Template:GMSLA 2010 6.4: Difference between revisions

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{{gmslaprov|6.4}} '''{{gmslaprov|Indemnity for failure to redeliver Equivalent Non-Cash Collateral}}''' <br>
{{gmslaprov|6.4}} '''{{gmslaprov|Indemnity for failure to redeliver Equivalent Non-Cash Collateral}}''' <br>
:Unless paragraph 1.6 of the {{gmslaprov|Schedule}} indicates that this paragraph does not apply, where:
Unless paragraph 1.6 of the {{gmslaprov|Schedule}} indicates that this paragraph does not apply, where:
::(a) prior to any {{gmslaprov|Income Record Date}} in relation to {{gmslaprov|Non Cash Collateral}}, Borrower has in accordance with paragraph {{gmslaprov|5.3}} called for the {{gmslaprov|Delivery}} of {{gmslaprov|Equivalent}} {{gmslaprov|Non Cash Collateral}}; <br>
:(a) prior to any {{gmslaprov|Income Record Date}} in relation to {{gmslaprov|Non Cash Collateral}}, Borrower has in accordance with paragraph {{gmslaprov|5.3}} called for the {{gmslaprov|Delivery}} of {{gmslaprov|Equivalent}} {{gmslaprov|Non Cash Collateral}}; <br>
::(b) {{gmslaprov|Borrower}} has given notice of such call to {{gmslaprov|Lender}} so as to be effective, at the latest, five hours before the {{gmslaprov|Close of Business}} on the last {{gmslaprov|Business Day}} on which {{gmslaprov|Lender}} would customarily be required to initiate settlement of the {{gmslaprov|Non Cash Collateral}} to enable settlement to take place on the {{gmslaprov|Business Day}} immediately preceding the relevant {{gmslaprov|Income Record Date}};
:(b) {{gmslaprov|Borrower}} has given notice of such call to {{gmslaprov|Lender}} so as to be effective, at the latest, five hours before the {{gmslaprov|Close of Business}} on the last {{gmslaprov|Business Day}} on which {{gmslaprov|Lender}} would customarily be required to initiate settlement of the {{gmslaprov|Non Cash Collateral}} to enable settlement to take place on the {{gmslaprov|Business Day}} immediately preceding the relevant {{gmslaprov|Income Record Date}};
::(c) {{gmslaprov|Borrower}} has provided reasonable details to {{gmslaprov|Lender}} of the {{gmslaprov|Non Cash Collateral}}, the relevant {{gmslaprov|Income Record Date}} and the proposed {{gmslaprov|Alternative Collateral}};
:(c) {{gmslaprov|Borrower}} has provided reasonable details to {{gmslaprov|Lender}} of the {{gmslaprov|Non Cash Collateral}}, the relevant {{gmslaprov|Income Record Date}} and the proposed {{gmslaprov|Alternative Collateral}};
::(d) {{gmslaprov|Lender}}, acting reasonably, has determined that such {{gmslaprov|Alternative Collateral}} is acceptable to it and {{gmslaprov|Borrower}} shall have delivered or delivers such {{gmslaprov|Alternative Collateral}} to {{gmslaprov|Lender}}; and
:(d) {{gmslaprov|Lender}}, acting reasonably, has determined that such {{gmslaprov|Alternative Collateral}} is acceptable to it and {{gmslaprov|Borrower}} shall have delivered or delivers such {{gmslaprov|Alternative Collateral}} to {{gmslaprov|Lender}}; and
::(e) {{gmslaprov|Lender}} has failed to make reasonable efforts to transfer {{gmslaprov|Equivalent}} {{gmslaprov|Non Cash Collateral}} to {{gmslaprov|Borrower}} prior to such {{gmslaprov|Income Record Date}},
:(e) {{gmslaprov|Lender}} has failed to make reasonable efforts to transfer {{gmslaprov|Equivalent}} {{gmslaprov|Non Cash Collateral}} to {{gmslaprov|Borrower}} prior to such {{gmslaprov|Income Record Date}},
:{{gmslaprov|Lender}} shall indemnify {{gmslaprov|Borrower}} in respect of any cost, loss or damage (excluding any indirect or consequential loss or damage or any amount otherwise compensated by {{gmslaprov|Lender}}, including pursuant to paragraphs {{gmslaprov|6.3}} and/or {{gmslaprov|9.3}}) suffered by {{gmslaprov|Borrower}} that it would not have suffered had the relevant {{gmslaprov|Equivalent}} {{gmslaprov|Non Cash Collateral}} been transferred to {{gmslaprov|Borrower}} prior to such {{gmslaprov|Income Record Date}}. <br>
{{gmslaprov|Lender}} shall indemnify {{gmslaprov|Borrower}} in respect of any cost, loss or damage (excluding any indirect or consequential loss or damage or any amount otherwise compensated by {{gmslaprov|Lender}}, including pursuant to paragraphs {{gmslaprov|6.3}} and/or {{gmslaprov|9.3}}) suffered by {{gmslaprov|Borrower}} that it would not have suffered had the relevant {{gmslaprov|Equivalent}} {{gmslaprov|Non Cash Collateral}} been transferred to {{gmslaprov|Borrower}} prior to such {{gmslaprov|Income Record Date}}. <br>

Latest revision as of 16:40, 5 October 2017

6.4 Indemnity for failure to redeliver Equivalent Non-Cash Collateral
Unless paragraph 1.6 of the Schedule indicates that this paragraph does not apply, where:

(a) prior to any Income Record Date in relation to Non Cash Collateral, Borrower has in accordance with paragraph 5.3 called for the Delivery of Equivalent Non Cash Collateral;
(b) Borrower has given notice of such call to Lender so as to be effective, at the latest, five hours before the Close of Business on the last Business Day on which Lender would customarily be required to initiate settlement of the Non Cash Collateral to enable settlement to take place on the Business Day immediately preceding the relevant Income Record Date;
(c) Borrower has provided reasonable details to Lender of the Non Cash Collateral, the relevant Income Record Date and the proposed Alternative Collateral;
(d) Lender, acting reasonably, has determined that such Alternative Collateral is acceptable to it and Borrower shall have delivered or delivers such Alternative Collateral to Lender; and
(e) Lender has failed to make reasonable efforts to transfer Equivalent Non Cash Collateral to Borrower prior to such Income Record Date,

Lender shall indemnify Borrower in respect of any cost, loss or damage (excluding any indirect or consequential loss or damage or any amount otherwise compensated by Lender, including pursuant to paragraphs 6.3 and/or 9.3) suffered by Borrower that it would not have suffered had the relevant Equivalent Non Cash Collateral been transferred to Borrower prior to such Income Record Date.

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