Template:Pledge GMSLA 2018 5: Difference between revisions

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 {{pgmslaprov|5}} '''{{pgmslaprov|Collateral}}'''<br>
 {{pgmslaprov|5.1}} '''{{pgmslaprov|Delivery of Collateral on commencement of Loan}}''': Subject to the other provisions of this paragraph {{pgmslaprov|5}}, {{pgmslaprov|Borrower}} undertakes to deliver {{pgmslaprov|Collateral}} to the relevant {{pgmslaprov|Secured Account}}s so that in respect of each {{pgmslaprov|Loan}} the condition precedent specified in paragraph {{pgmslaprov|3.2}}(b) is satisfied.<br>
-{{pgmslaprov|5.2}} '''{{pgmslaprov|Deliveries through securities settlement systems generating automatic payments}}''': Unless otherwise agreed between the {{pgmslaprov|Parties}}, where any {{pgmslaprov|Securities}} or {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} are transferred through a book entry transfer or settlement system which automatically generates a payment or {{pgmslaprov|Delivery}}, or obligation to pay or deliver, against the transfer of such {{pgmslaprov|Securities}}, then such automatically generated payment, {{pgmslaprov|Delivery}} or obligation shall be treated as a payment or {{pgmslaprov|Delivery}} by the transferee to the transferor, and except to the extent that it is applied to discharge an obligation of the transferee to effect payment or {{pgmslaprov|Delivery}}, the Party so treated as receiving such payment or {{pgmslaprov|Delivery}} shall cause to be made to the other Party for value the same day either, where such transfer is a payment, an irrevocable payment in the amount of such transfer or, where such transfer is a {{pgmslaprov|Delivery}}, an irrevocable {{pgmslaprov|Delivery}} of {{pgmslaprov|Securities}} (or other property, as the case may be) {{pgmslaprov|Equivalent}} to such property. <br>
+{{Pledge GMSLA 2018 5.2}}
 {{Pledge GMSLA 2018 5.3}}
 {{pgmslaprov|5.4}} '''{{pgmslaprov|Instructions relating to the Required Collateral Value and responsibility for the Custodian}}''':