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:

12(A) the Borrower or Lender failing to pay Cash Collateral or deliver Collateral or Equivalent Collateral when due, where the other party (the “{{oslaprov|Non-Defaulting Party}}”) serves written notice on it;

12(B) either party breaches its obligations under Clause 6, and the Non-Defaulting Party serves written notice on it;

12(C) the Borrower breaches Clause 4(B)(i), (ii) or (iii) and the Non-Defaulting Party serves written notice on it;

12(D) an Act of Insolvency occurs to either Party and (except for a presentation of a winding-up petition, appointment of a liquidator for the Defaulting Party or similar, in which case notice is not required) the Non-Defaulting Party serves written notice on it;

12(E) the representations or warranties of either Party are materially false when made or repeated, and the Non-Defaulting Party serves written notice on it;

12(F) either Party admits to the other that it is cannot or will not perform any of its obligations under the Agreement, and the Non-Defaulting Party serves written notice on it;

12(G) either Party 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, and the Non-Defaulting Party serves written notice on it;

12(H) the assets of either Party or the assets of investors held by either Party are ordered to be transferred to a trustee by a regulatory authority under securities regulation legislation and the Non-Defaulting Party serves written notice on it, or

12(I) the Lender or the Borrower fails to perform any other obligations under this Agreement and does not remedy the failure within 30 days after the Non-Defaulting Party serves notice requiring it to remedy such failure on it, and the Non-Defaulting Party serves a further written notice to that effect on it.

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