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| {{Pledge GMSLA 2018 2}} | | {{Pledge GMSLA 2018 2}} |
| {{Pledge GMSLA 2018 3}} | | {{Pledge GMSLA 2018 3}} |
| | {{Pledge GMSLA 2018 4}} |
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| {{pgmslaprov|3}} {{pgmslaprov| Loans of Securities}}
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| {{pgmslaprov|3.1}} {{pgmslaprov|Loans}} <br>
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| :{{pgmslaprov|Borrower}} will borrow {{pgmslaprov|Securities}} from {{pgmslaprov|Lender}} and, subject to paragraph 3.2 below, {{pgmslaprov|Lender}} will lend {{pgmslaprov|Securities}} to {{pgmslaprov|Borrower}}, in accordance with the terms and Lewncommencement of the relevant Loan either orally or in writing (including any agreed form of electronic communication) and confirmed in such form and on such basis as shall be agreed between the {{pgmslaprov|Parties}}. Unless otherwise agreed, any confirmation produced by a Party shall not supersede or prevail over the prior oral, written or electronic communication (as the case may be).
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| {{pgmslaprov|3.2}} {{pgmslaprov|Conditions Precedent}}
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| :The obligations of {{pgmslaprov|Lender}} under paragraphs 3.1 and 4.1 with respect to a Loan are subject to the conditions precedent that:
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| :{{pgmslaprov|3.2(a)}} no event which, with the giving of notice or the lapse of time or both, would constitute an {{pgmslaprov|Event of Default}} has occurred and is continuing in relation to {{pgmslaprov|Borrower}}; and
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| :{{pgmslaprov|3.2(b)}} prior to the time at which the relevant {{pgmslaprov|Loaned Securities}} are due to be delivered by {{pgmslaprov|Lender}} or any earlier time agreed between the {{pgmslaprov|Parties}}, the aggregate {{pgmslaprov|Market Value}} of the {{pgmslaprov|Posted Collateral}} is greater than or equal to the {{pgmslaprov|Required Collateral Value}} calculated taking into account all {{pgmslaprov|Loaned Securities}} including the relevant {{pgmslaprov|Loaned Securities}}.
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| {{pgmslaprov|4}} '''{{pgmslaprov|Delivery}}''' <br>
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| {{pgmslaprov|4.1}} {{pgmslaprov|Delivery}} of {{pgmslaprov|Securities}} on commencement of Loan
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| :Subject to paragraph 3.2, {{pgmslaprov|Lender}} shall procure the {{pgmslaprov|Delivery}} of {{pgmslaprov|Securities}} to {{pgmslaprov|Borrower}} or otherwise deliver such {{pgmslaprov|Securities}} in accordance with this Agreement and the terms of the relevant Loan.
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| {{pgmslaprov|4.2}} {{pgmslaprov|Requirements to effect Delivery}}
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| :The {{pgmslaprov|Parties}} shall execute and deliver all necessary documents and give all necessary instructions to procure that all right, title and interest in:
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| :{{pgmslaprov|4.2(a)}} any {{pgmslaprov|Securities}} borrowed pursuant to paragraph 3;
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| :{{pgmslaprov|4.2(b)}} any {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} delivered pursuant to paragraph 8;
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| :shall pass from one Party to the other subject to the terms and conditions set out in this Agreement, on {{pgmslaprov|Delivery}} of the same in accordance with this Agreement with full title guarantee, free from all liens, charges and encumbrances. In the case of {{pgmslaprov|Securities}} or {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} title to which is registered in a computer-based system which provides for the recording and transfer of title to the same by way of book entries, {{pgmslaprov|Delivery}} and transfer of title shall take place in accordance with the rules and procedures of such system as in force from time to time. {{pgmslaprov|Borrower}} acquiring such right, title and interest shall have no obligation to return or deliver any of the assets so acquired but shall be obliged, subject to the terms of this Agreement, to deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}.
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| {{pgmslaprov|4.3}} {{pgmslaprov|Deliveries of Income}}
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| :In respect of {{pgmslaprov|Income}} being paid in relation to any {{pgmslaprov|Loaned Securities}}, {{pgmslaprov|Borrower}} shall provide to {{pgmslaprov|Lender}} any endorsements or assignments as shall be customary and appropriate to effect, in accordance with paragraph 6, the payment or {{pgmslaprov|Delivery}} of money or property in respect of such {{pgmslaprov|Income}} to {{pgmslaprov|Lender}}, irrespective of whether {{pgmslaprov|Borrower}} received such endorsements or assignments in respect of any {{pgmslaprov|Loaned Securities}}.
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| {{pgmslaprov|5}} '''{{pgmslaprov|Collateral}}'''<br> | | {{pgmslaprov|5}} '''{{pgmslaprov|Collateral}}'''<br> |
| {{pgmslaprov|5.1}} {{pgmslaprov|Delivery of Collateral on commencement of Loan}} | | {{pgmslaprov|5.1}} {{pgmslaprov|Delivery of Collateral on commencement of Loan}} |