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Template:GMSLA 2010 9.2: Difference between revisions
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{{gmslaprov|9.2}} '''{{gmslaprov|Lender’s failure to deliver Equivalent Collateral}}''' | {{gmslaprov|9.2}} '''{{gmslaprov|Lender’s failure to deliver Equivalent Collateral}}''': If {{gmslaprov|Lender}} fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} comprising {{gmslaprov|Non Cash Collateral}} in accordance with paragraph {{gmslaprov|8.4}} or {{gmslaprov|8.5}}, {{gmslaprov|Borrower}} may: <br> | ||
If {{gmslaprov|Lender}} fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} comprising {{gmslaprov|Non Cash Collateral}} in accordance with paragraph {{gmslaprov|8.4}} or {{gmslaprov|8.5}}, {{gmslaprov|Borrower}} 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|Lender}} 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|Lender}}, (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|Lender}} 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|Lender}}, | |||
::(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> | |||