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Template:GMSLA 2010 10.1: Difference between revisions
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{{gmslaprov|10.1}} Each of the following events occurring and continuing in relation to either {{gmslaprov|Party}} (the {{gmslaprov|Defaulting Party}}, the other {{gmslaprov|Party}} being the {{gmslaprov|Non Defaulting Party}}) shall be an {{gmslaprov|Event of Default}} but only (subject to sub paragraph 10.1(d)) where the {{gmslaprov|Non Defaulting Party}} serves written notice on the {{gmslaprov|Defaulting Party}}: | {{gmslaprov|10.1}} Each of the following events occurring and continuing in relation to either {{gmslaprov|Party}} (the '''{{gmslaprov|Defaulting Party}}''', the other {{gmslaprov|Party}} being the '''{{gmslaprov|Non Defaulting Party}}''') shall be an {{gmslaprov|Event of Default}} but only (subject to sub paragraph 10.1(d)) where the {{gmslaprov|Non Defaulting Party}} serves written notice on the {{gmslaprov|Defaulting Party}}: | ||
:(a) {{gmslaprov|Borrower}} or {{gmslaprov|Lender}} failing to pay or repay {{gmslaprov|Cash Collateral}} or to deliver {{gmslaprov|Collateral}} on commencement of the Loan under paragraph {{gmslaprov|5.1}} or to deliver further {{gmslaprov|Collateral}} under paragraph {{gmslaprov|5.4}} or {{gmslaprov|5.5}}; <br> | :(a) {{gmslaprov|Borrower}} or {{gmslaprov|Lender}} failing to pay or repay {{gmslaprov|Cash Collateral}} or to deliver {{gmslaprov|Collateral}} on commencement of the Loan under paragraph {{gmslaprov|5.1}} or to deliver further {{gmslaprov|Collateral}} under paragraph {{gmslaprov|5.4}} or {{gmslaprov|5.5}}; <br> | ||
:(b) {{gmslaprov|Lender}} or {{gmslaprov|Borrower}} failing to comply with its obligations under paragraph {{gmslaprov|6.2}} or {{gmslaprov|6.3}} upon the due date and not remedying such failure within three {{gmslaprov|Business Days}} after the {{gmslaprov|Non Defaulting Party}} serves written notice requiring it to remedy such failure; <br> | :(b) {{gmslaprov|Lender}} or {{gmslaprov|Borrower}} failing to comply with its obligations under paragraph {{gmslaprov|6.2}} or {{gmslaprov|6.3}} upon the due date and not remedying such failure within three {{gmslaprov|Business Days}} after the {{gmslaprov|Non Defaulting Party}} serves written notice requiring it to remedy such failure; <br> | ||