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Template:Pledge GMSLA 2018 10: Difference between revisions
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{{pgmslaprov|10}} '''{{pgmslaprov|Events of Default}}''' <br> | {{pgmslaprov|10}} '''{{pgmslaprov|Events of Default}}''' <br> | ||
{{pgmslaprov|10.1}} Each of the following events occurring and continuing in relation to either Party (the '''{{pgmslaprov|Defaulting Party}}''', the other Party being the '''{{pgmslaprov|Non-Defaulting Party}}''') shall be an {{pgmslaprov|Event of Default}} but only where the {{pgmslaprov|Non-Defaulting Party}} serves written notice on the {{pgmslaprov|Defaulting Party}} declaring such event to be an {{pgmslaprov|Event of Default}}: | {{pgmslaprov|10.1}} Each of the following events occurring and continuing in relation to either Party (the '''{{pgmslaprov|Defaulting Party}}''', the other Party being the '''{{pgmslaprov|Non-Defaulting Party}}''') shall be an {{pgmslaprov|Event of Default}} but only where the {{pgmslaprov|Non-Defaulting Party}} serves written notice on the {{pgmslaprov|Defaulting Party}} declaring such event to be an {{pgmslaprov|Event of Default}}: | ||
:{{pgmslaprov|10.1(a)}} {{pgmslaprov|Borrower}} failing to comply with its obligations to deliver {{pgmslaprov|Collateral}} under paragraph 5 on the due date; | :{{pgmslaprov|10.1(a)}} {{pgmslaprov|Borrower}} failing to comply with its obligations to deliver {{pgmslaprov|Collateral}} under paragraph {{gmslaprov|5}} on the due date; | ||
:{{pgmslaprov|10.1(b)}} {{pgmslaprov|Borrower}} failing to comply with its obligations under paragraph 6.1 upon the due date and not remedying such failure within three {{pgmslaprov|Business Day}}s after {{pgmslaprov|Lender}} serves written notice requiring it to remedy such failure; | :{{pgmslaprov|10.1(b)}} {{pgmslaprov|Borrower}} failing to comply with its obligations under paragraph {{gmslaprov|6.1}} upon the due date and not remedying such failure within three {{pgmslaprov|Business Day}}s after {{pgmslaprov|Lender}} serves written notice requiring it to remedy such failure; | ||
:{{pgmslaprov|10.1(c)}} {{pgmslaprov|Borrower}} failing to pay any sum due under paragraph 9.1(b) or 9.2 upon the due date; | :{{pgmslaprov|10.1(c)}} {{pgmslaprov|Borrower}} failing to pay any sum due under paragraph {{gmslaprov|9.1(b)}} or {{gmslaprov|9.2}} upon the due date; | ||
:{{pgmslaprov|10.1(d)}} an {{pgmslaprov|Act of Insolvency}} occurring with respect to {{pgmslaprov|Lender}} or {{pgmslaprov|Borrower}}; | :{{pgmslaprov|10.1(d)}} an {{pgmslaprov|Act of Insolvency}} occurring with respect to {{pgmslaprov|Lender}} or {{pgmslaprov|Borrower}}; | ||
:{{pgmslaprov|10.1(e)}} any warranty made by {{pgmslaprov|Lender}} or {{pgmslaprov|Borrower}} in paragraph 13 or paragraphs 14(a) to 14(h) or in the {{pgmslaprov|Security Agreement}} being incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated; | :{{pgmslaprov|10.1(e)}} any warranty made by {{pgmslaprov|Lender}} or {{pgmslaprov|Borrower}} in paragraph {{gmslaprov|13}} or paragraphs {{gmslaprov|14(a)}} to {{gmslaprov|14(h)}} or in the {{pgmslaprov|Security Agreement}} being incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated; | ||
:{{pgmslaprov|10.1(f)}} {{pgmslaprov|Lender}} or {{pgmslaprov|Borrower}} admitting to the other that it is unable to, or it intends not to, perform any of its obligations under this Agreement or the {{pgmslaprov|Security Agreement}} and/or in respect of any Loan where such failure to perform would with the service of notice or lapse of time constitute an {{pgmslaprov|Event of Default}}; | :{{pgmslaprov|10.1(f)}} {{pgmslaprov|Lender}} or {{pgmslaprov|Borrower}} admitting to the other that it is unable to, or it intends not to, perform any of its obligations under this Agreement or the {{pgmslaprov|Security Agreement}} and/or in respect of any Loan where such failure to perform would with the service of notice or lapse of time constitute an {{pgmslaprov|Event of Default}}; | ||
:{{pgmslaprov|10.1(g)}} all or any material part of the assets of {{pgmslaprov|Lender}} or {{pgmslaprov|Borrower}} being transferred or ordered to be transferred to a trustee (or a person exercising similar functions) by a regulatory authority pursuant to any legislation; | :{{pgmslaprov|10.1(g)}} all or any material part of the assets of {{pgmslaprov|Lender}} or {{pgmslaprov|Borrower}} being transferred or ordered to be transferred to a trustee (or a person exercising similar functions) by a regulatory authority pursuant to any legislation; | ||