Common use of Transfer of Loaned Securities Clause in Contracts

Transfer of Loaned Securities. 3.1 Unless otherwise agreed, Lender shall transfer Loaned Securities to Borrower hereunder on or before the Cutoff Time on the date agreed to by Borrower and Lender for the commencement of the Loan. 3.2 Notwithstanding any other provision in this Agreement, the parties hereto agree that they intend the Loans hereunder to be loans of Securities. If, however, any Loan is deemed to be a loan of money by Borrower to Lender, then Borrower shall have, and Lender shall be deemed to have granted, a security interest in the Loaned Securities and the proceeds thereof.

Transfer of Loaned Securities. 3.1 Unless otherwise agreed, Lender Xxxxxx shall transfer Loaned Securities to Borrower hereunder on or before the Cutoff Time on the date agreed to by Borrower Xxxxxxxx and Lender for the commencement of the Loan. 3.2 Notwithstanding any other provision in this Agreement, the parties hereto agree that they intend the Loans hereunder to be loans of Securities. If, however, any Loan is deemed to be a loan of money by Borrower to Lender, then Borrower shall have, and Lender shall be deemed to have granted, a security interest in the Loaned Securities and the proceeds thereof.