Template:Nutshell GMRA 10(a)

10(a) If any of the following “Events of Default” occurs to either party (the Defaulting Party), and the other (the “Non-Defaulting Party”) serves a Default Notice then paragraphs 10(b) to 10(f) below will apply:

10(a)(i) as Buyer it fails to pay the Purchase Price upon the Purchase Date or as Seller it fails to pay the Repurchase Price upon the Repurchase Date; or

10(a)(ii) if this sub paragraph applies, as Seller fails to deliver Purchased Securities on the Purchase Date or as Buyer it fails to deliver Equivalent Securities on the Repurchase Date; or

10(a)(iii) it fails to pay any sum when due under 10(g) or 10(h); or

10(a)(iv) it fails to comply with paragraph 4; or

10(a)(v) it fails to comply with paragraph 5; or

10(a)(vi) it suffers an Act of Insolvency (though upon the presentation of a winding up petition or the appointment of a liquidator no Default Notice will be required); or

10(a)(vii) any representations it made are materially incorrect when made; or

10(a)(viii) it admits it is cannot to, or will not, perform any of its obligations; or

10(a)(ix) it is suspended or expelled from any securities exchange or self-regulating organisation, or from dealing in securities, or its assets are transferred to a trustee under securities regulating legislation; or

10(a)(x) it fails to perform any other of its obligations hereunder and does not remedy such failure within 30 days after notice is given by the Non-Defaulting Party requiring it to do so.