10(a)(ix) - GMRA Provision: Difference between revisions
Jump to navigation
Jump to search
Amwelladmin (talk | contribs) |
Amwelladmin (talk | contribs) |
||
| Line 6: | Line 6: | ||
{{box|{{gmraprov|10(a)(ix)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} is suspended or expelled from membership of or participation in any securities exchange or association or other self-regulating organisation, or suspended from dealing in securities by any government agency '''and the effect of such suspension or expulsion is that the relevant party can no longer fulfil its obligations under this Agreement''', or any of the assets of either {{gmraprov|Seller}} or {{gmraprov|Buyer}} or the assets of investors held by, or to the order of, {{gmraprov|Seller}} or {{gmraprov|Buyer}} are transferred or ordered to be transferred to a trustee by a regulatory authority pursuant to any securities regulating legislation and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or <br> | {{box|{{gmraprov|10(a)(ix)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} is suspended or expelled from membership of or participation in any securities exchange or association or other self-regulating organisation, or suspended from dealing in securities by any government agency '''and the effect of such suspension or expulsion is that the relevant party can no longer fulfil its obligations under this Agreement''', or any of the assets of either {{gmraprov|Seller}} or {{gmraprov|Buyer}} or the assets of investors held by, or to the order of, {{gmraprov|Seller}} or {{gmraprov|Buyer}} are transferred or ordered to be transferred to a trustee by a regulatory authority pursuant to any securities regulating legislation and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or <br> | ||
}} | }} | ||
You night want to reference it somehow to "... the effect of such suspension or expulsion is to have a materially adverse effect on the relevant party’s ability to fulfil ..." - this would pull in not just "impossibility" style events, but also compromised creditworthiness etc. | |||
====See Also==== | ====See Also==== | ||
{{gmraanatomy}} | {{gmraanatomy}} | ||
Revision as of 16:19, 22 May 2015
Commentary
You may see a request to modify this event to add the portion in bold:
- 10(a)(ix) Seller or Buyer is suspended or expelled from membership of or participation in any securities exchange or association or other self-regulating organisation, or suspended from dealing in securities by any government agency and the effect of such suspension or expulsion is that the relevant party can no longer fulfil its obligations under this Agreement, or any of the assets of either Seller or Buyer or the assets of investors held by, or to the order of, Seller or Buyer are transferred or ordered to be transferred to a trustee by a regulatory authority pursuant to any securities regulating legislation and the Defaulting Party serves a Default Notice on the Defaulting Party; or
You night want to reference it somehow to "... the effect of such suspension or expulsion is to have a materially adverse effect on the relevant party’s ability to fulfil ..." - this would pull in not just "impossibility" style events, but also compromised creditworthiness etc.