Template:Nutshell Pledge GMSLA 3

3 Loans of Securities
3.1 Loans: Subject to the Conditions Precedent below, Lender will lend and Borrower will borrow Securities under this Agreement. The parties will agree the terms of Loans in advance and will confirm them afterwards, though the confirmations will not override the originally agreed terms without further agreement.
3.2 Conditions Precedent: The Lender’s obligations to lend and deliver Securities under a Loan are conditional on:

(a) no Event of Default or potential Event of Default existing in relation to Borrower; and

(b) the Borrower having posted Collateral having a Market Value at least equal to the Required Collateral Value by the time at which Lender is due to deliver the Loaned Securities.