Template:Nutshell OSLA 12

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) Failure to pay: It fails to pay Cash Collateral or deliver Collateral or Equivalent Collateral when due;

12(B) Failure to provide Collateral: It breaches its obligations under Clause 6;

12(C) Failure to manufacture Income: As Borrower it breaches Clause 4(B)(i), (ii) or (iii);

12(D) Bankruptcy: It suffers an Act of Insolvency (provided that where the Act of Insolvency is the presentation of a winding-up petition or appointment of a liquidator, written notice from the Non-Defaulting Party is not required);

12(E) Breach of representations and warranties: the representations or warranties of either Party are materially false when made or repeated, ;

12(F) Repudiation: admits to the other that it is cannot or will not perform any of its obligations under the Agreement;

12(G) Regulatory default: It 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) Seizure of assets: its own asset those it holds for investors held are ordered to be transferred to a trustee by a regulatory authority under securities regulation legislation, or

12(I) Other breach of Agreement: the Lender or the Borrower fails to perform any other obligations under this Agreement and does not remedy its failure within 30 days after the Non-Defaulting Party serves notice requiring it to remedy such failure on it.

Each Party must notify the other if it suffers an Event of Default.