Common use of Termination of Loans Clause in Contracts

Termination of Loans. All loans may be terminated on demand on any Business Day by a Lender. Each Lender acknowledges that, under the applicable SLA, the borrowers will not be required to return loaned securities immediately upon receipt of notice from GSAL terminating the applicable loan, but instead will be required to return such loaned securities within such period of time following such notice as is specified in the applicable SLA and in no event later than the end of the customary settlement period. Provided the Custodian, the Lender or the advisor identified by the Lender on Schedule 1 (the “Advisor”) has notified GSAL (including notice via reports provided to GSAL by Custodian electronically) by 4:00 p.m. on a business day that Available Securities which have been lent to a borrower should no longer be considered Available Securities (whether because of the sale of such securities or otherwise), GSAL shall notify the borrower by the Cut Off Time on the same Business Day that the loan of such securities is terminated (in the case of securities sold, up to the amount of securities so notified as having been sold) and that such securities are to be returned within the time specified by the applicable SLA; provided, however, that if the Custodian, the Lender or the Advisor notifies GSAL after 4:00 p.m., GSAL shall use best efforts to notify the Borrower on the same business day.