Template:Nutshell GMRA 10(a): Difference between revisions

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{{gmraprov|10(a)}} If any of the following events (each an “'''{{gmraprov|Event of Default}}'''”) occurs in relation to either party (the “'''{{gmraprov|Defaulting Party}}'''”, the other party being the “'''{{gmraprov|Non-Defaulting Party}}'''”) whether acting as {{gmraprov|Seller}} or {{gmraprov|Buyer}} - <br>
{{gmraprov|10(a)}} If any of the following “'''{{gmraprov|Events of Default}}'''” occurs to either party (the '''{{gmraprov|Defaulting Party}}'''), and the other (the “'''{{gmraprov|Non-Defaulting Party}}'''”) serves a {{gmraprov|Default Notice}} then paragraphs {{gmraprov|10(b)}} to {{gmraprov|10(f)}} below will apply: <br>
{{2000 GMRA 10(a)(i)}}
:{{gmraprov|10(a)(i)}} as {{gmraprov|Buyer}} it fails to pay the {{gmraprov|Purchase Price}} upon the {{gmraprov|Purchase Date}} or as {{gmraprov|Seller}} it fails to pay the {{gmraprov|Repurchase Price}} upon the {{gmraprov|Repurchase Date}}; or <br>
{{2000 GMRA 10(a)(ii)}}
:{{gmraprov|10(a)(ii)}} if this sub paragraph applies, as {{gmraprov|Seller}} fails to deliver {{gmraprov|Purchased Securities}} on the {{gmraprov|Purchase Date}} or as {{gmraprov|Buyer}} it fails to deliver {{gmraprov|Equivalent Securities}} on the {{gmraprov|Repurchase Date}}; or <br>
:{{gmraprov|10(a)(iii)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to pay when due any sum payable under sub paragraph (g) or (h) below, and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or <br>
:{{gmraprov|10(a)(iii)}} it fails to pay any sum when due under {{gmraprov|10(g)}} or {{gmraprov|10(h)}}; or <br>
:{{gmraprov|10(a)(iv)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to comply with paragraph {{gmraprov|4}} and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or <br>
:{{gmraprov|10(a)(iv)}} it fails to comply with paragraph {{gmraprov|4}}; or <br>
:{{gmraprov|10(a)(v)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to comply with paragraph {{gmraprov|5}} and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or <br>
:{{gmraprov|10(a)(v)}} it fails to comply with paragraph {{gmraprov|5}}; or <br>
:{{gmraprov|10(a)(vi)}} an {{gmraprov|Act of Insolvency}} occurs with respect to {{gmraprov|Seller}} or {{gmraprov|Buyer}} and (except in the case of an {{gmraprov|Act of Insolvency}} which is the presentation of a petition for winding up or any analogous proceeding or the appointment of a liquidator or analogous officer of the {{gmraprov|Defaulting Party}} in which case no such notice shall be required) the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or <br>
:{{gmraprov|10(a)(vi)}} it suffers an {{gmraprov|Act of Insolvency}} (though upon the presentation of a winding up petition or the appointment of a liquidator no {{gmraprov|Default Notice}} will be required); or <br>
:{{gmraprov|10(a)(vii)}} any representations made by {{gmraprov|Seller}} or {{gmraprov|Buyer}} are incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated, and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or <br>
:{{gmraprov|10(a)(vii)}} any representations it made are materially incorrect when made; or <br>
:{{gmraprov|10(a)(viii)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} admits to the other that it is unable to, or intends not to, perform any of its obligations hereunder and/or in respect of any {{gmraprov|Transaction}} and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or <br>
:{{gmraprov|10(a)(viii)}} it admits it is cannot to, or will not, perform any of its obligations; or <br>
{{2000 GMRA 10(a)(ix)}}
:{{gmraprov|10(a)(ix)}} it is suspended or expelled from any securities exchange or self-regulating organisation, or from dealing in securities, or its assets are transferred to a trustee under securities regulating legislation; or <br>
:{{gmraprov|10(a)(x)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to perform any other of its obligations hereunder and does not remedy such failure within 30 days after notice is given by the {{gmraprov|Non-Defaulting Party}} requiring it to do so, and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; then sub paragraphs (b) to (f) below shall apply. <br>
:{{gmraprov|10(a)(x)}} it fails to perform any other of its obligations hereunder and does not remedy such failure within 30 days after notice is given by the {{gmraprov|Non-Defaulting Party}} requiring it to do so. <br>

Latest revision as of 14:45, 16 July 2022

10(a) If any of the following “Events of Default” occurs to either party (the Defaulting Party), and the other (the “Non-Defaulting Party”) serves a Default Notice then paragraphs 10(b) to 10(f) below will apply:

10(a)(i) as Buyer it fails to pay the Purchase Price upon the Purchase Date or as Seller it fails to pay the Repurchase Price upon the Repurchase Date; or
10(a)(ii) if this sub paragraph applies, as Seller fails to deliver Purchased Securities on the Purchase Date or as Buyer it fails to deliver Equivalent Securities on the Repurchase Date; or
10(a)(iii) it fails to pay any sum when due under 10(g) or 10(h); or
10(a)(iv) it fails to comply with paragraph 4; or
10(a)(v) it fails to comply with paragraph 5; or
10(a)(vi) it suffers an Act of Insolvency (though upon the presentation of a winding up petition or the appointment of a liquidator no Default Notice will be required); or
10(a)(vii) any representations it made are materially incorrect when made; or
10(a)(viii) it admits it is cannot to, or will not, perform any of its obligations; or
10(a)(ix) it is suspended or expelled from any securities exchange or self-regulating organisation, or from dealing in securities, or its assets are transferred to a trustee under securities regulating legislation; or
10(a)(x) it fails to perform any other of its obligations hereunder and does not remedy such failure within 30 days after notice is given by the Non-Defaulting Party requiring it to do so.
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