Template:Nutshell GMSLA 9.3: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{gmslaprov|9.3}} '''{{gmslaprov|Failure by either Party to deliver}}''' <br> Where a {{gmslaprov|Party}} (the '''{{gmslaprov|Transferor}}''') fails to deliver {{gmslaprov|Equ...") |
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{{gmslaprov|9.3}} '''{{gmslaprov|Failure by either Party to deliver}}''' <br> | {{gmslaprov|9.3}} '''{{gmslaprov|Failure by either Party to deliver}}''' <br> | ||
Where a {{gmslaprov|Party}} (the '''{{gmslaprov|Transferor}}''') fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} when required under this Agreement and the other {{gmslaprov|Party}} (the '''{{gmslaprov|Transferee}}'''): <br> | Where a {{gmslaprov|Party}} (the '''{{gmslaprov|Transferor}}''') fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} when required under this Agreement and the other {{gmslaprov|Party}} (the '''{{gmslaprov|Transferee}}'''): <br> | ||
:(a) incurs interest, overdraft or other expenses; or <br> | :(a) incurs interest, overdraft or other expenses; or <br> | ||
:(b) incurs costs and expenses under a {{gmslaprov|Buy in}} exercised against it by a third party, <br> | :(b) incurs costs and expenses under a {{gmslaprov|Buy in}} exercised against it by a third party, <br> | ||
then the {{gmslaprov|Transferor}} must, within one {{gmslaprov|Business Day}} of a demand, pay the {{gmslaprov|Transferee}} hold it harmless against such properly incurred costs and expenses arising directly from that failure other than | then the {{gmslaprov|Transferor}} must, within one {{gmslaprov|Business Day}} of a demand, pay the {{gmslaprov|Transferee}} [[Hold harmless|hold it harmless]] against such properly incurred costs and expenses arising directly from that failure ''other than'' (i) costs arising from the {{gmslaprov|Transferee}}’s [[negligence]] or [[wilful default]] and (ii) any [[consequential losses]]). <br> |