Common use of Default Events Clause in Contracts

Default Events. In the event of a default as defined in the applicable SLA by a borrower with respect to any loan entered into pursuant to an SLA, GSAL will, and is hereby authorized by each Lender to, exercise on Lender's behalf, in its discretion and without prior notification to Lender, any and all remedies provided thereunder or available under applicable law. In addition, the following applies: (a) If a borrower fails in respect of any loan of securities effected pursuant hereto and pursuant to the applicable SLA to return any securities on loan when due thereunder (the “Return Date”), then GSAL shall, at its expense, but subject to Section 12(e) and (g) hereof, deposit replacement securities of the same issue, type, class and series as that of the loaned securities to the Lender’s account with Custodian, as soon as practicable. If GSAL is unable to obtain replacement securities, GSAL shall at its expense, but subject to Sections 12(e) and (g) hereof, pay Lender in U.S. dollars with the Market Value of such securities on loan on the Credit Date (as defined below). To the extent that GSAL deposits replacement securities or make payments pursuant to this Section 12(a), GSAL shall be subrogated to Lender’s rights against borrower as provided in Section 12(g). (b) If a borrower fails to pay the amount of cash Distributions with respect to securities on loan that Lender would have received had such securities not been on loan, GSAL shall pay Lender the amount of such cash Distributions plus the amount of any overdraft charges charged by the Custodian. For purposes of this section 12, “Distributions” shall mean interest, dividends and other distributions (including, but not limited to, payments made by the depositary in connection with American Depositary Receipts). To the extent that GSAL has made any payments pursuant to this Section 12(b), GSAL shall be subrogated to Lender’s rights against Borrower as provided in Section 12(g). The foregoing shall, subject to Section 12(g), be at GSAL’s expense.

Default Events. In the event of a default as defined in the applicable SLA by a borrower with respect to any loan entered into pursuant to an SLA, GSAL will, and is hereby authorized by each Lender to, exercise on Lender's ’s behalf, in its discretion and without prior notification to Lender, any and all remedies provided thereunder or available under applicable law. In addition, the following applies: (a) If a borrower fails in respect of any loan of securities effected pursuant hereto and pursuant to the applicable SLA to return any securities on loan when due thereunder (the “Return Date”), then GSAL shall, at its expense, but subject to Section 12(e) and (g) hereof, deposit replacement securities of the same issue, type, class and series as that of the loaned securities to the Lender’s account with Custodian, as soon as practicable. If GSAL is unable to obtain replacement securities, GSAL shall at its expense, but subject to Sections 12(e) and (g) hereof, pay Lender in U.S. dollars with the Market Value of such securities on loan on the Credit Date (as defined below). To the extent that GSAL deposits replacement securities or make payments pursuant to this Section 12(a), GSAL shall be subrogated to Lender’s rights against borrower as provided in Section 12(g). (b) If a borrower fails to pay the amount of cash Distributions with respect to securities on loan that Lender would have received had such securities not been on loan, GSAL shall pay Lender the amount of such cash Distributions plus the amount of any overdraft charges charged by the Custodian. For purposes of this section 12, “Distributions” shall mean interest, dividends and other distributions (including, but not limited to, payments made by the depositary in connection with American Depositary Receipts). To the extent that GSAL has made any payments pursuant to this Section 12(b), GSAL shall be subrogated to Lender’s rights against Borrower as provided in Section 12(g). The foregoing shall, subject to Section 12(g), be at GSAL’s expense.

Default Events. In 6.1 Without prejudice to any other rights of the event Stockbroker Firm under this Agreement, any other agreement or otherwise at law, the Stockbroker Firm may at any time after the occurrence of a default as defined in the applicable SLA by a borrower with respect to Default, do any loan entered into pursuant to an SLA, GSAL will, and is hereby authorized by each Lender to, exercise on Lender's behalf, in its discretion and without prior notification to Lender, any and all remedies provided thereunder one or available under applicable law. In addition, more of the following appliesby giving notice to Client to: (a) If a borrower fails Satisfy any obligation the Client may have to the Stockbroker Firm, in respect such manner and upon such terms as the Stockbroker Firm may in its discretion decide, of and from all or any part of any loan of securities effected pursuant hereto and pursuant to the applicable SLA to return any securities on loan when due thereunder (the “Return Date”), then GSAL shall, at its expense, but subject to Section 12(e) and (g) hereof, deposit replacement securities assets of the same issue, type, class and series as that of Client held by the loaned securities to the Lender’s account with Custodian, as soon as practicable. If GSAL is unable to obtain replacement securities, GSAL shall at its expense, but subject to Sections 12(e) and (g) hereof, pay Lender in U.S. dollars with the Market Value of such securities on loan on the Credit Date (as defined below). To the extent that GSAL deposits replacement securities or make payments pursuant to this Section 12(a), GSAL shall be subrogated to Lender’s rights against borrower as provided in Section 12(g).Stockbroker Firm; and/or (b) If Immediately suspend, cancel or terminate any or all services or transactions entered into or effected with or for the Client including any open positions of the Client for the purchase and sale of securities at prevailing market prices or at prices regarded by the Stockbroker Firm in good faith at the best prices available at such time; and/or (c) Accelerate any and all liabilities (whether actual or contingent at that time) of the Client to the Stockbroker Firm so that they shall become immediately due and payable; and/or (d) Suspend or terminate the Rights and Obligations (e) Seek recourse through legal action in order to recover any and all dues from the Client 6.2 For the purposes of Clause 6.1 a borrower “Default” shall be deemed to occur in the event that: (a) The Client fails to pay comply with or observe any provision of the amount Rights and Obligations or any other lawful obligation owed to the Stockbroker Firm; (b) A petition in bankruptcy is filed against the Client or an order is made or resolution passed for the Client's voluntary or compulsory winding up or a meeting is convened for the purpose of cash Distributions with respect to securities on loan considering a resolution that Lender would have received had such securities not been on loanthe Client should be so wound up; (c) The Stockbroker Firm reasonably believes that the Client has given the Stockbroker Firm false information at any time; (d) Any representation, GSAL shall pay Lender the amount of such cash Distributions plus the amount of any overdraft charges charged by the Custodian. For purposes of this section 12warranty, “Distributions” shall mean interest, dividends and other distributions (including, but not limited to, payments covenant or undertaking made by the depositary Client in any document delivered to the Stockbroker Firm in connection with American Depositary Receipts). To the extent Agreement was when given or hereafter becomes incorrect in any respect; (e) If the Stockbroker Firm considers it necessary for compliance with any rules or regulations of the Exchange; (f) In the event that GSAL has made any payments pursuant to this Section 12(b)warrant or order of attachment or distress or equivalent order is issued against any of the Client's accounts with the Stockbroker Firm; or (g) Any other matter or event arises including any regulatory requirement, GSAL shall be subrogated to Lenderwhich in the Stockbroker Firm’s rights against Borrower as provided good faith opinion renders termination necessary or advisable in Section 12(g). The foregoing shall, subject to Section 12(g), be at GSAL’s expensethe interests of the Stockbroker Firm.