Failure to pay - GMRA Provision: Difference between revisions
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This is more or less the equivalent of a “[[failure to pay]]” [[event of default]] under the | This is more or less the equivalent of a “[[failure to pay]]” [[event of default]] under the [[GMRA]]. Note it concerns only the cash payment side of each leg, not the delivery of Securities being bought or sold, for the same reasons as a failure to settle a stock loan is not of itself an Event of Default: settlement failures are a feature of the market, and are not intrinsically credit-related, as cash payment failures tend to be. | ||
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Latest revision as of 13:30, 14 August 2024
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GMRA Anatomy™
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This is more or less the equivalent of a “failure to pay” event of default under the GMRA. Note it concerns only the cash payment side of each leg, not the delivery of Securities being bought or sold, for the same reasons as a failure to settle a stock loan is not of itself an Event of Default: settlement failures are a feature of the market, and are not intrinsically credit-related, as cash payment failures tend to be.
See also
- Failure to pay generally
- Failure to Pay or Deliver under the ISDA Master Agreement
- Failure to Pay or Deliver under the 2010 GMSLA