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Failure to pay - GMRA Provision: Difference between revisions
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This is more or less the equivalent of a “[[failure to pay]]” [[event of default]] under the {{tag|GMRA}}. | This is more or less the equivalent of a “[[failure to pay]]” [[event of default]] under the {{tag|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. | ||
{{sa}} | {{sa}} | ||