Template:Pledge GMSLA 2018 8.3: Difference between revisions

{{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 {{opgmslaprov|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>