Template:GMRA 2000 3: Difference between revisions
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:{{gmraprov|3(a)}} A {{gmraprov|Transaction}} may be entered into orally or in writing at the initiation of either {{gmraprov|Buyer}} or {{gmraprov|Seller}}.<br> | :{{gmraprov|3(a)}} A {{gmraprov|Transaction}} may be entered into orally or in writing at the initiation of either {{gmraprov|Buyer}} or {{gmraprov|Seller}}.<br> | ||
:{{gmraprov|3(b)}} Upon agreeing to enter into a {{gmraprov|Transaction}} hereunder {{gmraprov|Buyer}} or {{gmraprov|Seller}} (or both), as shall have been agreed, shall promptly deliver to the other party written {{gmraprov|Confirmation}} of such {{gmraprov|Transaction}} (a “'''{{gmraprov|Confirmation}}'''”).<br> | :{{gmraprov|3(b)}} Upon agreeing to enter into a {{gmraprov|Transaction}} hereunder {{gmraprov|Buyer}} or {{gmraprov|Seller}} (or both), as shall have been agreed, shall promptly deliver to the other party written {{gmraprov|Confirmation}} of such {{gmraprov|Transaction}} (a “'''{{gmraprov|Confirmation}}'''”).<br> | ||
The {{gmraprov|Confirmation}} shall describe the {{gmraprov|Purchased Securities}} (including CUSIP or ISIN or other identifying number or numbers, if any), identify {{gmraprov|Buyer}} and {{gmraprov|Seller}} and set forth | :The {{gmraprov|Confirmation}} shall describe the {{gmraprov|Purchased Securities}} (including [[CUSIP]] or [[ISIN]] or other identifying number or numbers, if any), identify {{gmraprov|Buyer}} and {{gmraprov|Seller}} and set forth | ||
::(i) the {{gmraprov|Purchase Date}}; <br> | ::(i) the {{gmraprov|Purchase Date}}; <br> | ||
::(ii) the {{gmraprov|Purchase Price}}; <br> | ::(ii) the {{gmraprov|Purchase Price}}; <br> | ||
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::(vii) where the {{gmraprov|Agency Annex}} applies, whether the {{gmraprov|Transaction}} is an {{gmraprov|Agency Transaction}} and, if so, the identity of the party which is acting as agent and the name, code or identifier of the Principal; and | ::(vii) where the {{gmraprov|Agency Annex}} applies, whether the {{gmraprov|Transaction}} is an {{gmraprov|Agency Transaction}} and, if so, the identity of the party which is acting as agent and the name, code or identifier of the Principal; and | ||
::(viii) any additional terms or conditions of the {{gmraprov|Transaction}}; <br> | ::(viii) any additional terms or conditions of the {{gmraprov|Transaction}}; <br> | ||
:and may be in the form of Annex | :and may be in the form of {{gmraprov|Annex II}} hereto or may be in any other form to which the parties agree. The {{gmraprov|Confirmation}} relating to a {{gmraprov|Transaction}} shall, together with this {{gmraprov|Agreement}}, constitute prima facie evidence of the terms agreed between {{gmraprov|Buyer}} and {{gmraprov|Seller}} for that {{gmraprov|Transaction}}, unless objection is made with respect to the {{gmraprov|Confirmation}} promptly after receipt thereof. In the event of any conflict between the terms of such {{gmraprov|Confirmation}} and this {{gmraprov|Agreement}}, the {{gmraprov|Confirmation}} shall prevail in respect of that {{gmraprov|Transaction}} and those terms only.<br> | ||
:{{gmraprov|3(c)}} On the {{gmraprov|Purchase Date}} for a {{gmraprov|Transaction}}, {{gmraprov|Seller}} shall transfer the {{gmraprov|Purchased Securities}} to {{gmraprov|Buyer}} or its agent against the payment of the {{gmraprov|Purchase Price}} by {{gmraprov|Buyer}}.<br> | :{{gmraprov|3(c)}} On the {{gmraprov|Purchase Date}} for a {{gmraprov|Transaction}}, {{gmraprov|Seller}} shall transfer the {{gmraprov|Purchased Securities}} to {{gmraprov|Buyer}} or its agent against the payment of the {{gmraprov|Purchase Price}} by {{gmraprov|Buyer}}.<br> | ||
:{{gmraprov|3(d)}} {{gmraprov|Termination}} of a {{gmraprov|Transaction}} will be effected, in the case of on demand {{gmraprov|Transaction}}s, on the date specified for {{gmraprov|Termination}} in such demand, and, in the case of fixed term {{gmraprov|Transaction}}s, on the date fixed for {{gmraprov|Termination}}.<br> | :{{gmraprov|3(d)}} {{gmraprov|Termination}} of a {{gmraprov|Transaction}} will be effected, in the case of on demand {{gmraprov|Transaction}}s, on the date specified for {{gmraprov|Termination}} in such demand, and, in the case of fixed term {{gmraprov|Transaction}}s, on the date fixed for {{gmraprov|Termination}}.<br> | ||
:{{gmraprov|3(e)}} In the case of on demand {{gmraprov|Transaction}}s, demand for {{gmraprov|Termination}} shall be made by {{gmraprov|Buyer}} or {{gmraprov|Seller}}, by telephone or otherwise, and shall provide for {{gmraprov|Termination}} to occur after not less than the minimum period as is customarily required for the settlement or delivery of money or {{gmraprov|Equivalent Securities}} of the relevant kind.<br> | :{{gmraprov|3(e)}} In the case of on demand {{gmraprov|Transaction}}s, demand for {{gmraprov|Termination}} shall be made by {{gmraprov|Buyer}} or {{gmraprov|Seller}}, by telephone or otherwise, and shall provide for {{gmraprov|Termination}} to occur after not less than the minimum period as is customarily required for the settlement or delivery of money or {{gmraprov|Equivalent Securities}} of the relevant kind.<br> | ||
:{{gmraprov|3(f)}} On the {{gmraprov|Repurchase Date}}, {{gmraprov|Buyer}} shall transfer to {{gmraprov|Seller}} or its agent {{gmraprov|Equivalent Securities}} against the payment of the {{gmraprov|Repurchase Price}} by {{gmraprov|Seller}} (less any amount then payable and unpaid by {{gmraprov|Buyer}} to {{gmraprov|Seller}} pursuant to paragraph {{gmraprov|5}}).<br> | :{{gmraprov|3(f)}} On the {{gmraprov|Repurchase Date}}, {{gmraprov|Buyer}} shall transfer to {{gmraprov|Seller}} or its agent {{gmraprov|Equivalent Securities}} against the payment of the {{gmraprov|Repurchase Price}} by {{gmraprov|Seller}} (less any amount then payable and unpaid by {{gmraprov|Buyer}} to {{gmraprov|Seller}} pursuant to paragraph {{gmraprov|5}}).<br> | ||
Latest revision as of 14:02, 29 June 2020
3. Initiation; Confirmation; Termination
- 3(a) A Transaction may be entered into orally or in writing at the initiation of either Buyer or Seller.
- 3(b) Upon agreeing to enter into a Transaction hereunder Buyer or Seller (or both), as shall have been agreed, shall promptly deliver to the other party written Confirmation of such Transaction (a “Confirmation”).
- The Confirmation shall describe the Purchased Securities (including CUSIP or ISIN or other identifying number or numbers, if any), identify Buyer and Seller and set forth
- (i) the Purchase Date;
- (ii) the Purchase Price;
- (iii) the Repurchase Date, unless the Transaction is to be terminable on demand (in which case the Confirmation shall state that it is terminable on demand);
- (iv) the Pricing Rate applicable to the Transaction;
- (v) in respect of each party the details of the bank account[s] to which payments to be made hereunder are to be credited;
- (vi) where the Buy/Sell Back Annex applies, whether the Transaction is a Repurchase Transaction or a Buy/Sell Back Transaction;
- (vii) where the Agency Annex applies, whether the Transaction is an Agency Transaction and, if so, the identity of the party which is acting as agent and the name, code or identifier of the Principal; and
- (viii) any additional terms or conditions of the Transaction;
- (i) the Purchase Date;
- and may be in the form of Annex II hereto or may be in any other form to which the parties agree. The Confirmation relating to a Transaction shall, together with this Agreement, constitute prima facie evidence of the terms agreed between Buyer and Seller for that Transaction, unless objection is made with respect to the Confirmation promptly after receipt thereof. In the event of any conflict between the terms of such Confirmation and this Agreement, the Confirmation shall prevail in respect of that Transaction and those terms only.
- 3(c) On the Purchase Date for a Transaction, Seller shall transfer the Purchased Securities to Buyer or its agent against the payment of the Purchase Price by Buyer.
- 3(d) Termination of a Transaction will be effected, in the case of on demand Transactions, on the date specified for Termination in such demand, and, in the case of fixed term Transactions, on the date fixed for Termination.
- 3(e) In the case of on demand Transactions, demand for Termination shall be made by Buyer or Seller, by telephone or otherwise, and shall provide for Termination to occur after not less than the minimum period as is customarily required for the settlement or delivery of money or Equivalent Securities of the relevant kind.
- 3(f) On the Repurchase Date, Buyer shall transfer to Seller or its agent Equivalent Securities against the payment of the Repurchase Price by Seller (less any amount then payable and unpaid by Buyer to Seller pursuant to paragraph 5).