Template:Pledge GMSLA 2018 10: Difference between revisions

{{pgmslaprov|10.1}} Each of the following events occurring and continuing in relation to either Party (the {{pgmslaprov|Defaulting Party}}, the other Party being the {{pgmslaprov|Non-Defaulting Party}}) shall be an {{pgmslaprov|Event of Default}} but only where the {{pgmslaprov|Non-Defaulting Party}} serves written notice on the {{pgmslaprov|Defaulting Party}} declaring such event to be an {{pgmslaprov|Event of Default}}:

:{{pgmslaprov|10.1(a)}} Borrower failing to comply with its obligations to deliver {{pgmslaprov|Collateral}} under paragraph 5 on the due date;

:{{pgmslaprov|10.1(b)}} Borrower failing to comply with its obligations under paragraph 6.1 upon the due date and not remedying such failure within three {{pgmslaprov|Business Day}}s after Lender serves written notice requiring it to remedy such failure;

:{{pgmslaprov|10.1(c)}} Borrower failing to pay any sum due under paragraph 9.1(b) or 9.2 upon the due date;

:{{pgmslaprov|10.1(d)}} an {{pgmslaprov|Act of Insolvency}} occurring with respect to Lender or Borrower;

:{{pgmslaprov|10.1(e)}} any warranty made by Lender or Borrower in paragraph 13 or paragraphs 14(a) to 14(h) or in the {{pgmslaprov|Security Agreement}} being incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated;

:{{pgmslaprov|10.1(f)}} Lender or Borrower admitting to the other that it is unable to, or it intends not to, perform any of its obligations under this Agreement or the {{pgmslaprov|Security Agreement}} and/or in respect of any Loan where such failure to perform would with the service of notice or lapse of time constitute an {{pgmslaprov|Event of Default}};

:{{pgmslaprov|10.1(g)}} all or any material part of the assets of Lender or Borrower being transferred or ordered to be transferred to a trustee (or a person exercising similar functions) by a regulatory authority pursuant to any legislation;

:{{pgmslaprov|10.1(h)}} Lender (if applicable) or Borrower being declared in default or being suspended or expelled from membership of or participation in, any {{pgmslaprov|Securities}} exchange or suspended or prohibited from dealing in {{pgmslaprov|Securities}} by any regulatory authority, in each case on the grounds that it has failed to meet any requirements relating to financial resources or credit rating;

:{{pgmslaprov|10.1(i)}} Lender or Borrower failing to perform any other of its obligations under this Agreement and not remedying such failure within 30 days after the Non-

:{{pgmslaprov|10.1(j)}} {{pgmslaprov|Defaulting Party}} serves written notice requiring it to remedy such failure; or

:{{pgmslaprov|10.1(k)}} in relation to the {{pgmslaprov|Security Agreement}}, (i) Borrower failing to perform any of its obligations under the {{pgmslaprov|Security Agreement}}, (ii) the expiration or termination of the {{pgmslaprov|Security Agreement}}, (iii) any security interest granted by Borrower therein, ceasing to be or otherwise not being in full force and effect or (iv) Borrower disaffirming, disclaiming, repudiating or rejecting, in whole or in part, or challenging the validity of, such {{pgmslaprov|Security Agreement}} (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf), provided that in each such case, the {{pgmslaprov|Defaulting Party}} shall be deemed to be Borrower.