Template:Nutshell GMRA 10(a): Difference between revisions

{{gmraprov|10(a)}} If any of the following “'''{{gmraprov|Events of Default}}'''”) occurs to either party (the “'''{{gmraprov|Defaulting Party}}'''” and the other (the “'''{{gmraprov|Non-Defaulting Party}}'''”) serves a {{gmraprov|Default Notice}}: <br>

:{{gmraprov|10(a)(i)}} {{gmraprov|Buyer}} fails to pay the {{gmraprov|Purchase Price}} upon the applicable {{gmraprov|Purchase Date}} or {{gmraprov|Seller}} fails to pay the {{gmraprov|Repurchase Price}} upon the applicable {{gmraprov|Repurchase Date}}, and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or  <br>

:{{gmraprov|10(a)(ii)}} if the parties have specified in Annex I hereto that this sub paragraph shall apply, {{gmraprov|Seller}} fails to deliver {{gmraprov|Purchased Securities}} on the {{gmraprov|Purchase Date}} or {{gmraprov|Buyer}} fails to deliver {{gmraprov|Equivalent Securities}} on the {{gmraprov|Repurchase Date}}, and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or <br>

:{{gmraprov|10(a)(iii)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to pay any sum when due under {{gmraprov|10(g)}} or {{gmraprov|10(h)}}; or <br>

:{{gmraprov|10(a)(iv)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to comply with paragraph {{gmraprov|4}}; or <br>

:{{gmraprov|10(a)(v)}} {{gmraprov|Seller}} or {{gmraprov|Buyer}} fails to comply with paragraph {{gmraprov|5}}; or <br>

:{{gmraprov|10(a)(vi)}} an {{gmraprov|Act of Insolvency}} occurs with respect to {{gmraprov|Seller}} or {{gmraprov|Buyer}} (though upon the presentation of a winding up petition or the appointment of a liquidator no {{gmraprov|Default Notice}} will be required); or <br>

:{{gmraprov|10(a)(vii)}} any representations made by {{gmraprov|Seller}} or {{gmraprov|Buyer}} are materially incorrect when made; or <br>

:{{gmraprov|10(a)(viii)}} {{gmraprov|Seller}} or {{gmraprov|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 {{gmraprov|Transaction}}; or <br>

:{{gmraprov|10(a)(ix)}} {{gmraprov|Seller}} or {{gmraprov|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 {{gmraprov|Seller}} or {{gmraprov|Buyer}} or the assets of investors held by, or to the order of, {{gmraprov|Seller}} or {{gmraprov|Buyer}} are transferred or ordered to be transferred to a trustee by a regulatory authority pursuant to any securities regulating legislation and the {{gmraprov|Defaulting Party}} serves a {{gmraprov|Default Notice}} on the {{gmraprov|Defaulting Party}}; or <br>

:{{gmraprov|10(a)(x)}} {{gmraprov|Seller}} or {{gmraprov|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 {{gmraprov|Non-Defaulting Party}} requiring it to do so; then sub paragraphs (b) to (f) below shall apply. <br>