Template:GMRA 2000 5: Difference between revisions
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Amwelladmin (talk | contribs) Created page with "{{gmraprov|5}}. '''{{gmraprov|Income Payments}}''' <br> Unless otherwise agreed -<br> :5(i) where the Term of a particular {{gmraprov|Transaction}} extends over an {{gmraprov|..." |
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{{gmraprov|5}}. '''{{gmraprov|Income Payments}}''' <br> | {{gmraprov|5}}. '''{{gmraprov|Income Payments}}''' <br> | ||
Unless otherwise agreed -<br> | Unless otherwise agreed -<br> | ||
:5(i) where the Term of a particular {{gmraprov|Transaction}} extends over an {{gmraprov|Income Payment Date}} in respect of any {{gmraprov|Securities}} subject to that {{gmraprov|Transaction}}, {{gmraprov|Buyer}} shall on the date such {{gmraprov|Income}} is paid by the issuer transfer to or credit to the account of {{gmraprov|Seller}} an amount equal to (and in the same currency as) the amount paid by the issuer; <br> | :{{gmraprov|5(i)}} where the Term of a particular {{gmraprov|Transaction}} extends over an {{gmraprov|Income Payment Date}} in respect of any {{gmraprov|Securities}} subject to that {{gmraprov|Transaction}}, {{gmraprov|Buyer}} shall on the date such {{gmraprov|Income}} is paid by the issuer transfer to or credit to the account of {{gmraprov|Seller}} an amount equal to (and in the same currency as) the amount paid by the issuer; <br> | ||
:(ii) where {{gmraprov|Margin Securities}} are transferred from one party (“'''the first party'''”) to the other party (“'''the second party'''”) and an {{gmraprov|Income Payment Date}} in respect of such {{gmraprov|Securities}} occurs before {{gmraprov|Equivalent Margin Securities}} are transferred by the second party to the first party, the second party shall on the date such {{gmraprov|Income}} is paid by the issuer transfer to or credit to the account of the first party an amount equal to (and in the same currency as) the amount paid by the issuer;<br> | :{{gmraprov|5(ii)}} where {{gmraprov|Margin Securities}} are transferred from one party (“'''the first party'''”) to the other party (“'''the second party'''”) and an {{gmraprov|Income Payment Date}} in respect of such {{gmraprov|Securities}} occurs before {{gmraprov|Equivalent Margin Securities}} are transferred by the second party to the first party, the second party shall on the date such {{gmraprov|Income}} is paid by the issuer transfer to or credit to the account of the first party an amount equal to (and in the same currency as) the amount paid by the issuer;<br> | ||
and for the avoidance of doubt references in this paragraph to the amount of any {{gmraprov|Income}} paid by the issuer of any {{gmraprov|Securities}} shall be to an amount paid without any withholding or deduction for or on account of taxes or duties notwithstanding that a payment of such {{gmraprov|Income}} made in certain circumstances may be subject to such a withholding or deduction.<br> | and [[for the avoidance of doubt]] references in this paragraph to the amount of any {{gmraprov|Income}} paid by the issuer of any {{gmraprov|Securities}} shall be to an amount paid without any withholding or deduction for or on account of taxes or duties notwithstanding that a payment of such {{gmraprov|Income}} made in certain circumstances may be subject to such a withholding or deduction.<br> | ||
Latest revision as of 13:20, 22 March 2018
5. Income Payments
Unless otherwise agreed -
- 5(i) where the Term of a particular Transaction extends over an Income Payment Date in respect of any Securities subject to that Transaction, Buyer shall on the date such Income is paid by the issuer transfer to or credit to the account of Seller an amount equal to (and in the same currency as) the amount paid by the issuer;
- 5(ii) where Margin Securities are transferred from one party (“the first party”) to the other party (“the second party”) and an Income Payment Date in respect of such Securities occurs before Equivalent Margin Securities are transferred by the second party to the first party, the second party shall on the date such Income is paid by the issuer transfer to or credit to the account of the first party an amount equal to (and in the same currency as) the amount paid by the issuer;
and for the avoidance of doubt references in this paragraph to the amount of any Income paid by the issuer of any Securities shall be to an amount paid without any withholding or deduction for or on account of taxes or duties notwithstanding that a payment of such Income made in certain circumstances may be subject to such a withholding or deduction.