Common use of Termination of the Loan Clause in Contracts

Termination of the Loan. (a) Borrower may terminate the Loan on any Business Day by giving notice to Lender and transferring the Loaned Securities to Lender before the Cutoff Time on such Business Day, and (b) Lender may terminate the Loan on a termination date established by prior notice given to Borrower pursuant to Section 21 prior to 2 p.m. (New York City time) on a Business Day. The termination date established by a termination notice given by Lender to Borrower shall be a Business Day no earlier than the third Business Day following the date of such notice. Unless otherwise agreed, Borrower shall, on or before the Cutoff Time on the termination date of the Loan, transfer the Loaned Securities to Lender; provided, however, that upon such transfer by Borrower, Lender shall transfer the Collateral, if any, (as adjusted pursuant to Section 8) to Borrower in accordance with Section 3.3.