83,109
edits
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
Line 1: | Line 1: | ||
{{oslaprov|12}}. '''{{oslaprov|Events of Default}}'''<br> | {{oslaprov|12}}. '''{{oslaprov|Events of Default}}'''<br> | ||
The following events occurring to a {{oslaprov|Party}} (the “'''{{oslaprov|Defaulting Party}}'''”) will be {{oslaprov|Events of Default}} under Clause {{oslaprov|8}} upon the other Party (Non-Defaulting Party) serving written notice on it: <br> | The following events occurring to a {{oslaprov|Party}} (the “'''{{oslaprov|Defaulting Party}}'''”) will be {{oslaprov|Events of Default}} under Clause {{oslaprov|8}} upon the other Party (Non-Defaulting Party) serving written notice on it: <br> | ||
:{{oslaprov|12(A)}} It fails to pay {{oslaprov|Cash Collateral}} or deliver {{oslaprov|Collateral}} or {{oslaprov|Equivalent Collateral}} when due; <br> | :{{oslaprov|12(A)}} '''Failure to pay''': It fails to pay {{oslaprov|Cash Collateral}} or deliver {{oslaprov|Collateral}} or {{oslaprov|Equivalent Collateral}} when due; <br> | ||
:{{oslaprov|12(B)}} It breaches its obligations under Clause {{oslaprov|6}}; <br> | :{{oslaprov|12(B)}} '''Failure to provide Collateral''': It breaches its obligations under Clause {{oslaprov|6}}; <br> | ||
:{{oslaprov|12(C)}} As {{oslaprov|Borrower}} it breaches Clause {{oslaprov|4(B)}}(i), (ii) or (iii); <br> | :{{oslaprov|12(C)}} '''Failure to manufacture Income''': As {{oslaprov|Borrower}} it breaches Clause {{oslaprov|4(B)}}(i), (ii) or (iii); <br> | ||
:{{oslaprov|12(D)}} It suffers an {{oslaprov|Act of Insolvency}} (provided that where | :{{oslaprov|12(D)}} '''Bankruptcy''': It suffers an {{oslaprov|Act of Insolvency}} (provided that where the {{oslaprov|Act of Insolvency}} is the presentation of a winding-up petition or appointment of a liquidator, written notice from the {{oslaprov|Non-Defaulting Party}} is not required); <br> | ||
:{{oslaprov|12(E)}} the representations or warranties of either Party are materially false when made or repeated, ; <br> | :{{oslaprov|12(E)}} '''Breach of representations and warranties''': the representations or warranties of either Party are materially false when made or repeated, ; <br> | ||
:{{oslaprov|12(F)}} | :{{oslaprov|12(F)}} '''Repudiation''': admits to the other that it is cannot or will not perform any of its obligations under the Agreement; <br> | ||
:{{oslaprov|12(G)}} | :{{oslaprov|12(G)}} '''Regulatory default''': It is declared in default by the appropriate authority under the {{oslaprov|Rules}} or is suspended or expelled from any securities exchange or other self-regulatory organisation, or is suspended from securities dealing by any government agency, ; <br> | ||
:{{oslaprov|12(H)}} | :{{oslaprov|12(H)}} '''Seizure of assets''': its own asset those it holds for investors held are ordered to be transferred to a trustee by a regulatory authority under securities regulation legislation, or <br> | ||
:{{oslaprov|12(I)}} the {{oslaprov|Lender}} or the {{oslaprov|Borrower}} fails to perform any other obligations under this Agreement and does not remedy | :{{oslaprov|12(I)}} '''Other breach of Agreement''': the {{oslaprov|Lender}} or the {{oslaprov|Borrower}} fails to perform any other obligations under this Agreement and does not remedy its failure within 30 days after the {{oslaprov|Non-Defaulting Party}} serves notice requiring it to remedy such failure on it. <br> | ||
Each Party | Each Party must notify the other if it suffers an {{oslaprov|Event of Default}}. <br> |