Template:GMSLA 2010 9: Difference between revisions

Template:GMSLA 2010 9 (view source)

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 {{gmslaprov|9}}.	'''{{gmslaprov|Failure to Deliver}}''' <BR>
 {{2010 GMSLA 9.1}}
-:{{gmslaprov|9.2}}	'''{{gmslaprov|Lender’s failure to deliver Equivalent Collateral}}''' <br>
+{{2010 GMSLA 9.2}}
-::If {{gmslaprov|Lender}} fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} comprising {{gmslaprov|Non Cash Collateral}} in accordance with paragraph {{gmslaprov|8.4}} or {{gmslaprov|8.5}}, {{gmslaprov|Borrower}} may: <br>
-::(a)	elect to continue the {{gmslaprov|Loan}} (which, for the avoidance of doubt, shall continue to be taken into account for the purposes of paragraph {{gmslaprov|5.4}} or {{gmslaprov|5.5}} as applicable); or <br>
-::(b)	at any time while such failure continues, by written notice to {{gmslaprov|Lender}} declare that that {{gmslaprov|Loan}} (but only that {{gmslaprov|Loan}}) shall be terminated immediately in accordance with paragraph {{gmslaprov|11.2}} as if (i) an {{gmslaprov|Event of Default}} had occurred in relation to the {{gmslaprov|Lender}}, (ii) references to the {{gmslaprov|Termination Date}} were to the date on which notice was given under this sub paragraph, and (iii) the {{gmslaprov|Loan}} were the only {{gmslaprov|Loan}} outstanding.  For the avoidance of doubt, any such failure shall not constitute an {{gmslaprov|Event of Default}} (including under paragraph {{gmslaprov|10.1(i)}}) unless the {{gmslaprov|Parties}} otherwise agree. <br>
 :{{gmslaprov|9.3}}	'''{{gmslaprov|Failure by either Party to deliver}}''' <br>
 ::Where a {{gmslaprov|Party}} (the {{gmslaprov|Transferor}}) fails to deliver {{gmslaprov|Equivalent}} Securities or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} by the time required under this Agreement or within such other period as may be agreed between the {{gmslaprov|Transferor}} and the other {{gmslaprov|Party}} (the {{gmslaprov|Transferee}}) and the {{gmslaprov|Transferee}}: <br>