(a) The lender must retain the right to collect from the borrower all dividends, interest, premiums, rights, and any other distributions to which the lender would otherwise have been entitled,
(b) The lender may waive the right to vote the securities during the term of the loan,
(c) The lender must retain the right to terminate the contract upon not more than five business days' notice.
(d) The borrower shall provide collateral to the lender in the form of cash, bonds, or performance letters of credit drawn on a bank with capital, surplus and undivided earnings in excess of one hundred million dollars, or other interest-bearing notes and obligations of the United States or federal instrumentalities eligible for investment by a fund,
(e) The security loan agreement shall provide for payment of additional collateral on a daily basis, or at such time as the value of the loaned marketable securities increases to agreed upon ratios. 4. The term "marketable securities", as used in this section, shall mean securities that are freely traded on recognized exchanges or marketplaces.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.