Template:Nutshell Pledge GMSLA 9.2: Difference between revisions

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{{gmslaprov|9.3}} '''{{gmslaprov|Failure by either Party to deliver}}''' <br>
{{pgmslaprov|9.3}} '''{{pgmslaprov|Failure by either Party to deliver or instruct delivery}}''' <br>
Where a {{gmslaprov|Party}} (the '''{{gmslaprov|Transferor}}''') fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Collateral}} when due and the other {{gmslaprov|Party}} (the '''{{gmslaprov|Transferee}}''') incurs interest, overdraft expenses or {{gmslaprov|Buy in}} costs the {{gmslaprov|Transferor}} must, within one {{gmslaprov|Business Day}} of a demand, pay the {{gmslaprov|Transferee}} and [[Hold harmless|hold it harmless]] against those costs that arise directly from that failure ''other than'' (i) costs arising from the {{gmslaprov|Transferee}}’s [[negligence]] or [[wilful default]] and (ii) any [[consequential losses]]). <br>
Where {{pgmslaprov|Borrower}} fails to deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} or {{pgmslaprov|Lender}} fails to instruct {{pgmslaprov|Custodian}} to deliver {{pgmslaprov|Posted Collateral}} when due (such party the '''{{pgmslaprov|Transferee}}''') and the other {{pgmslaprov|Party}} (the '''{{pgmslaprov|Transferee}}''') incurs interest, overdraft expenses or {{pgmslaprov|Buy in}} costs the {{pgmslaprov|Transferor}} must, within one {{pgmslaprov|Business Day}} of a demand, pay the {{pgmslaprov|Transferee}} and [[Hold harmless|hold it harmless]] against those costs that arise directly from that failure ''other than'' (i) costs arising from the {{pgmslaprov|Transferee}}’s [[negligence]] or [[wilful default]] and (ii) any [[consequential losses]]). <br>

Revision as of 10:12, 6 January 2022

9.3 Failure by either Party to deliver or instruct delivery
Where Borrower fails to deliver Equivalent Securities or Lender fails to instruct Custodian to deliver Posted Collateral when due (such party the Transferee) and the other Party (the Transferee) incurs interest, overdraft expenses or Buy in costs the Transferor must, within one Business Day of a demand, pay the Transferee and hold it harmless against those costs that arise directly from that failure other than (i) costs arising from the Transferee’s negligence or wilful default and (ii) any consequential losses).

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