Template:Nutshell GMSLA 9.3: Difference between revisions

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{{gmslaprov|9.3}} '''{{gmslaprov|Failure by either Party to deliver}}''' <br>
{{gmslaprov|9.3}} '''{{gmslaprov|Failure by either Party to deliver}}''' <br>
Where a {{gmslaprov|Party}} (the '''{{gmslaprov|Transferor}}''') fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} when required under this Agreement and the other {{gmslaprov|Party}} (the '''{{gmslaprov|Transferee}}'''): <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>
:(a) incurs interest, overdraft or other expenses; or <br>
:(b) incurs costs and expenses under a {{gmslaprov|Buy in}} exercised against it by a third party, <br>
then the {{gmslaprov|Transferor}} must, within one {{gmslaprov|Business Day}} of a demand, pay the {{gmslaprov|Transferee}} hold it harmless against such properly incurred costs and expenses arising directly from that failure other than those arising from the {{gmslaprov|Transferee}}’s [[negligence]] or [[wilful default]] (and any indirect or consequential losses). <br>

Latest revision as of 15:47, 31 May 2019

9.3 Failure by either Party to deliver
Where a Party (the Transferor) fails to deliver Equivalent Securities or Collateral when due 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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