GMRA wikitext: Difference between revisions

:(ii) If the {{gmraprov|first party}} reasonably decides, instead of entering into such replacement {{gmraprov|Transaction}}s, to replace or unwind any hedging {{gmraprov|Transaction}}s which the {{gmraprov|first party}} entered into in connection with the {{gmraprov|Transaction}} so terminating, or to enter into any replacement hedging {{gmraprov|Transaction}}s, the other party shall be required to pay to the {{gmraprov|first party}} the amount determined by the {{gmraprov|first party}} in good faith to be equal to the loss or expense incurred in connection with entering into such replacement or unwinding (including all fees, costs and other expenses) less the amount of any profit or gain made by that party in connection with such replacement or unwinding; provided that if that calculation results in a negative number, an amount equal to that number shall be payable by the {{gmraprov|first party}} to the other party.<br>

:(l) Each party shall immediately notify the other if an {{gmraprov|Event of Default}}, or an event which, upon the serving of a {{gmraprov|Default Notice}}, would be an {{gmraprov|Event of Default}}, occurs in relation to it.<br>