Template:Pledge GMSLA 2018 9.2: Difference between revisions
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{{pgmslaprov|9.2}} '''{{pgmslaprov|Failure by either Party to deliver or instruct delivery}}''' | {{pgmslaprov|9.2}} '''{{pgmslaprov|Failure by either Party to deliver or instruct delivery}}''': Where {{pgmslaprov|Borrower}} fails to deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}, or {{pgmslaprov|Lender}} fails to instruct {{pgmslaprov|Custodian}} to deliver {{pgmslaprov|Posted Collateral}}, in either case by the time required under this {{pgmslaprov|Agreement}} or within such other period as may be agreed between such {{pgmslaprov|Party}} (the {{pgmslaprov|Transferor}}) and the other {{pgmslaprov|Party}} (the {{pgmslaprov|Transferee}}), and the {{pgmslaprov|Transferee}}: | ||
Where {{pgmslaprov|Borrower}} fails to deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}, or {{pgmslaprov|Lender}} fails to instruct {{pgmslaprov|Custodian}} to deliver {{pgmslaprov|Posted Collateral}}, in either case by the time required under this {{pgmslaprov|Agreement}} or within such other period as may be agreed between such {{pgmslaprov|Party}} (the {{pgmslaprov|Transferor}}) and the other {{pgmslaprov|Party}} (the {{pgmslaprov|Transferee}}), and the {{pgmslaprov|Transferee}}: | :(a) incurs [[interest]], [[overdraft]] or similar costs and expenses; or | ||
:(a) incurs interest, overdraft or similar costs and expenses; or | :(b) incurs costs and expenses as a direct result of a {{pgmslaprov|Buy-in}} exercised against it by a third party, | ||
:(b) incurs costs and expenses as a direct result of a Buy-in exercised against it by a third party, | :then the {{pgmslaprov|Transferor}} agrees to pay within one {{pgmslaprov|Business Day}} of a demand from the {{pgmslaprov|Transferee}} and [[hold harmless]] the {{pgmslaprov|Transferee}} with respect to all reasonable costs and expenses listed in sub-paragraphs (a) and (b) above properly incurred which arise directly from such failure other than | ||
:then the {{pgmslaprov|Transferor}} agrees to pay within one {{pgmslaprov|Business Day}} of a demand from the {{pgmslaprov|Transferee}} and [[hold harmless]] the {{pgmslaprov|Transferee}} with respect to all reasonable costs and expenses listed in sub-paragraphs (a) and (b) above properly incurred which arise directly from such failure other than (i) such costs and expenses which arise from the [[negligence]] or [[wilful default]] of the {{pgmslaprov|Transferee}} and (ii) any indirect or [[consequential loss]]es. | ::(i) such costs and expenses which arise from the [[negligence]] or [[wilful default]] of the {{pgmslaprov|Transferee}} and | ||
::(ii) any [[Indirect loss|indirect]] or [[consequential loss]]es. <br> | |||
Latest revision as of 15:07, 7 July 2020
9.2 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, in either case by the time required under this Agreement or within such other period as may be agreed between such Party (the Transferor) and the other Party (the Transferee), and the Transferee:
- (a) incurs interest, overdraft or similar costs and expenses; or
- (b) incurs costs and expenses as a direct result of a Buy-in exercised against it by a third party,
- then the Transferor agrees to pay within one Business Day of a demand from the Transferee and hold harmless the Transferee with respect to all reasonable costs and expenses listed in sub-paragraphs (a) and (b) above properly incurred which arise directly from such failure other than
- (i) such costs and expenses which arise from the negligence or wilful default of the Transferee and
- (ii) any indirect or consequential losses.