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Template:OSLA 1995 12: Difference between revisions
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{{oslaprov|12}}. '''{{oslaprov|Events of Default}}'''<br> | {{oslaprov|12}}. '''{{oslaprov|Events of Default}}'''<br> | ||
Each of the following events occurring in relation to either {{oslaprov|Party}} (the "{{oslaprov|Defaulting Party}}", the other {{oslaprov|Party}} being the "{{oslaprov|Non-Defaulting Party}}") shall be an {{oslaprov|Event of Default}} for the purpose of Clause {{oslaprov|8}}:-<br> | Each of the following events occurring in relation to either {{oslaprov|Party}} (the "{{oslaprov|Defaulting Party}}", the other {{oslaprov|Party}} being the "{{oslaprov|Non-Defaulting Party}}") shall be an {{oslaprov|Event of Default}} for the purpose of Clause {{oslaprov|8}}:-<br> | ||
:{{oslaprov|12(A)}}the {{oslaprov|Borrower}} or {{oslaprov|Lender}} failing to pay or repay {{oslaprov|Cash Collateral}} or deliver or redeliver {{oslaprov|Collateral}} or {{oslaprov|Equivalent Collateral}} upon the due date, and the {{oslaprov|Non-Defaulting Party}} serves written notice on the {{oslaprov|Defaulting Party}}; <br> | :{{oslaprov|12(A)}} the {{oslaprov|Borrower}} or {{oslaprov|Lender}} failing to pay or repay {{oslaprov|Cash Collateral}} or deliver or redeliver {{oslaprov|Collateral}} or {{oslaprov|Equivalent Collateral}} upon the due date, and the {{oslaprov|Non-Defaulting Party}} serves written notice on the {{oslaprov|Defaulting Party}}; <br> | ||
:{{oslaprov|12(B)}} the {{oslaprov|Lender}} or {{oslaprov|Borrower}} failing to comply with its obligations under Clause 6, and the {{oslaprov|Non-Defaulting Party}} serves written notice on the {{oslaprov|Defaulting Party}}; <br> | :{{oslaprov|12(B)}} the {{oslaprov|Lender}} or {{oslaprov|Borrower}} failing to comply with its obligations under Clause 6, and the {{oslaprov|Non-Defaulting Party}} serves written notice on the {{oslaprov|Defaulting Party}}; <br> | ||
:{{oslaprov|12(C)}} the {{oslaprov|Borrower}} failing to comply with Clause {{oslaprov|4(B)}}(i), (ii) or (iii) hereof, and the {{oslaprov|Non-Defaulting Party}} serves written notice on the {{oslaprov|Defaulting Party}}; <br> | :{{oslaprov|12(C)}} the {{oslaprov|Borrower}} failing to comply with Clause {{oslaprov|4(B)}}(i), (ii) or (iii) hereof, and the {{oslaprov|Non-Defaulting Party}} serves written notice on the {{oslaprov|Defaulting Party}}; <br> | ||
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:{{oslaprov|12(H)}} any of the assets of the {{oslaprov|Lender}} or the {{oslaprov|Borrower}} or the assets of investors held by or to the order of the {{oslaprov|Lender}} or the {{oslaprov|Borrower}} being transferred or ordered to be transferred to a trustee by a regulatory authority pursuant to any securities regulating legislation and the {{oslaprov|Non-Defaulting Party}} serves written notice on the {{oslaprov|Defaulting Party}}, or <br> | :{{oslaprov|12(H)}} any of the assets of the {{oslaprov|Lender}} or the {{oslaprov|Borrower}} or the assets of investors held by or to the order of the {{oslaprov|Lender}} or the {{oslaprov|Borrower}} being transferred or ordered to be transferred to a trustee by a regulatory authority pursuant to any securities regulating legislation and the {{oslaprov|Non-Defaulting Party}} serves written notice on the {{oslaprov|Defaulting Party}}, or <br> | ||
:{{oslaprov|12(I)}} the {{oslaprov|Lender}} or the {{oslaprov|Borrower}} failing to perform any other of its obligations hereunder and not remedying such failure within 30 days after the {{oslaprov|Non-Defaulting Party}} serves written notice requiring it to remedy such failure, and the {{oslaprov|Non-Defaulting Party}} serves a further written notice on the {{oslaprov|Defaulting Party}}. <Br> | :{{oslaprov|12(I)}} the {{oslaprov|Lender}} or the {{oslaprov|Borrower}} failing to perform any other of its obligations hereunder and not remedying such failure within 30 days after the {{oslaprov|Non-Defaulting Party}} serves written notice requiring it to remedy such failure, and the {{oslaprov|Non-Defaulting Party}} serves a further written notice on the {{oslaprov|Defaulting Party}}. <Br> | ||
Each Party shall notify the other if an Event of Default occurs in relation to it. | Each Party shall notify the other if an {{oslaprov|Event of Default}} occurs in relation to it. <br> | ||