Common use of Equivalent Securities Clause in Contracts

Equivalent Securities. For the purposes of this Agreement, “Equivalent Securities” has the same definition as provided under the GMSLA, and refers to securities of an identical type, nominal value, description and amount as the loaned Securities. If the loaned Securities consist of securities that are partly paid or have been converted, sub-divided, consolidated, made the subject of a takeover, rights of pre-emption, rights to receive securities or a certificate which may at a future date be exchanged for securities, such new or different securities or other assets shall, effective upon the occurrence of the relevant event, be deemed to become Equivalent Securities.