Template:Nutshell GMSLA 9.3: Difference between revisions

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Template:Nutshell GMSLA 9.3 (view source)

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-{{gmslaprov|9.3}}	'''{{gmslaprov|Failure by either Party to deliver}}''' <br>
+{{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}} when required under this Agreement and the other {{gmslaprov|Party}} (the '''{{gmslaprov|Transferee}}'''): <br>
+Where a {{gmslaprov|Party}} (the '''{{gmslaprov|Transferor}}''') fails to deliver {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Collateral}} when due and the other {{gmslaprov|Party}} (the '''{{gmslaprov|Transferee}}''') incurs interest, overdraft expenses or {{gmslaprov|Buy in}} costs the {{gmslaprov|Transferor}} must, within one {{gmslaprov|Business Day}} of a demand, pay the {{gmslaprov|Transferee}} and [[Hold harmless|hold it harmless]] against those costs that arise directly from that failure ''other than'' (i) costs arising from the {{gmslaprov|Transferee}}’s [[negligence]] or [[wilful default]] and (ii) any [[consequential losses]]). <br>
-:(a)	incurs interest, overdraft or other expenses; or <br>
-:(b)	incurs costs and expenses under a {{gmslaprov|Buy in}} exercised against it by a third party, <br>
-then the {{gmslaprov|Transferor}} must, within one {{gmslaprov|Business Day}} of a demand, pay the {{gmslaprov|Transferee}} hold it harmless against such properly incurred costs and expenses arising directly from that failure other than those arising from the {{gmslaprov|Transferee}}’s [[negligence]] or [[wilful default]] (and any indirect or consequential losses). <br>