Template:GMSLA 2010 9.3: Difference between revisions

:{{gmslaprov|9.3}} '''{{gmslaprov|Failure by either Party to deliver}}''' <br>

::Where a {{gmslaprov|Party}} (the '''{{gmslaprov|Transferor}}''') fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} by the time required under this Agreement or within such other period as may be agreed between the {{gmslaprov|Transferor}} and the other {{gmslaprov|Party}} (the '''{{gmslaprov|Transferee}}''') and the {{gmslaprov|Transferee}}: <br>

::(a) incurs interest, overdraft or similar costs and expenses; or <br>

::(b) incurs costs and expenses as a direct result of a {{gmslaprov|Buy in}} exercised against it by a third party, <br>

::then the {{gmslaprov|Transferor}} agrees to pay within one {{gmslaprov|Business Day}} of a demand from the {{gmslaprov|Transferee}} and hold harmless the {{gmslaprov|Transferee}} with respect to all reasonable costs and expenses listed in sub paragraphs (a) and (b) above properly incurred which arise directly from such failure other than (i) such costs and expenses which arise from the negligence or wilful default of the {{gmslaprov|Transferee}} and (ii) any indirect or consequential losses. <br>