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Template:2000 GMSLA 16: Difference between revisions
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:'''PROVIDED THAT''' <br> | :'''PROVIDED THAT''' <br> | ||
:if there occurs in relation to the Agent an Event of Default or an event which would constitute an Event of Default if {{gmslaprov|Borrower}} served written notice under any sub-clause of paragraph {{gmslaprov|14}}, {{gmslaprov|Borrower}} shall be entitled by giving written notice to the Principal (which notice shall be validly given if given to {{gmslaprov|Lender}} in accordance with paragraph {{gmslaprov|21}}) to declare that by reason of that event an Event of Default is to be treated as occurring in relation to the Principal. If {{gmslaprov|Borrower}} gives such a notice then an Event of Default shall be treated as occurring in relation to the Principal at the time when the notice is deemed to be given; and <br> | :if there occurs in relation to the Agent an Event of Default or an event which would constitute an Event of Default if {{gmslaprov|Borrower}} served written notice under any sub-clause of paragraph {{gmslaprov|14}}, {{gmslaprov|Borrower}} shall be entitled by giving written notice to the Principal (which notice shall be validly given if given to {{gmslaprov|Lender}} in accordance with paragraph {{gmslaprov|21}}) to declare that by reason of that event an Event of Default is to be treated as occurring in relation to the Principal. If {{gmslaprov|Borrower}} gives such a notice then an Event of Default shall be treated as occurring in relation to the Principal at the time when the notice is deemed to be given; and <br> | ||
if the Principal is neither incorporated in nor has established a place of business in Great Britain, the Principal shall for the purposes of the agreement referred to in paragraph {{gmslaprov|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 Agent is neither incorporated nor has established a place of business in Great Britain, the person appointed by the Agent for the purposes of this Agreement, or such other person as the Principal may from time to time specify in a written notice given to the other Party. <br> | :if the Principal is neither incorporated in nor has established a place of business in Great Britain, the Principal shall for the purposes of the agreement referred to in paragraph {{gmslaprov|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 Agent is neither incorporated nor has established a place of business in Great Britain, the person appointed by the Agent for the purposes of this Agreement, or such other person as the 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 Agreement as between {{gmslaprov|Borrower}} and {{gmslaprov|Lender}} in respect of any transactions into which {{gmslaprov|Lender}} may enter on its own account as principal. <br> | :The foregoing provisions of this paragraph do not affect the operation of the Agreement as between {{gmslaprov|Borrower}} and {{gmslaprov|Lender}} in respect of any transactions into which {{gmslaprov|Lender}} may enter on its own account as principal. <br> | ||
:{{gmslaprov|16.5}} '''{{gmslaprov|Warranty of authority by Lender acting as agent}}''' <br> | :{{gmslaprov|16.5}} '''{{gmslaprov|Warranty of authority by Lender acting as agent}}''' <br> | ||
{{gmslaprov|Lender}} warrants to {{gmslaprov|Borrower}} that it will, on every occasion on which it enters or purports to enter into a transaction as an {{gmslaprov|Agency Transaction}}, have been duly authorised to enter into that {{gmslaprov|Loan}} and perform the obligations arising under such transaction on behalf of the person whom it specifies as the {{gmslaprov|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 {{gmslaprov|16.4(ii)}}. <br> | :{{gmslaprov|Lender}} warrants to {{gmslaprov|Borrower}} that it will, on every occasion on which it enters or purports to enter into a transaction as an {{gmslaprov|Agency Transaction}}, have been duly authorised to enter into that {{gmslaprov|Loan}} and perform the obligations arising under such transaction on behalf of the person whom it specifies as the {{gmslaprov|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 {{gmslaprov|16.4(ii)}}. <br> | ||