Template:Nutshell Pledge GMSLA 8: Difference between revisions

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{{pgmslaprov|8.1}}: '''{{pgmslaprov|Lender’s right to terminate a Loan}}''': Unless it is a [[Term stock loan|term Loan]], {{pgmslaprov|Lender}} may terminate a {{pgmslaprov|Loan}} and call for {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} by giving notice on any {{pgmslaprov|Business Day}}. {{pgmslaprov|Lender}} must allow the {{pgmslaprov|Borrower}} at least the [[standard settlement cycle]] to return {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}. <br>  
{{pgmslaprov|8.1}}: '''{{pgmslaprov|Lender’s right to terminate a Loan}}''': Unless it is a [[Term stock loan|term Loan]], {{pgmslaprov|Lender}} may terminate a {{pgmslaprov|Loan}} and call for {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} by giving notice on any {{pgmslaprov|Business Day}}. {{pgmslaprov|Lender}} must allow the {{pgmslaprov|Borrower}} at least the [[standard settlement cycle]] to return {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}. <br>  
{{pgmslaprov|8.2}} '''{{pgmslaprov|Borrower’s right to terminate a Loan}}''': The {{pgmslaprov|Borrower}} may terminate a {{pgmslaprov|Loan}} at any time and deliver outstanding {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} to {{pgmslaprov|Lender}} per its instructions. The {{pgmslaprov|Lender}} must accept such delivery. <br>
{{pgmslaprov|8.2}} '''{{pgmslaprov|Borrower’s right to terminate a Loan}}''': The {{pgmslaprov|Borrower}} may terminate a {{pgmslaprov|Loan}} at any time and deliver outstanding {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} to {{pgmslaprov|Lender}} per its instructions. The {{pgmslaprov|Lender}} must accept such delivery. <br>
{{pgmslaprov|8.3}} '''{{pgmslaprov|Non-Defaulting Party’s right to terminate all Loans}}''': If any of the events specified in sub-paragraphs (a) to (j) inclusive of paragraph {{pgmslaprov|10.1}} has occurred and is continuing and provided always that no {{pgmslaprov|Event of Default}} has occurred, and notwithstanding the scheduled termination dates of the relevant {{pgmslaprov|Loan}}s, the {{pgmslaprov|Non-Defaulting Party}} shall be entitled on any {{pgmslaprov|Business Day}} to terminate all {{pgmslaprov|Loan}}s by giving written notice to {{pgmslaprov|Defaulting Party}} of such election under this paragraph {{pgmslaprov|8.3}} and, where the {{pgmslaprov|Non-Defaulting Party}} gives such a notice, (i) each such {{pgmslaprov|Loan}} will terminate on the expiry of the standard settlement time commencing on the date on which the {{pgmslaprov|Non-Defaulting Party}}'s notice was given and Borrower will, in respect of each such {{pgmslaprov|Loan}}, not later than such expiration date deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} in respect of the relevant {{pgmslaprov|Loan}} to {{pgmslaprov|Lender}} in accordance with {{pgmslaprov|Lender}}'s instruction and (ii) any amounts accrued under paragraph {{pgmslaprov|7}} shall be accelerated and immediately payable. [[For the avoidance of doubt]], if {{pgmslaprov|Borrower}} fails to deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} in accordance with this paragraph, {{pgmslaprov|Lender}} will be entitled to exercise the remedies provided to it in paragraph {{pgmslaprov|9.1}}. <br>
{{pgmslaprov|8.3}} '''{{pgmslaprov|Non-Defaulting Party’s right to terminate all Loans}}''': If any of the circumstances giving rise to the {{pgmslaprov|Events of Default}} in paragraphs {{pgmslaprov|10.1}}(a) to (j) exist but the actual {{pgmslaprov|Event of Default}} hasn’t been triggered, and notwithstanding the scheduled termination dates of the {{pgmslaprov|Loan}}s, the {{pgmslaprov|Non-Defaulting Party}} may on any {{pgmslaprov|Business Day}} terminate all {{pgmslaprov|Loan}}s by written notice to {{pgmslaprov|Defaulting Party}} whereupon
{{pgmslaprov|8.4}} '''{{pgmslaprov|Delivery of Equivalent Securities on termination of a Loan}}''': Upon termination of a {{pgmslaprov|Loan}}, whether pursuant to any of paragraph {{pgmslaprov|8.1}} to {{pgmslaprov|8.3}} or otherwise in accordance with this Agreement and the terms of the relevant {{pgmslaprov|Loan}}, Borrower shall procure the {{pgmslaprov|Delivery}} of {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} to {{pgmslaprov|Lender}} or deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}, such {{pgmslaprov|Delivery}} to be effected in accordance with this Agreement and the terms of the relevant {{pgmslaprov|Loan}}. [[For the avoidance of doubt]] any reference in this Agreement or in any other agreement or communication between the Parties (howsoever expressed) to an obligation to deliver or account for or act in relation to {{pgmslaprov|Loaned Securities}} shall accordingly be construed as a reference to an obligation to deliver or account for or act in relation to {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}. <br>
:(i) each such {{pgmslaprov|Loan}} will terminate at the expiry of the standard settlement time following the {{pgmslaprov|Non-Defaulting Party}}'s notice and {{pgmslaprov|Borrower}} will, in respect of each such {{pgmslaprov|Loan}}, by that date deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} to {{pgmslaprov|Lender}} per the {{pgmslaprov|Lender}}'s instruction and
:(ii) any accrued lending fees under paragraph {{pgmslaprov|7}} will be payable immediately. [[For the avoidance of doubt]], if {{pgmslaprov|Borrower}} fails to deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} {{pgmslaprov|Lender}} may exercise its [[mini close-out]] rights under paragraph {{pgmslaprov|9.1}}. <br>
{{pgmslaprov|8.4}} '''{{pgmslaprov|Delivery of Equivalent Securities on termination of a Loan}}''': Upon termination of a {{pgmslaprov|Loan}} for any reason under this {{pgmslaprov|Agreement}}, {{pgmslaprov|Borrower}} must {{pgmslaprov|deliver}} {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} to {{pgmslaprov|Lender}} in accordance with this Agreement and the {{pgmslaprov|Loan}} and any requirement for a Borrower to deal with {{pgmslaprov|Loaned Securities}} will be taken as a reference to {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}. <br>

Revision as of 08:25, 8 July 2020

8. Delivery of Equivalent Securities
8.1: Lender’s right to terminate a Loan: Unless it is a term Loan, Lender may terminate a Loan and call for Equivalent Securities by giving notice on any Business Day. Lender must allow the Borrower at least the standard settlement cycle to return Equivalent Securities.
8.2 Borrower’s right to terminate a Loan: The Borrower may terminate a Loan at any time and deliver outstanding Equivalent Securities to Lender per its instructions. The Lender must accept such delivery.
8.3 Non-Defaulting Party’s right to terminate all Loans: If any of the circumstances giving rise to the Events of Default in paragraphs 10.1(a) to (j) exist but the actual Event of Default hasn’t been triggered, and notwithstanding the scheduled termination dates of the Loans, the Non-Defaulting Party may on any Business Day terminate all Loans by written notice to Defaulting Party whereupon

(i) each such Loan will terminate at the expiry of the standard settlement time following the Non-Defaulting Party's notice and Borrower will, in respect of each such Loan, by that date deliver Equivalent Securities to Lender per the Lender's instruction and
(ii) any accrued lending fees under paragraph 7 will be payable immediately. For the avoidance of doubt, if Borrower fails to deliver Equivalent Securities Lender may exercise its mini close-out rights under paragraph 9.1.

8.4 Delivery of Equivalent Securities on termination of a Loan: Upon termination of a Loan for any reason under this Agreement, Borrower must deliver Equivalent Securities to Lender in accordance with this Agreement and the Loan and any requirement for a Borrower to deal with Loaned Securities will be taken as a reference to Equivalent Securities.

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