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| '''{{gmraprov|2}}. {{gmraprov|Definitions}}'''<br> | | '''{{gmraprov|2}}. {{gmraprov|Definitions}}'''<br> |
| {{GMRA 2000 2(a)}} | | {{GMRA 2000 2(a)}} |
| {{GMRA 2000 2(b)}}{{gmraprov|2(b)}} “'''{{gmraprov|Agency Transaction}}'''”, the meaning specified in paragraph {{gmraprov|1}} of the {{gmraprov|Agency Annex}}; <br> | | {{GMRA 2000 2(b)}} |
| {{GMRA 2000 2(c)}}{{gmraprov|2(c)}} “'''{{gmraprov|Appropriate Market}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br> | | {{GMRA 2000 2(c)}} |
| {{GMRA 2000 2(d)}}{{gmraprov|2(d)}} “'''{{gmraprov|Base Currency}}'''”, the currency indicated in Annex I hereto; <br> | | {{GMRA 2000 2(d)}} |
| {{GMRA 2000 2(e)}}{{gmraprov|2(e)}} “'''{{gmraprov|Business Day}}'''” | | {{GMRA 2000 2(e)}} |
| :(i) in relation to the settlement of any {{gmraprov|Transaction}} which is to be settled through {{gmraprov|Clearstream}} or {{gmraprov|Euroclear}}, a day on which {{gmraprov|Clearstream}} or, as the case may be, {{gmraprov|Euroclear}} is open to settle business in the currency in which the {{gmraprov|Purchase Price}} and the {{gmraprov|Repurchase Price}} are denominated; <br>
| | {{GMRA 2000 2(f)}} |
| :(ii) in relation to the settlement of any {{gmraprov|Transaction}} which is to be settled through a settlement system other than {{gmraprov|Clearstream}} or {{gmraprov|Euroclear}}, a day on which that settlement system is open to settle such {{gmraprov|Transaction}}; <br>
| | {{GMRA 2000 2(g)}} |
| :(iii) in relation to any delivery of {{gmraprov|Securities}} not falling within (i) or (ii) above, a day on which banks are open for business in the place where delivery of the relevant {{gmraprov|Securities}} is to be effected; and
| | {{GMRA 2000 2(h)}} |
| :(iv) in relation to any obligation to make a payment not falling within (i) or (ii) above, a day other than a Saturday or a Sunday on which banks are open for business in the principal financial centre of the country of which the currency in which the payment is denominated is the official currency and, if different, in the place where any account designated by the parties for the making or receipt of the payment is situated (or, in the case of a payment in euro, a day on which {{gmraprov|TARGET}} operates); <br>
| | {{GMRA 2000 2(i)}} |
| {{GMRA 2000 2(f)}}{{gmraprov|2(f)}} “'''{{gmraprov|Cash Margin}}'''”, a cash sum paid to {{gmraprov|Buyer}} or {{gmraprov|Seller}} in accordance with paragraph {{gmraprov|4}}; <br> | | {{GMRA 2000 2(j)}} |
| {{GMRA 2000 2(g)}}{{gmraprov|2(g)}} “'''{{gmraprov|Clearstream}}'''”, {{gmraprov|Clearstream}} Banking, societe anonyme, (previously Cedelbank) or any successor thereto; <br> | | {{GMRA 2000 2(k)}} |
| {{GMRA 2000 2(h)}}{{gmraprov|2(h)}} “'''{{gmraprov|Confirmation}}'''”, the meaning specified in paragraph {{gmraprov|3(b)}}; <br> | | {{GMRA 2000 2(l)}} |
| {{GMRA 2000 2(i)}}{{gmraprov|2(i)}} “'''{{gmraprov|Contractual Currency}}'''”, the meaning specified in paragraph {{gmraprov|7(a)}}; | | {{GMRA 2000 2(m)}} |
| {{GMRA 2000 2(j)}}{{gmraprov|2(j)}} “'''{{gmraprov|Defaulting Party}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br> | | {{GMRA 2000 2(n)}} |
| {{GMRA 2000 2(k)}}{{gmraprov|2(k)}} “'''{{gmraprov|Default Market Value}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br> | | {{GMRA 2000 2(o)}} |
| {{{GMRA 2000 2(l)}}{{gmraprov|2(l)}} “'''{{gmraprov|Default Notice}}'''”, a written notice served by the {{gmraprov|non-Defaulting Party}} on the {{gmraprov|Defaulting Party}} under paragraph {{gmraprov|10}} stating that an event shall be treated as an {{gmraprov|Event of Default}} for the purposes of this {{gmraprov|Agreement}}; <br>
| | {{GMRA 2000 2(p)}} |
| {{GMRA 2000 2(m)}}{{gmraprov|2(m)}} “'''{{gmraprov|Default Valuation Notice}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br> | | {{GMRA 2000 2(q)}} |
| {{GMRA 2000 2(n)}}{{gmraprov|2(n)}} “'''{{gmraprov|Default Valuation Time}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br> | | {{GMRA 2000 2(r)}} |
| {{GMRA 2000 2(o)}}{{gmraprov|2(o)}} “'''{{gmraprov|Deliverable Securities}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br> | | {{GMRA 2000 2(s)}} |
| {{GMRA 2000 2(p)}}{{gmraprov|2(p)}} “'''{{gmraprov|Designated Office}}'''”, with respect to a party, a branch or office of that party which is specified as such in Annex I hereto or such other branch or office as may be agreed to by the parties; <br> | |
| {{GMRA 2000 2(q)}}{{gmraprov|2(q)}} “'''{{gmraprov|Distributions}}'''”, the meaning specified in sub paragraph {{gmraprov|2(w)}} below; <br> | |
| {{GMRA 2000 2(r)}}{{gmraprov|2(r)}} “''' {{gmraprov|Equivalent Margin Securities}}'''”, {{gmraprov|Securities}} {{gmraprov|equivalent}} to {{gmraprov|Securities}} previously transferred as {{gmraprov|Margin Securities}}; <br> | |
| {{GMRA 2000 2(s)}}{{gmraprov|2(s)}} “'''{{gmraprov|Equivalent Securities}}'''”, with respect to a {{gmraprov|Transaction}}, {{gmraprov|Securities}} {{gmraprov|equivalent}} to {{gmraprov|Purchased Securities}} under that {{gmraprov|Transaction}}. If and to the extent that such {{gmraprov|Purchased Securities}} have been re[[deemed]], the expression shall mean a sum of money {{gmraprov|equivalent}} to the proceeds of the redemption; <br> | |
| {{GMRA 2000 2(t)}} | | {{GMRA 2000 2(t)}} |
| {{GMRA 2000 2(u)}}{{gmraprov|2(u)}} “'''{{gmraprov|Euroclear}}'''”, operator of the {{gmraprov|Euroclear}} System or any successor thereto; <br> | | {{GMRA 2000 2(u)}} |
| {{GMRA 2000 2(v)}}{{gmraprov|2(v)}} “'''{{gmraprov|Event of Default}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br> | | {{GMRA 2000 2(v)}} |
| {{GMRA 2000 2(w)}}{{gmraprov|2(w)}} “'''{{gmraprov|Income}}'''”, with respect to any Security at any time, all interest, dividends or other {{gmraprov|Distributions}} thereon, but excluding {{gmraprov|Distributions}} which are a payment or repayment of principal in respect of the relevant {{gmraprov|Securities}} (“'''{{gmraprov|Distributions}}'''”); <br> | | {{GMRA 2000 2(w)}} |
| {{GMRA 2000 2(x)}}{{gmraprov|2(x)}} “'''{{gmraprov|Income Payment Date}}'''”, with respect to any {{gmraprov|Securities}}, the date on which {{gmraprov|Income}} is paid in respect of such {{gmraprov|Securities}} or, in the case of registered {{gmraprov|Securities}}, the date by reference to which particular registered holders are identified as being entitled to payment of {{gmraprov|Income}}; <br> | | {{GMRA 2000 2(x)}} |
| {{GMRA 2000 2(y)}}{{gmraprov|2(y)}} “'''{{gmraprov|LIBOR}}'''”, in relation to any sum in any currency, the one month London Inter Bank Offered Rate in respect of that currency as quoted on page 3750 on the Bridge Telerate Service (or such other page as may replace page 3750 on that service) as of 11:00 a.m., London time, on the date on which it is to be determined; <br> | | {{GMRA 2000 2(y)}} |
| {{GMRA 2000 2(z)}}{{gmraprov|2(z)}} “'''{{gmraprov|Margin Ratio}}'''”, with respect to a {{gmraprov|Transaction}}, the {{gmraprov|Market Value}} of the {{gmraprov|Purchased Securities}} at the time when the {{gmraprov|Transaction}} was entered into divided by the {{gmraprov|Purchase Price}} (and so that, where a {{gmraprov|Transaction}} relates to {{gmraprov|Securities}} of different descriptions and the {{gmraprov|Purchase Price}} is apportioned by the parties among {{gmraprov|Purchased Securities}} of each such description, a separate {{gmraprov|Margin Ratio}} shall apply in respect of {{gmraprov|Securities}} of each such description), or such other proportion as the parties may agree with respect to that {{gmraprov|Transaction}}; <br> | | {{GMRA 2000 2(z)}} |
| {{GMRA 2000 2(aa)}}{{gmraprov|2(aa)}} “'''{{gmraprov|Margin Securities}}'''”, in relation to a {{gmraprov|Margin Transfer}}, {{gmraprov|Securities}} reasonably acceptable to the party calling for such {{gmraprov|Margin Transfer}}; <br> | | {{GMRA 2000 2(aa)}} |
| {{GMRA 2000 2(bb)}}{{gmraprov|2(bb)}} “'''{{gmraprov|Margin Transfer}}'''”, any, or any combination of, the payment or repayment of {{gmraprov|Cash Margin}} and the transfer of {{gmraprov|Margin Securities}} or {{gmraprov|Equivalent Margin Securities}}; <br> | | {{GMRA 2000 2(bb)}} |
| {{GMRA 2000 2(cc)}} | | {{GMRA 2000 2(cc)}} |
| {{GMRA 2000 2(dd)}}{{gmraprov|2(dd)}} “'''{{gmraprov|Net Exposure}}'''”, the meaning specified in paragraph {{gmraprov|4(c)}}; <br> | | {{GMRA 2000 2(dd)}} |
| {{GMRA 2000 2(ee)}}{{gmraprov|2(ee)}} the “Net Margin” provided to a {{gmraprov|Party A}}t any time, the excess (if any) at that time of (i) the sum of the amount of {{gmraprov|Cash Margin}} paid to that party (including accrued interest on such {{gmraprov|Cash Margin}} which has not been paid to the other party) and the {{gmraprov|Market Value}} of {{gmraprov|Margin Securities}} transferred to that party under paragraph {{gmraprov|4(a)}} (excluding any {{gmraprov|Cash Margin}} which has been repaid to the other {{gmraprov|Party A}}nd any {{gmraprov|Margin Securities}} in respect of which {{gmraprov|Equivalent Margin Securities}} have been transferred to the other party) over (ii) the sum of the amount of {{gmraprov|Cash Margin}} paid to the other party (including accrued interest on such {{gmraprov|Cash Margin}} which has not been paid by the other party) and the {{gmraprov|Market Value}} of {{gmraprov|Margin Securities}} transferred to the other party under paragraph {{gmraprov|4(a)}} (excluding any {{gmraprov|Cash Margin}} which has been repaid by the other {{gmraprov|Party A}}nd any {{gmraprov|Margin Securities}} in respect of which {{gmraprov|Equivalent Margin Securities}} have been transferred by the other party) and for this purpose any amounts not denominated in the {{gmraprov|Base Currency}} shall be converted into the {{gmraprov|Base Currency}} at the {{gmraprov|Spot Rate}} prevailing at the relevant time; <br> | | {{GMRA 2000 2(ee)}} |
| {{GMRA 2000 2(ff)}} | | {{GMRA 2000 2(ff)}} |
| {{GMRA 2000 2(gg)}}{{gmraprov|2(gg)}} “'''{{gmraprov|Net Value}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br> | | {{GMRA 2000 2(gg)}} |
| {{GMRA 2000 2(hh)}}{{gmraprov|2(hh)}} “'''{{gmraprov|New Purchased Securities}}'''”, the meaning specified in paragraph {{gmraprov|8(a)}}; <br> | | {{GMRA 2000 2(hh)}} |
| {{GMRA 2000 2(ii)}}{{gmraprov|2(ii)}} “'''{{gmraprov|Price Differential}}'''”, with respect to any {{gmraprov|Transaction}} as of any date, the aggregate amount obtained by daily application of the {{gmraprov|Pricing Rate}} for such {{gmraprov|Transaction}} to the {{gmraprov|Purchase Price}} for such {{gmraprov|Transaction}} (on a 360 day basis or 365 day basis in accordance with the applicable ISMA convention, unless otherwise agreed between the parties for the {{gmraprov|Transaction}}), for the actual number of days during the period commencing on (and including) the {{gmraprov|Purchase Date}} for such {{gmraprov|Transaction}} and ending on (but excluding) the date of calculation or, if earlier, the {{gmraprov|Repurchase Date}}; <br> | | {{GMRA 2000 2(ii)}} |
| {{GMRA 2000 2(jj)}}{{gmraprov|2(jj)}} “'''{{gmraprov|Pricing Rate}}'''”, with respect to any {{gmraprov|Transaction}}, the per annum percentage rate for calculation of the {{gmraprov|Price Differential}} agreed to by {{gmraprov|Buyer}} and {{gmraprov|Seller}} in relation to that {{gmraprov|Transaction}}; <br> | | {{GMRA 2000 2(jj)}} |
| {{GMRA 2000 2(kk)}}{{gmraprov|2(kk)}} “'''{{gmraprov|Purchase Date}}'''”, with respect to any {{gmraprov|Transaction}}, the date on which {{gmraprov|Purchased Securities}} are to be sold by {{gmraprov|Seller}} to {{gmraprov|Buyer}} in relation to that {{gmraprov|Transaction}}; <br> | | {{GMRA 2000 2(kk)}} |
| {{GMRA 2000 2(ll)}}{{gmraprov|2(ll)}} “'''{{gmraprov|Purchase Price}}'''”, on the {{gmraprov|Purchase Date}}, the price at which {{gmraprov|Purchased Securities}} are sold or are to be sold by {{gmraprov|Seller}} to {{gmraprov|Buyer}}; <br> | | {{GMRA 2000 2(ll)}} |
| {{GMRA 2000 2(mm)}}{{gmraprov|2(mm)}} “'''{{gmraprov|Purchased Securities}}'''”, with respect to any {{gmraprov|Transaction}}, the {{gmraprov|Securities}} sold or to be sold by {{gmraprov|Seller}} to {{gmraprov|Buyer}} under that {{gmraprov|Transaction}}, and any {{gmraprov|New Purchased Securities}} transferred by {{gmraprov|Seller}} to {{gmraprov|Buyer}} under paragraph {{gmraprov|8}} in respect of that {{gmraprov|Transaction}}; <br> | | {{GMRA 2000 2(mm)}} |
| {{{GMRA 2000 2(nn)}}{gmraprov|2(nn)}} “'''{{gmraprov|Receivable Securities}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br>
| | {{GMRA 2000 2(nn)}} |
| {{GMRA 2000 2(oo)}}{{gmraprov|2(oo)}} “'''{{gmraprov|Repurchase Date}}'''”, with respect to any {{gmraprov|Transaction}}, the date on which {{gmraprov|Buyer}} is to sell {{gmraprov|Equivalent Securities}} to {{gmraprov|Seller}} in relation to that {{gmraprov|Transaction}}; <br> | | {{GMRA 2000 2(oo)}} |
| {{GMRA 2000 2(pp)}}{{gmraprov|2(pp)}} “'''{{gmraprov|Repurchase Price}}'''”, with respect to any {{gmraprov|Transaction}} and as of any date, the sum of the {{gmraprov|Purchase Price}} and the {{gmraprov|Price Differential}} as of such date; <br> | | {{GMRA 2000 2(pp)}} |
| {{gmraprov|2(qq)}} “'''{{gmraprov|Special Default Notice}}'''”, the meaning specified in paragraph {{gmraprov|14}}; <br> | | {{GMRA 2000 2(qq)}} |
| {{gmraprov|2(rr)}} “'''{{gmraprov|Spot Rate}}'''”, where an amount in one currency is to be converted into a second currency on any date, unless the parties otherwise agree, the spot rate of exchange quoted by Barclays Bank PLC in the London inter bank market for the sale by it of such second currency against a purchase by it of such first currency; <br> | | {{GMRA 2000 2(rr)}} |
| {{GMRA 2000 2(ss)}}{{gmraprov|2(ss)}} “'''{{gmraprov|TARGET}}'''”, the Trans European Automated Real time Gross Settlement Express Transfer System; <br> | | {{GMRA 2000 2(ss)}} |
| {{GMRA 2000 2(tt)}}{{gmraprov|2(tt)}} “'''{{gmraprov|Term}}'''”, with respect to any {{gmraprov|Transaction}}, the interval of time commencing with the {{gmraprov|Purchase Date}} and ending with the {{gmraprov|Repurchase Date}}; <br> | | {{GMRA 2000 2(tt)}} |
| {{GMRA 2000 2(uu)}}{{gmraprov|2(uu)}} “'''{{gmraprov|Termination}}'''”, with respect to any {{gmraprov|Transaction}}, refers to the requirement with respect to such {{gmraprov|Transaction}} for {{gmraprov|Buyer}} to sell {{gmraprov|Equivalent Securities}} against payment by {{gmraprov|Seller}} of the {{gmraprov|Repurchase Price}} in accordance with paragraph {{gmraprov|3(f)}}, and reference to a {{gmraprov|Transaction}} having a “fixed term” or being “terminable upon demand” shall be construed accordingly; <br> | | {{GMRA 2000 2(uu)}} |
| {{GMRA 2000 2(vv)}}{{gmraprov|2(vv)}} “'''{{gmraprov|Transaction Costs}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br> | | {{GMRA 2000 2(vv)}} |
| {{GMRA 2000 2(ww)}}{{gmraprov|2(ww)}} “'''{{gmraprov|Transaction Exposure}}'''”, with respect to any {{gmraprov|Transaction}} at any time during the period from the {{gmraprov|Purchase Date}} to the {{gmraprov|Repurchase Date}} (or, if later, the date on which {{gmraprov|Equivalent Securities}} are delivered to {{gmraprov|Seller}} or the {{gmraprov|Transaction}} is terminated under paragraph {{gmraprov|10(g)}} or {{gmraprov|10(h)}}), the difference between (i) the {{gmraprov|Repurchase Price}} at such time multiplied by the applicable {{gmraprov|Margin Ratio}} (or, where the {{gmraprov|Transaction}} relates to {{gmraprov|Securities}} of more than one description to which different {{gmraprov|Margin Ratio}}s apply, the amount produced by multiplying the {{gmraprov|Repurchase Price}} attributable to {{gmraprov|Equivalent Securities}} of each such description by the applicable {{gmraprov|Margin Ratio}} and aggregating the resulting amounts, the {{gmraprov|Repurchase Price}} being for this purpose attributed to {{gmraprov|Equivalent Securities}} of each such description in the same proportions as those in which the {{gmraprov|Purchase Price}} was apportioned among the {{gmraprov|Purchased Securities}}) and (ii) the {{gmraprov|Market Value}} of {{gmraprov|Equivalent Securities}} at such time. If (i) is greater than (ii), {{gmraprov|Buyer}} has a {{gmraprov|Transaction Exposure}} for that {{gmraprov|Transaction}} equal to that excess. If (ii) is greater than (i), {{gmraprov|Seller}} has a {{gmraprov|Transaction Exposure}} for that {{gmraprov|Transaction}} equal to that excess; and <br> | | {{GMRA 2000 2(ww)}} |
| {{GMRA 2000 2(xx)}}{{gmraprov|2(xx)}} except in paragraphs {{gmraprov|14(b)(i)}} and {{gmraprov|18}}, references in this {{gmraprov|Agreement}} to “written” communications and communications “in writing” include communications made through any electronic system agreed between the parties which is capable of reproducing such communication in hard copy form.<br> | | {{GMRA 2000 2(xx)}} |