Template:Nutshell GMRA BSA 2: Difference between revisions
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{{gmraprov|BSA 2}} '''{{gmraprov|Interpretation}}''' <br> | {{gmraprov|BSA 2}} '''{{gmraprov|Interpretation}}''' <br> | ||
(a) In this Annex | (a) '''Definitions''': In this Annex: | ||
:(i) “'''{{gmraprov|Accrued Interest}}'''” means for any {{gmraprov|Purchased Securities}} under a {{gmraprov|Buy/Sell Back Transaction}}, unpaid {{gmraprov|Income}} accruing from the last {{gmraprov|Income Payment Date}} for the {{gmraprov|Purchased Securities}} to the calculation date. Unpaid {{gmraprov|Income}} will accrue daily during each interest period; <br> | :(i) “'''{{gmraprov|Accrued Interest}}'''” means for any {{gmraprov|Purchased Securities}} under a {{gmraprov|Buy/Sell Back Transaction}}, unpaid {{gmraprov|Income}} accruing from the last {{gmraprov|Income Payment Date}} for the {{gmraprov|Purchased Securities}} to the calculation date. Unpaid {{gmraprov|Income}} will accrue daily during each interest period; <br> | ||
:(ii) “'''{{gmraprov|Sell Back Differential}}'''” means the aggregate amount obtained by daily applying {{gmraprov|Pricing Rate}} on a {{gmraprov|Buy/Sell Back Transaction}} using the appropriate ISMA [[day count convention]], to the sum of (a) the {{gmraprov|Purchase Price}} and (b) {{gmraprov|Accrued Interest}} paid on the {{gmraprov|Purchase Date}} for such {{gmraprov|Transaction}} for the actual number of days | :(ii) “'''{{gmraprov|Sell Back Differential}}'''” means the aggregate amount obtained by daily applying {{gmraprov|Pricing Rate}} on a {{gmraprov|Buy/Sell Back Transaction}} using the appropriate ISMA [[day count convention]], to the sum of (a) the {{gmraprov|Purchase Price}} and (b) {{gmraprov|Accrued Interest}} paid on the {{gmraprov|Purchase Date}} for such {{gmraprov|Transaction}} for the actual number of days between the {{gmraprov|Purchase Date}} and the calculation date; <br> | ||
:(iii) “'''{{gmraprov|Sell Back Price}}'''” means for any {{gmraprov|Buy/Sell Back Transaction}} | :(iii) “'''{{gmraprov|Sell Back Price}}'''” means, for any {{gmraprov|Buy/Sell Back Transaction}}: | ||
::(x) for the originally agreed {{gmraprov|Repurchase Date}} under paragraph {{gmraprov|3(b)(iii)}}, the agreed price agreed for that {{gmraprov|Buy/Sell Back Transaction}}, and | ::(x) for the originally agreed {{gmraprov|Repurchase Date}} under paragraph {{gmraprov|3(b)(iii)}}, the agreed price agreed for that {{gmraprov|Buy/Sell Back Transaction}}, and | ||
::(y) in any other case the product of the formula ''(P + Al +D) - (IR + C)'', where: | ::(y) in any other case the product of the formula ''(P + Al +D) - (IR + C)'', where: | ||
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:::D = {{gmraprov|Sell Back Differential}}. | :::D = {{gmraprov|Sell Back Differential}}. | ||
:::IR = Any income payable under the {{gmraprov|Purchased Securities}} on any date between the {{gmraprov|Purchase Date}} and the {{gmraprov|Repurchase Date}}. | :::IR = Any income payable under the {{gmraprov|Purchased Securities}} on any date between the {{gmraprov|Purchase Date}} and the {{gmraprov|Repurchase Date}}. | ||
:::C = the aggregate amount obtained by applying the {{gmraprov|Pricing Rate}} | :::C = the aggregate amount obtained by applying the {{gmraprov|Pricing Rate}} to the {{gmraprov|Income}} daily from the payment date to the of calculation date <br> | ||
(b) References to {{gmraprov|Repurchase Price}} | (b) '''Construction''': References to {{gmraprov|Repurchase Price}} in the {{gmraprov|Agreement}} will include any relevant {{gmraprov|Sell Back Price}}. <br> | ||
(c) In Paragraph {{gmraprov|10(c)(i) | (c) '''{{gmraprov|Events of Default}}''': In Paragraph {{gmraprov|10(c)(i)}} ({{gmraprov|Events of Default}}), “{{gmraprov|Repurchase Price}}s” includes {{gmraprov|Sell Back Price}}s”. <br> | ||
(d) | (d) '''Hierarchy''': Where this [[Buy/Sellback Annex - GMRA Provision |Annex]] conflicts with any other term of the {{gmraprov|Agreement}}, the Annex will prevail. <br> | ||
Latest revision as of 08:27, 1 June 2022
BSA 2 Interpretation
(a) Definitions: In this Annex:
- (i) “Accrued Interest” means for any Purchased Securities under a Buy/Sell Back Transaction, unpaid Income accruing from the last Income Payment Date for the Purchased Securities to the calculation date. Unpaid Income will accrue daily during each interest period;
- (ii) “Sell Back Differential” means the aggregate amount obtained by daily applying Pricing Rate on a Buy/Sell Back Transaction using the appropriate ISMA day count convention, to the sum of (a) the Purchase Price and (b) Accrued Interest paid on the Purchase Date for such Transaction for the actual number of days between the Purchase Date and the calculation date;
- (iii) “Sell Back Price” means, for any Buy/Sell Back Transaction:
- (x) for the originally agreed Repurchase Date under paragraph 3(b)(iii), the agreed price agreed for that Buy/Sell Back Transaction, and
- (y) in any other case the product of the formula (P + Al +D) - (IR + C), where:
- P = Purchase Price.
- Al = Accrued Interest at the Purchase Date, paid under paragraph BSA 3(f).
- D = Sell Back Differential.
- IR = Any income payable under the Purchased Securities on any date between the Purchase Date and the Repurchase Date.
- C = the aggregate amount obtained by applying the Pricing Rate to the Income daily from the payment date to the of calculation date
(b) Construction: References to Repurchase Price in the Agreement will include any relevant Sell Back Price.
(c) Events of Default: In Paragraph 10(c)(i) (Events of Default), “Repurchase Prices” includes Sell Back Prices”.
(d) Hierarchy: Where this Annex conflicts with any other term of the Agreement, the Annex will prevail.