Template:Nutshell OSLA 12: Difference between revisions
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Amwelladmin (talk | contribs) Created page with "{{oslaprov|12}}. '''{{oslaprov|Events of Default}}'''<br> The following events occurring to a {{oslaprov|Party}} (the “'''{{oslaprov|Defaulting Party}}'''” will be {{oslap..." |
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{{oslaprov|12}}. '''{{oslaprov|Events of Default}}'''<br> | {{oslaprov|12}}. '''{{oslaprov|Events of Default}}'''<br> | ||
The following events occurring to a {{oslaprov|Party}} (the “'''{{oslaprov|Defaulting Party}}'''” will be {{oslaprov|Events of Default}} under Clause {{oslaprov|8}}: <br> | The following events occurring to a {{oslaprov|Party}} (the “'''{{oslaprov|Defaulting Party}}'''”) will be {{oslaprov|Events of Default}} under Clause {{oslaprov|8}} upon the other Party (Non-Defaulting Party) serving written notice on it: <br> | ||
:{{oslaprov|12(A)}} | :{{oslaprov|12(A)}} It fails to pay {{oslaprov|Cash Collateral}} or deliver {{oslaprov|Collateral}} or {{oslaprov|Equivalent Collateral}} when due; <br> | ||
:{{oslaprov|12(B)}} | :{{oslaprov|12(B)}} It breaches its obligations under Clause {{oslaprov|6}}; <br> | ||
:{{oslaprov|12(C)}} | :{{oslaprov|12(C)}} As {{oslaprov|Borrower}} it breaches Clause {{oslaprov|4(B)}}(i), (ii) or (iii); <br> | ||
:{{oslaprov|12(D)}} an {{oslaprov|Act of Insolvency}} | :{{oslaprov|12(D)}} It suffers an {{oslaprov|Act of Insolvency}} (provided that where it is the presentation of a winding-up petition, appointment of a liquidator for the {{oslaprov|Defaulting Party}} or similar, written notice from the {{oslaprov|Non-Defaulting Party}} is not required); <br> | ||
:{{oslaprov|12(E)}} the representations or warranties of either Party are materially false when made or repeated, | :{{oslaprov|12(E)}} the representations or warranties of either Party are materially false when made or repeated, ; <br> | ||
:{{oslaprov|12(F)}} either Party admits to the other that it is cannot or will not perform any of its obligations under the Agreement, | :{{oslaprov|12(F)}} either Party admits to the other that it is cannot or will not perform any of its obligations under the Agreement, ; <br> | ||
:{{oslaprov|12(G)}} either Party is declared in default by the appropriate authority under the {{oslaprov|Rules}} or is suspended or expelled from any securities exchange or other self-regulatory organisation, or is suspended from securities dealing by any government agency, | :{{oslaprov|12(G)}} either Party is declared in default by the appropriate authority under the {{oslaprov|Rules}} or is suspended or expelled from any securities exchange or other self-regulatory organisation, or is suspended from securities dealing by any government agency, ; <br> | ||
:{{oslaprov|12(H)}} the assets of either Party or the assets of investors held by either Party are ordered to be transferred to a trustee by a regulatory authority under securities regulation legislation | :{{oslaprov|12(H)}} the assets of either Party or the assets of investors held by either Party are ordered to be transferred to a trustee by a regulatory authority under securities regulation legislation , or <br> | ||
:{{oslaprov|12(I)}} the {{oslaprov|Lender}} or the {{oslaprov|Borrower}} fails to perform any other obligations under this Agreement and does not remedy the failure within 30 days after the {{oslaprov|Non-Defaulting Party}} serves notice requiring it to remedy such failure on it, and the {{oslaprov|Non-Defaulting Party}} serves a further written notice to that effect on it. <br> | :{{oslaprov|12(I)}} the {{oslaprov|Lender}} or the {{oslaprov|Borrower}} fails to perform any other obligations under this Agreement and does not remedy the failure within 30 days after the {{oslaprov|Non-Defaulting Party}} serves notice requiring it to remedy such failure on it, and the {{oslaprov|Non-Defaulting Party}} serves a further written notice to that effect on it. <br> | ||
Each Party shall notify the other if it suffers an {{oslaprov|Event of Default}}. <br> | Each Party shall notify the other if it suffers an {{oslaprov|Event of Default}}. <br> | ||
Revision as of 16:42, 7 January 2022
12. Events of Default
The following events occurring to a Party (the “Defaulting Party”) will be Events of Default under Clause 8 upon the other Party (Non-Defaulting Party) serving written notice on it:
- 12(A) It fails to pay Cash Collateral or deliver Collateral or Equivalent Collateral when due;
- 12(B) It breaches its obligations under Clause 6;
- 12(C) As Borrower it breaches Clause 4(B)(i), (ii) or (iii);
- 12(D) It suffers an Act of Insolvency (provided that where it is the presentation of a winding-up petition, appointment of a liquidator for the Defaulting Party or similar, written notice from the Non-Defaulting Party is not required);
- 12(E) the representations or warranties of either Party are materially false when made or repeated, ;
- 12(F) either Party admits to the other that it is cannot or will not perform any of its obligations under the Agreement, ;
- 12(G) either Party is declared in default by the appropriate authority under the Rules or is suspended or expelled from any securities exchange or other self-regulatory organisation, or is suspended from securities dealing by any government agency, ;
- 12(H) the assets of either Party or the assets of investors held by either Party are ordered to be transferred to a trustee by a regulatory authority under securities regulation legislation , or
- 12(I) the Lender or the Borrower fails to perform any other obligations under this Agreement and does not remedy the failure within 30 days after the Non-Defaulting Party serves notice requiring it to remedy such failure on it, and the Non-Defaulting Party serves a further written notice to that effect on it.
Each Party shall notify the other if it suffers an Event of Default.