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Template:GMSLA 2010 9.1: Difference between revisions
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{{gmslaprov|9.1}} '''{{gmslaprov|Borrower’s failure to deliver Equivalent Securities}}''' | {{gmslaprov|9.1}} '''{{gmslaprov|Borrower’s failure to deliver Equivalent Securities}}''': If {{gmslaprov|Borrower}} fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} in accordance with paragraph {{gmslaprov|8.3}} {{gmslaprov|Lender}} may: <br> | ||
If {{gmslaprov|Borrower}} fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} in accordance with paragraph {{gmslaprov|8.3}} {{gmslaprov|Lender}} may: <br> | |||
:(a) elect to continue the {{gmslaprov|Loan}} (which, {{f|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> | :(a) elect to continue the {{gmslaprov|Loan}} (which, {{f|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|Borrower}} 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|Borrower}}, (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. {{f|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> | :(b) at any time while such failure continues, by written notice to {{gmslaprov|Borrower}} 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|Borrower}}, (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. {{f|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> | ||