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Template:GMSLA 2010 11.7: Difference between revisions
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{{gmslaprov|11.7}} The {{gmslaprov|Defaulting Party}} shall be liable to the {{gmslaprov|Non-Defaulting Party}} for the amount of all reasonable legal and other professional expenses incurred by the {{gmslaprov|Non Defaulting Party}} in connection with or as a consequence of an {{gmslaprov|Event of Default}}, together with interest thereon at such rate as is agreed by the {{gmslaprov|Parties}} and specified in paragraph 10 of the {{gmslaprov|Schedule}} or, failing such agreement, the overnight London Inter Bank Offered Rate as quoted on a reputable financial information service (LIBOR) as at 11.00 a.m., London time, on the date on which it is to be determined or, in the case of an expense attributable to a particular transaction and, where the Parties have previously agreed a rate of interest for the transaction, that rate of interest if it is greater than LIBOR. Interest will accrue daily on a compound basis. <br> | {{gmslaprov|11.7}} '''Other costs, expenses and interest payable in consequence of an {{gmslaprov|Event of Default}}''': The {{gmslaprov|Defaulting Party}} shall be liable to the {{gmslaprov|Non-Defaulting Party}} for the amount of all [[reasonable]] legal and other professional expenses incurred by the {{gmslaprov|Non Defaulting Party}} [[in connection with]] or as a consequence of an {{gmslaprov|Event of Default}}, together with [[interest]] thereon at such rate as is agreed by the {{gmslaprov|Parties}} and specified in paragraph 10 of the {{gmslaprov|Schedule}} or, failing such agreement, the overnight [[London Inter Bank Offered Rate]] as quoted on a reputable financial information service ('''[[LIBOR]]''') as at 11.00 a.m., London time, on the date on which it is to be determined or, in the case of an expense attributable to a particular transaction and, where the Parties have previously agreed a rate of interest for the transaction, that rate of interest if it is greater than [[LIBOR]]. [[Interest]] will accrue daily on a compound basis. <br> | ||