Failure to pay - GMRA Provision

GMRA Anatomy™ Go Premium In a Nutshell™ Clause 10(a)(i): Template:Nutshell GMRA 10(a)(i) view template Global Master Repurchase Agreement full text of Clause 10(a)(i): 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 view template Resources: 2010 GMRA: Full wikitext · Nutshell wikitext Navigation 2000 GMRA Table of Contents · 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · Schedule · Equities Annex: EA 1 · EA 2 · EA 3 · EA 4 · EA 5 · Buy/Sellback Annex · BSA 1 · BSA 2 · BSA 3 · BSA 4 · BNA 5 Index: Click ᐅ to expand: GMRA Comments? Questions? Suggestions? Requests? Insults? We’d love to 📧 hear from you. Sign up for our newsletter.

This is more or less the equivalent of a “failure to pay” event of default under the GMRA. Note it concerns only the cash payment side of each leg, not the delivery of Securities being bought or sold, for the same reasons as a failure to settle a stock loan is not of itself an Event of Default: settlement failures are a feature of the market, and are not intrinsically credit-related, as cash payment failures tend to be.

See also

• Failure to pay generally
• Failure to Pay or Deliver under the ISDA Master Agreement
• Failure to Pay or Deliver under the 2010 GMSLA