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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 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 | {{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, the {{pgmslaprov|Non-Defaulting Party}} may on any {{pgmslaprov|Business Day}} terminate all {{pgmslaprov|Loan}}s by written notice to {{pgmslaprov|Defaulting Party}} whereupon: | ||
:(i) each | :(i) each {{pgmslaprov|Loan}} will terminate at the expiry of the standard settlement time following the {{pgmslaprov|Non-Defaulting Party}}'s notice and {{pgmslaprov|Borrower}} will deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} to {{pgmslaprov|Lender}} for each {{pgmslaprov|Loan}} by that time per the {{pgmslaprov|Lender}}'s instruction; and | ||
:(ii) | :(ii) the Borrower must immediately pay accrued lending fees due under paragraph {{pgmslaprov|7}}. 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> | {{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> | ||