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2000 Global Master Repurchase Agreement
A Jolly Contrarian owner’s manual™
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Paragraph 14 in a Nutshell™
Use at your own risk, campers!
Full text of Paragraph 14
14. Notices and Other Communications
14(a) Any notice or other communication to be given under this Agreement
- (i) shall be in the English language, and except where expressly otherwise provided in this Agreement, shall be in writing;
- (ii) may be given in any manner described in sub paragraphs 14(b) and 14(c) below;
- (iii) shall be sent to the party to whom it is to be given at the address or number, or in accordance with the electronic messaging details, set out in Annex I hereto.
14(b) Subject to sub paragraph 14(c) below, any such notice or other communication shall be effective
- (i) if in writing and delivered in person or by courier, at the time when it is delivered;
- (ii) if sent by telex, at the time when the recipient's answerback is received;
- (iii) if sent by facsimile transmission, at the time when the transmission is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender's facsimile machine);
- (iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), at the time when that mail is delivered or its delivery is attempted;
- (v) if sent by electronic messaging system, at the time that electronic message is received; except that any notice or communication which is received, or delivery of which is attempted, after close of business on the date of receipt or attempted delivery or on a day which is not a day on which commercial banks are open for business in the place where that notice or other communication is to be given shall be treated as given at the opening of business on the next following day which is such a day.
14(c) If
- (i) there occurs in relation to either Party An event which, upon the service of a Default Notice, would be an Event of Default; and
- (ii) the non Defaulting Party, having made all practicable efforts to do so, including having attempted to use at least two of the methods specified in sub paragraph 14(b)(ii), (iii) or (v), has been unable to serve a Default Notice by one of the methods specified in those sub paragraphs (or such of those methods as are normally used by the non-Defaulting Party when communicating with the Defaulting Party), the non-Defaulting Party may sign a written notice (a “Special Default Notice”) which
- (aa) specifies the relevant event referred to in paragraph 10(a) which has occurred in relation to the Defaulting Party;
- (bb) states that the non Defaulting Party, having made all practicable efforts to do so, including having attempted to use at least two of the methods specified in sub paragraph 14(b)(ii), (iii) or (v), has been unable to serve a Default Notice by one of the methods specified in those sub paragraphs (or such of those methods as are normally used by the non-Defaulting Party when communicating with the Defaulting Party);
- (cc) specifies the date on which, and the time at which, the Special Default Notice is signed by the non Defaulting Party; and
- (dd) states that the event specified in accordance with sub paragraph 14(c)(aa) above shall be treated as an Event of Default with effect from the date and time so specified.
- On the signature of a Special Default Notice the relevant event shall be treated with effect from the date and time so specified as an Event of Default in relation to the Defaulting Party, and accordingly references in paragraph 10 to a Default Notice shall be treated as including a Special Default Notice. A Special Default Notice shall be given to the Defaulting Party as soon as practicable after it is signed.
14(d) Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system details at which notices or other communications are to be given to it.
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Related agreements and comparisons
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Related agreements: Click here for the same clause in the 1996 MRA, when we get round to finding out the first thing about it.
Comparison: Knowing and, really, caring very little about other kinds of repo agreement, we have nothing presently to compare the Global Master Repurchase Agreement with.
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Content and comparisons
Template:M comp disc GMRA 14
Summary
Template:M summ GMRA 14
See also
Template:M sa GMRA 14
References