Template:Nutshell GMRA 10(a)

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.