditions for agency loan}}''' <br> | ||
A Lender may enter into an Agency Transaction if, but only if: — | A {{gmsla2000prov|Lender}} may enter into an {{gmsla2000prov|Agency Transaction}} if, but only if: — | ||
:(i) it specifies that Loan as an Agency Transaction at the time when it enters into it; | :(i) it specifies that {{gmsla2000prov|Loan}} as an {{gmsla2000prov|Agency Transaction}} at the time when it enters into it; | ||
:(ii) it enters into that Loan on behalf of a single {{gmsla2000prov|Principal}} whose identity is disclosed to {{gmsla2000prov|Borrower}} (whether by name or by reference to a code or identifier which the {{gmsla2000prov|Parties}} have agreed will be used to refer to a specified {{gmsla2000prov|Principal}}) at the time when it enters into the {{gmsla2000prov|Loan}} or as otherwise agreed between the {{gmsla2000prov|Parties}}; and | :(ii) it enters into that {{gmsla2000prov|Loan}} on behalf of a single {{gmsla2000prov|Principal}} whose identity is disclosed to {{gmsla2000prov|Borrower}} (whether by name or by reference to a code or identifier which the {{gmsla2000prov|Parties}} have agreed will be used to refer to a specified {{gmsla2000prov|Principal}}) at the time when it enters into the {{gmsla2000prov|Loan}} or as otherwise agreed between the {{gmsla2000prov|Parties}}; and | ||
(iii) it has at the time when the {{gmsla2000prov|Loan}} is entered into actual authority to enter into the {{gmsla2000prov|Loan}} and to perform on behalf of that {{gmsla2000prov|Principal}} all of that {{gmsla2000prov|Principal}}’s obligations under the agreement referred to in paragraph {{gmsla2000prov|16.4}}(ii). <br> | (iii) it has at the time when the {{gmsla2000prov|Loan}} is entered into actual authority to enter into the {{gmsla2000prov|Loan}} and to perform on behalf of that {{gmsla2000prov|Principal}} all of that {{gmsla2000prov|Principal}}’s obligations under the agreement referred to in paragraph {{gmsla2000prov|16.4}}(ii). <br> | ||
{{gmsla2000prov|16.3}} '''{{gmsla2000prov|Notification by Lender of certain events affecting the principal}}''' <br> | |||
{{gmsla2000prov|Lender}} undertakes that, if it enters as agent into an {{gmsla2000prov|Agency Transaction}}, forthwith upon becoming aware: — <br> | |||
:(i) of any event which constitutes an {{gmsla2000prov|Act of Insolvency}} with respect to the relevant Principal; or <br> | |||
:(ii) of any breach of any of the warranties given in paragraph {{gmsla2000prov|16.5}} or of any event or circumstance which has the result that any such warranty would be untrue if repeated by reference to the then current facts; <br> | |||
it will inform {{gmsla2000prov|Borrower}} of that fact and will, if so required by {{gmsla2000prov|Borrower}}, furnish it with such additional information as it may reasonably request,<br> | |||
{{gmsla2000prov|16.4}} '''{{gmsla2000prov|Agency Transaction}}''' <br> | |||
:(i) Each {{gmsla2000prov|Agency Transaction}} shall be a transaction between the relevant {{gmsla2000prov|Principal}} and {{gmsla2000prov|Borrower}} and no person other than the relevant {{gmsla2000prov|Principal}} and {{gmsla2000prov|Borrower}} shall be a party to or have any rights or obligations under an {{gmsla2000prov|Agency Transaction}}. Without limiting the foregoing, {{gmsla2000prov|Lender}} shall not be liable as principal for the performance of an {{gmsla2000prov|Agency Transaction}}, but this is without prejudice to any liability of {{gmsla2000prov|Lender}} under any other provision of this clause; and <br> | |||
:(ii) all the provisions of the {{gmsla2000prov|Agreement}} shall apply separately as between {{gmsla2000prov|Borrower}} and each {{gmsla2000prov|Principal}} for whom the {{gmsla2000prov|Agent}} has entered into an {{gmsla2000prov|Agency Transaction}} or {{gmsla2000prov|Agency Transaction}}s as if each such {{gmsla2000prov|Principal}} were a party to a separate agreement with {{gmsla2000prov|Borrower}} in all respects identical with this {{gmsla2000prov|Agreement}} other than this paragraph and as if the {{gmsla2000prov|Principal}} were {{gmsla2000prov|Lender}} in respect of that agreement; <br> | |||
PROVIDED THAT <br> | |||
if there occurs in relation to the {{gmsla2000prov|Agent}} an {{gmsla2000prov|Event of Default}} or an event which would constitute an {{gmsla2000prov|Event of Default}} if {{gmsla2000prov|Borrower}} served written notice under any subclause of paragraph 14, {{gmsla2000prov|Borrower}} shall be entitled by giving written notice to the {{gmsla2000prov|Principal}} (which notice shall be validly given if given to {{gmsla2000prov|Lender}} in accordance with paragraph 21) to declare that by reason of that event an {{gmsla2000prov|Event of Default}} is to be | |||
treated as occurring in relation to the Principal. If {{gmsla2000prov|Borrower}} gives such a notice then an {{gmsla2000prov|Event of Default}} shall be treated as occurring in relation to the {{gmsla2000prov|Principal}} at the time when the notice is deemed to be given; and <br> | |||
if the {{gmsla2000prov|Principal}} is neither incorporated in nor has established a place of business in Great Britain, the {{gmsla2000prov|Principal}} shall for the purposes of the agreement referred to in paragraph 16.4(ii) be deemed to have appointed as its agent to receive on its behalf service of process in the courts of England the Agent, or if the {{gmsla2000prov|Agent}} is neither incorporated nor has established a place of business in Great Britain, the person appointed by the {{gmsla2000prov|Agent}} for the purposes of this {{gmsla2000prov|Agreement}}, or such other person as the {{gmsla2000prov|Principal}} may from time to time specify in a written notice given to the other Party. <br> | |||
The foregoing provisions of this paragraph do not affect the operation of the {{gmsla2000prov|Agreement}} as between {{gmsla2000prov|Borrower}} and {{gmsla2000prov|Lender}} in respect of any transactions into which {{gmsla2000prov|Lender}} may enter on its own account as principal.<br> | |||
{{gmsla2000prov|16.5}} '''{{gmsla2000prov|Warranty of authority by Lender acting as agent}}''' <br> | |||
{{gmsla2000prov|Lender}} warrants to {{gmsla2000prov|Borrower}} that it will, on every occasion on which it enters or purports to enter into a transaction as an {{gmsla2000prov|Agency Transaction}}, have been duly authorised to enter into that {{gmsla2000prov|Loan}} and perform the obligations arising under such transaction on behalf of the person whom it specifies as the {{gmsla2000prov|Principal}} in respect of that transaction and to perform on behalf of that person all the obligations of that person under the agreement referred to in paragraph {{gmsla2000prov|16.4}}(ii). <br> | |||