Template:GMSLA 2010 11.7: Difference between revisions
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{{gmslaprov|11.7}} The {{gmslaprov|Defaulting Party}} shall be liable to the {{gmslaprov|Non-Defaulting Party}} for the amount of all reasonable legal and other professional expenses incurred by the {{gmslaprov|Non Defaulting Party}} in connection with or as a consequence of an {{gmslaprov|Event of Default}}, together with interest thereon at such rate as is agreed by the {{gmslaprov|Parties}} and specified in paragraph 10 of the {{gmslaprov|Schedule}} or, failing such agreement, the overnight London Inter Bank Offered Rate as quoted on a reputable financial information service (LIBOR) as at 11.00 a.m., London time, on the date on which it is to be determined or, in the case of an expense attributable to a particular transaction and, where the Parties have previously agreed a rate of interest for the transaction, that rate of interest if it is greater than LIBOR. Interest will accrue daily on a compound basis. <br> | {{gmslaprov|11.7}} '''Other costs, expenses and interest payable in consequence of an {{gmslaprov|Event of Default}}''': The {{gmslaprov|Defaulting Party}} shall be liable to the {{gmslaprov|Non-Defaulting Party}} for the amount of all [[reasonable]] legal and other professional expenses incurred by the {{gmslaprov|Non Defaulting Party}} [[in connection with]] or as a consequence of an {{gmslaprov|Event of Default}}, together with [[interest]] thereon at such rate as is agreed by the {{gmslaprov|Parties}} and specified in paragraph 10 of the {{gmslaprov|Schedule}} or, failing such agreement, the overnight [[London Inter Bank Offered Rate]] as quoted on a reputable financial information service ('''[[LIBOR]]''') as at 11.00 a.m., London time, on the date on which it is to be determined or, in the case of an expense attributable to a particular transaction and, where the Parties have previously agreed a rate of interest for the transaction, that rate of interest if it is greater than [[LIBOR]]. [[Interest]] will accrue daily on a compound basis. <br> | ||
Latest revision as of 08:55, 13 April 2021
11.7 Other costs, expenses and interest payable in consequence of an Event of Default: The Defaulting Party shall be liable to the Non-Defaulting Party for the amount of all reasonable legal and other professional expenses incurred by the Non Defaulting Party in connection with or as a consequence of an Event of Default, together with interest thereon at such rate as is agreed by the Parties and specified in paragraph 10 of the Schedule or, failing such agreement, the overnight London Inter Bank Offered Rate as quoted on a reputable financial information service (LIBOR) as at 11.00 a.m., London time, on the date on which it is to be determined or, in the case of an expense attributable to a particular transaction and, where the Parties have previously agreed a rate of interest for the transaction, that rate of interest if it is greater than LIBOR. Interest will accrue daily on a compound basis.