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Template:Pledge GMSLA 2018 3: Difference between revisions
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{{pgmslaprov|3}} '''{{pgmslaprov| Loans of Securities}}'''<br> | {{pgmslaprov|3}} '''{{pgmslaprov| Loans of Securities}}'''<br> | ||
{{pgmslaprov|3.1}} '''{{pgmslaprov| | {{pgmslaprov|3.1}} '''{{pgmslaprov|Loan}}s''': {{pgmslaprov|Borrower}} will borrow {{pgmslaprov|Securities}} from {{pgmslaprov|Lender}} and, subject to paragraph {{pgmslaprov|3.2}} below, {{pgmslaprov|Lender}} will lend {{pgmslaprov|Securities}} to {{pgmslaprov|Borrower}}, in accordance with the terms and conditions of this {{pgmslaprov|Agreement}}. The terms of each {{pgmslaprov|Loan}} shall be agreed prior to the commencement of the relevant {{pgmslaprov|Loan}} [[orally or in writing|either orally or in writing]] ([[including]] any agreed form of electronic communication) and confirmed in such form and on such basis as shall be agreed between the {{pgmslaprov|Parties}}. Unless otherwise agreed, any confirmation produced by a {{pgmslaprov|Party}} shall not supersede or prevail over the prior [[oral]], written or electronic communication ([[as the case may be]]).<br> | ||
{{pgmslaprov|3.2}} '''{{pgmslaprov|Conditions Precedent}}''': :The obligations of {{pgmslaprov|Lender}} under paragraphs {{pgmslaprov|3.1}} and {{pgmslaprov|4.1}} with respect to a {{pgmslaprov|Loan}} are subject to the [[conditions precedent]] that: | {{pgmslaprov|3.2}} '''{{pgmslaprov|Conditions Precedent}}''': :The obligations of {{pgmslaprov|Lender}} under paragraphs {{pgmslaprov|3.1}} and {{pgmslaprov|4.1}} with respect to a {{pgmslaprov|Loan}} are subject to the [[conditions precedent]] that: | ||
:{{pgmslaprov|3.2(a)}} no event which, with the giving of notice or the lapse of time or both, would [[constitute]] an {{pgmslaprov|Event of Default}} has occurred and is continuing in relation to {{pgmslaprov|Borrower}}; and | :{{pgmslaprov|3.2(a)}} no event which, with the giving of notice or the lapse of time or both, would [[constitute]] an {{pgmslaprov|Event of Default}} has occurred and is continuing in relation to {{pgmslaprov|Borrower}}; and | ||
:{{pgmslaprov|3.2(b)}} [[prior to]] the time at which the relevant {{pgmslaprov|Loaned Securities}} are due to be delivered by {{pgmslaprov|Lender}} or any earlier time agreed between the {{pgmslaprov|Parties}}, the aggregate {{pgmslaprov|Market Value}} of the {{pgmslaprov|Posted Collateral}} is greater than or equal to the {{pgmslaprov|Required Collateral Value}} calculated taking into account all {{pgmslaprov|Loaned Securities}} including the relevant {{pgmslaprov|Loaned Securities}}. <br> | :{{pgmslaprov|3.2(b)}} [[prior to]] the time at which the relevant {{pgmslaprov|Loaned Securities}} are due to be delivered by {{pgmslaprov|Lender}} or any earlier time agreed between the {{pgmslaprov|Parties}}, the aggregate {{pgmslaprov|Market Value}} of the {{pgmslaprov|Posted Collateral}} is greater than or equal to the {{pgmslaprov|Required Collateral Value}} calculated taking into account all {{pgmslaprov|Loaned Securities}} including the relevant {{pgmslaprov|Loaned Securities}}. <br> | ||