Unremedied failure to manufacture payments - GMSLA Provision: Difference between revisions

Latest revision as of 17:38, 7 January 2022

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-{{gmslaanat|10.1(b)}}
+#redirect[[Events of Default - GMSLA Provision]]
-Note the [[tedious]] back and forth of notices here.
-*First, the Income has to be due under the Collateral or Loaned Securities.
-*Then the person obliged under Paragraph {{gmslaprov|6}} to [[manufacture]] the {{gmslaprov|Income}} back has to fail to do so, on that due date.
-*Then the aggrieved party has to tell the delinquent one — note: it is not yet technically a “{{gmslaprov|Defaulting Party}}” as there is a [[grace period]] — that it has failed to make that payment, and ask it to make the payment within three {{gmslaprov|Business Day}}s.
-*Then the delinquent party has to fail to remediate the manifactured {{gmslaprov|Income}} payment by close on the third {{gmslaprov|Business Day}} after that notice. Then the aggreived party can notify the delinquent party — whereupon it becomes a “{{gmslaprov|Defaulting Party}}” — that it is, finally, an {{gmslaprov|Event of Default}}.