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Template:Pledge GMSLA 2018 9.2: Difference between revisions
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{{pgmslaprov|9.2}} '''{{pgmslaprov|Failure by either Party to deliver or instruct delivery}}''' <br> | {{pgmslaprov|9.2}} '''{{pgmslaprov|Failure by either Party to deliver or instruct delivery}}''' <br> | ||
Where {{pgmslaprov|Borrower}} fails to deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}, or {{pgmslaprov|Lender}} fails to instruct {{pgmslaprov|Custodian}} to deliver {{pgmslaprov|Posted Collateral}}, in either case by the time required under this {{pgmslaprov|Agreement}} or within such other period as may be agreed between such {{pgmslaprov|Party}} (the {{pgmslaprov|Transferor}}) and the other {{pgmslaprov|Party}} (the {{pgmslaprov|Transferee}}), and the {{pgmslaprov|Transferee}}: | Where {{pgmslaprov|Borrower}} fails to deliver {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}, or {{pgmslaprov|Lender}} fails to instruct {{pgmslaprov|Custodian}} to deliver {{pgmslaprov|Posted Collateral}}, in either case by the time required under this {{pgmslaprov|Agreement}} or within such other period as may be agreed between such {{pgmslaprov|Party}} (the {{pgmslaprov|Transferor}}) and the other {{pgmslaprov|Party}} (the {{pgmslaprov|Transferee}}), and the {{pgmslaprov|Transferee}}: | ||
:(a) incurs interest, overdraft or similar costs and expenses; or | :(a) incurs [[interest]], [[overdraft]] or similar costs and expenses; or | ||
:(b) incurs costs and expenses as a direct result of a Buy-in exercised against it by a third party, | :(b) incurs costs and expenses as a direct result of a {{pgmslaprov|Buy-in}} exercised against it by a third party, | ||
:then the {{pgmslaprov|Transferor}} agrees to pay within one {{pgmslaprov|Business Day}} of a demand from the {{pgmslaprov|Transferee}} and [[hold harmless]] the {{pgmslaprov|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 {{pgmslaprov|Transferee}} and (ii) any indirect or [[consequential loss]]es. | :then the {{pgmslaprov|Transferor}} agrees to pay within one {{pgmslaprov|Business Day}} of a demand from the {{pgmslaprov|Transferee}} and [[hold harmless]] the {{pgmslaprov|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 {{pgmslaprov|Transferee}} and | |||
::(ii) any [[Indirect loss|indirect]] or [[consequential loss]]es. <br> | |||