View source for Template:M gen GMSLA 10

==={{gmslaprov|10.1(a)}}: Failure to pay or deliver===
{{failure to pay under GMSLA}}
[[Events of Default - GMSLA Provision|There]] are great tales of worthy fellows around the market trying to tweak this provision because, by apparent oversight, it doesn't capture a failure to ''return'' {{gmslaprov|Equivalent}} (non cash) {{gmslaprov|Collateral}}. 

But this is not an accident, for the same reason a failure to redeliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} isn’t an {{gmslaprov|Event of Default}}. Indeed, it is a plainly deliberate omission. The drafters were careful to capture the payment or repayment of cash, and deliveries and ''further'' deliveries of {{gmslaprov|Collateral}}, but not the return of ''{{gmslaprov|Equivalent}}'' {{gmslaprov|Collateral}}. 

A counterparty may have on-lent, or on-collateralised, with non-cash {{gmslaprov|Collateral}} it has been posted. It may have exactly the same difficulties in getting hold of it to redeliver as a borrower may in getting hold of {{gmslaprov|Equivalent}} {{gmslaprov|Securities}}. So the remedy is to withhold the return of securities, buy in and {{isdaprov|mini close-out}} under {{gmslaprov|9.2}} which gives the aggrieved party equivalent rights, but not the right to close out the whole agreement (until there’s a failure of the mini-close out settlement amount itself).

==={{gmslaprov|10.1(b)}}: Unremedied failure to manufacture Income===
Note the [[tedious]] back and forth of notices here. 
*First, the Income has to be due under the {{gmslaprov|Collateral}} or {{gmslaprov|Loaned Securities}}. 
*Then the person obliged under Paragraph {{gmslaprov|6}} to [[manufacture]] the {{gmslaprov|Income}} back has to fail to do so, on that due date. 
*Then the aggrieved party has to tell the delinquent one — note: it is not yet technically a “{{gmslaprov|Defaulting Party}}” as there is a [[grace period]] — that it has failed to make that payment, and ask it to make the payment within three {{gmslaprov|Business Day}}s. 
*Then the delinquent party has to fail to remediate the manifactured {{gmslaprov|Income}} payment by close on the third {{gmslaprov|Business Day}} after that notice. Then the aggreived party can notify the delinquent party — whereupon it becomes a “{{gmslaprov|Defaulting Party}}” — that it is, finally, an {{gmslaprov|Event of Default}}.<br>
==={{gmslaprov|10.1(c)}} Minicloseout failure===
See commentary above under {{gmslaprov|10.1(a)}}.
==={{gmslaprov|10.1(d)}} {{gmslaprov|Act of Insolvency}}===
For which you will need the definition of {{gmslaprov|Act of Insolvency}}, which is not quite the same as the definition of {{isdaprov|Bankruptcy}} in the {{isdama}}. I suspect this was just a matter of professional pride for {{islacds}}, and its [[ninja]] forebears when they crafted the [[Act of Insolvency - OSLA Provision|equivalent provision]] in the {{osla}}, on which this provision is based

==={{gmslaprov|10.1(e)}}: Breach of warranty===
Why exclude the 14(e) warranty about not having the primary purpose of voting on the Securities? Search me. <br>
==={{gmslaprov|10.1(f)}}===
==={{gmslaprov|10.1(g)}}===
==={{gmslaprov|10.1(h)}}===
==={{gmslaprov|10.1(i)}}===