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Template:Nutshell GMSLA 5.9: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{gmslaprov|5.9}} '''{{gmslaprov|Substitutions and extensions of Letters of Credit}}''' <br> :(a) '''Substitution right''': {{gmslaprov|Lender}} may by notice to {{gmslaprov|B...") |
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{{gmslaprov|5.9}} '''{{gmslaprov|Substitutions and extensions of Letters of Credit}}''' <br> | {{gmslaprov|5.9}} '''{{gmslaprov|Substitutions and extensions of Letters of Credit}}''' <br> | ||
:(a) '''Substitution right''': {{gmslaprov|Lender}} may by notice to {{gmslaprov|Borrower}} require {{gmslaprov|Borrower}} to substitute other eligible {{gmslaprov|Collateral}} for any {{gmslaprov|Letter of Credit}} it has provided by way of {{gmslaprov|Collateral}} on the third {{gmslaprov|Business Day}} after that notice. | :(a) '''Substitution right''': {{gmslaprov|Lender}} may by notice to {{gmslaprov|Borrower}} require {{gmslaprov|Borrower}} to substitute other eligible {{gmslaprov|Collateral}} for any {{gmslaprov|Letter of Credit}} it has provided by way of {{gmslaprov|Collateral}} on the third {{gmslaprov|Business Day}} after that notice. | ||
:(b) {{gmslaprov|Borrower}} must extend or replace any {{gmslaprov|Letter of Credit}} it has provided by way of {{gmslaprov|Collateral}} by 10.30 a.m. UK time on the second {{gmslaprov|Business Day}} before such {{gmslaprov|Letter of Credit}} expires.<br> | :(b) '''Extension/replacement''': {{gmslaprov|Borrower}} must extend or replace any {{gmslaprov|Letter of Credit}} it has provided by way of {{gmslaprov|Collateral}} by 10.30 a.m. UK time on the second {{gmslaprov|Business Day}} before such {{gmslaprov|Letter of Credit}} expires.<br> | ||