Template:Nutshell GMSLA 9.1: Difference between revisions
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{{gmslaprov|9.1}} '''{{gmslaprov|Borrower}}’s failure to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} '''<br> | {{gmslaprov|9.1}} '''{{gmslaprov|Borrower}}’s failure to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} '''<br> | ||
If {{gmslaprov|Borrower}} doesn't deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} under para {{gmslaprov|8.3}} Lender may: (a) continue the {{gmslaprov|Loan}} or (b) terminate the individual {{gmslaprov|Loan}} per para {{gmslaprov|11.2}} as if the {{gmslaprov|Borrower}} was subject to an {{gmslaprov|Event of Default}} but the {{gmslaprov|Loan}} were the only outstanding{{gmslaprov|Loan}}. | If {{gmslaprov|Borrower}} doesn't deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} under para {{gmslaprov|8.3}} Lender may: (a) continue the {{gmslaprov|Loan}} or (b) terminate the individual {{gmslaprov|Loan}} per para {{gmslaprov|11.2}} as if the {{gmslaprov|Borrower}} was subject to an {{gmslaprov|Event of Default}} but the {{gmslaprov|Loan}} were the only outstanding{{gmslaprov|Loan}}. Notwithstanding the above such a failure is '''not''' an {{gmslaprov|Event of Default}} unless otherwise agreed. | ||
Revision as of 17:03, 15 March 2016
9.1 Borrower’s failure to deliver Equivalent Securities
If Borrower doesn't deliver Equivalent Securities under para 8.3 Lender may: (a) continue the Loan or (b) terminate the individual Loan per para 11.2 as if the Borrower was subject to an Event of Default but the Loan were the only outstandingLoan. Notwithstanding the above such a failure is not an Event of Default unless otherwise agreed.