Template:Nutshell GMRA 10(a): Difference between revisions

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{{gmraprov|10(a)}} If any of the following “'''{{gmraprov|Events of Default}}'''”) occurs to either party (the “'''{{gmraprov|Defaulting  Party}}'''” (the other being the “'''{{gmraprov|Non-Defaulting Party}}'''”): <br>
{{gmraprov|10(a)}} If any of the following “'''{{gmraprov|Events of Default}}'''”) occurs to either party (the “'''{{gmraprov|Defaulting  Party}}'''” and the other (the “'''{{gmraprov|Non-Defaulting Party}}'''”) serves a {{gmraprov|Default Notice}}: <br>
{{2000 GMRA 10(a)(i)}}
:{{gmraprov|10(a)(i)}} {{gmraprov|Buyer}} fails to pay the {{gmraprov|Purchase Price}} upon the applicable {{gmraprov|Purchase Date}} or {{gmraprov|Seller}} fails to pay the {{gmraprov|Repurchase Price}} upon the applicable {{gmraprov|Repurchase Date}}, and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or <br>
{{2000 GMRA 10(a)(ii)}}
:{{gmraprov|10(a)(ii)}} if the parties have specified in Annex I hereto that this sub paragraph shall apply, {{gmraprov|Seller}} fails to deliver {{gmraprov|Purchased Securities}} on the {{gmraprov|Purchase Date}} or {{gmraprov|Buyer}} fails to deliver {{gmraprov|Equivalent Securities}} on the {{gmraprov|Repurchase Date}}, and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or <br>
:{{gmraprov|10(a)(iii)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to pay any sum when due under {{gmraprov|10(g)}} or {{gmraprov|10(h)}}, and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}}; or <br>
:{{gmraprov|10(a)(iii)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to pay any sum when due under {{gmraprov|10(g)}} or {{gmraprov|10(h)}}; or <br>
:{{gmraprov|10(a)(iv)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to comply with paragraph {{gmraprov|4}} and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}}; or <br>
:{{gmraprov|10(a)(iv)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to comply with paragraph {{gmraprov|4}}; or <br>
:{{gmraprov|10(a)(v)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to comply with paragraph {{gmraprov|5}} and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}}; or <br>
:{{gmraprov|10(a)(v)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to comply with paragraph {{gmraprov|5}}; or <br>
:{{gmraprov|10(a)(vi)}} an {{gmraprov|Act of Insolvency}} occurs with respect to {{gmraprov|Seller}} or {{gmraprov|Buyer}} and (except in the case of an {{gmraprov|Act of Insolvency}} which is the presentation of a petition for winding up or any analogous proceeding or the appointment of a liquidator or analogous officer of the {{gmraprov|Defaulting Party}} in which case no such notice shall be required) the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}}; or <br>
:{{gmraprov|10(a)(vi)}} an {{gmraprov|Act of Insolvency}} occurs with respect to {{gmraprov|Seller}} or {{gmraprov|Buyer}} (though upon the presentation of a winding up petition or the appointment of a liquidator no {{gmraprov|Default Notice}} will be required); or <br>
:{{gmraprov|10(a)(vii)}} any representations made by {{gmraprov|Seller}} or {{gmraprov|Buyer}} are incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated, and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}}; or <br>
:{{gmraprov|10(a)(vii)}} any representations made by {{gmraprov|Seller}} or {{gmraprov|Buyer}} are materially incorrect when made; or <br>
:{{gmraprov|10(a)(viii)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} admits to the other that it is unable to, or intends not to, perform any of its obligations hereunder and/or in respect of any {{gmraprov|Transaction}} and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}}; or <br>
:{{gmraprov|10(a)(viii)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} admits to the other that it is unable to, or intends not to, perform any of its obligations hereunder and/or in respect of any {{gmraprov|Transaction}}; or <br>
{{2000 GMRA 10(a)(ix)}}
:{{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, 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>
:{{gmraprov|10(a)(x)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to perform any other of its obligations hereunder and does not remedy such failure within 30 days after notice is given by the {{gmraprov|Non-Defaulting Party}} requiring it to do so, and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}}; then sub paragraphs (b) to (f) below shall apply. <br>
:{{gmraprov|10(a)(x)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to perform any other of its obligations hereunder and does not remedy such failure within 30 days after notice is given by the {{gmraprov|Non-Defaulting Party}} requiring it to do so; then sub paragraphs (b) to (f) below shall apply. <br>

Revision as of 14:36, 16 July 2022

10(a) If any of the following “Events of Default”) occurs to either party (the “Defaulting Party” and the other (the “Non-Defaulting Party”) serves a Default Notice:

10(a)(i) Buyer fails to pay the Purchase Price upon the applicable Purchase Date or Seller fails to pay the Repurchase Price upon the applicable Repurchase Date, and the Defaulting Party serves a Default Notice on the Defaulting Party; or
10(a)(ii) if the parties have specified in Annex I hereto that this sub paragraph shall apply, Seller fails to deliver Purchased Securities on the Purchase Date or Buyer fails to deliver Equivalent Securities on the Repurchase Date, and the Defaulting Party serves a Default Notice on the Defaulting Party; or
10(a)(iii) Seller or Buyer fails to pay any sum when due under 10(g) or 10(h); or
10(a)(iv) Seller or Buyer fails to comply with paragraph 4; or
10(a)(v) Seller or Buyer fails to comply with paragraph 5; or
10(a)(vi) an Act of Insolvency occurs with respect to Seller or Buyer (though upon the presentation of a winding up petition or the appointment of a liquidator no Default Notice will be required); or
10(a)(vii) any representations made by Seller or Buyer are materially incorrect when made; or
10(a)(viii) Seller or Buyer admits to the other that it is unable to, or intends not to, perform any of its obligations hereunder and/or in respect of any Transaction; or
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, 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
10(a)(x) Seller or Buyer fails to perform any other of its obligations hereunder and does not remedy such failure within 30 days after notice is given by the Non-Defaulting Party requiring it to do so; then sub paragraphs (b) to (f) below shall apply.
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