GMRA wikitext: Difference between revisions

{{gmraprov|1}}. {{gmraprov|Applicability}}'''<br>

'''{{gmraprov|2}}. {{gmraprov|Definitions}}

'''{{gmraprov|3}}. {{gmraprov|Initiation; Confirmation; Termination}}

'''{{gmraprov|4}}. {{gmraprov|Margin Maintenance}}

'''{{gmraprov|5}}. {{gmraprov|Income Payments}}

'''{{gmraprov|6}}. {{gmraprov|Payment and Transfer}}

'''{{gmraprov|7}}. {{gmraprov|Contractual Currency}}

'''{{gmraprov|9}}. {{gmraprov|Representations}}

'''{{gmraprov|10}}. {{gmraprov|Events of Default}}

'''{{gmraprov|11}}. {{gmraprov|Tax Event}}

'''{{gmraprov|12}}. {{gmraprov|Interest}}

'''{{gmraprov|13}}. {{gmraprov|Single Agreement}}

'''{{gmraprov|14}}. {{gmraprov|Notices and Other Communications}}

'''{{gmraprov|15}}. {{gmraprov|Entire Agreement; Severability}}

'''{{gmraprov|16}}. {{gmraprov|Non assignability; Termination}}

'''{{gmraprov|17}}. {{gmraprov|Governing Law}}

'''{{gmraprov|18}}. {{gmraprov|No Waivers, etc.}}

'''{{gmraprov|19}}. {{gmraprov|Waiver of immunity}}

'''{{gmraprov|20}}. {{gmraprov|Recording}}

'''{{gmraprov|21}}. {{gmraprov|Third Party Rights}}

 

:(a) From time to time the parties hereto may enter into {{gmraprov|Transaction}}s in which one party, acting through a {{gmraprov|Designated Office}}, (“'''{{gmraprov|Seller}}'''”) agrees to sell to the other, acting through a {{gmraprov|Designated Office}}, (“'''{{gmraprov|Buyer}}'''”) {{gmraprov|Securities}} and financial instruments (“Securities”) (subject to paragraph {{gmraprov|1(c)}}, other than equities and {{gmraprov|Net Paying Securities}}) against the payment of the purchase price by {{gmraprov|Buyer}} to {{gmraprov|Seller}}, with a simultaneous agreement by {{gmraprov|Buyer}} to sell to {{gmraprov|Seller}} {{gmraprov|Securities}} {{gmraprov|equivalent}} to such {{gmraprov|Securities}} at a date certain or on demand against the payment of the repurchase price by {{gmraprov|Seller}} to {{gmraprov|Buyer}}.

:(b) Each such {{gmraprov|Transaction}} (which may be a repurchase {{gmraprov|Transaction}} (“Repurchase {{gmraprov|Transaction}}”) or a buy and sell back {{gmraprov|Transaction}} (“Buy/Sell Back {{gmraprov|Transaction}}”) shall be referred to herein as a “Transaction” and shall be governed by this {{gmraprov|Agreement}}, including any supplemental terms or conditions contained in Annex I hereto, unless otherwise agreed in writing.

:(c) If this {{gmraprov|Agreement}} may be applied to   

:(i) Buy/Sell Back {{gmraprov|Transaction}}s, this shall be specified in Annex I hereto, and the provisions of the Buy/Sell Back Annex shall apply to such Buy/Sell Back {{gmraprov|Transaction}}s;

:(ii) {{gmraprov|Net Paying Securities}}, this shall be specified in Annex I hereto and the provisions of Annex 1, paragraph {{gmraprov|1(b)}} shall apply to {{gmraprov|Transaction}}s involving {{gmraprov|Net Paying Securities}}.

:(d) If {{gmraprov|Transaction}}s are to be effected under this {{gmraprov|Agreement}} by either {{gmraprov|Party A}}s an agent, this shall be specified in Annex I hereto, and the provisions of the {{gmraprov|Agency Annex}} shall apply to such {{gmraprov|Agency Transaction}}s.

:(a) “'''{{gmraprov|Act of Insolvency}}'''” shall occur with respect to any party hereto upon –

:(i) its making a general assignment for the benefit of, entering into a reorganisation, arrangement, or composition with creditors; or

:(ii) its admitting in writing that it is unable to pay its debts as they become due; or

:(iii) its seeking, consenting to or acquiescing in the appointment of any trustee, administrator, receiver or liquidator or analogous officer of it or any material part of its property; or

:(iv) the presentation or filing of a petition in respect of it (other than by the counterparty to this {{gmraprov|Agreement}} in respect of any obligation under this {{gmraprov|Agreement}}) in any court or before any agency alleging or for the bankruptcy, winding up or insolvency of such party (or any analogous proceeding) or seeking any reorganisation, arrangement, composition, re adjustment, administration, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such petition (except in the case of a petition for winding up or any analogous proceeding, in respect of which no such 30 day period shall apply) not having been stayed or dismissed within 30 days of its filing; or

:(v) the appointment of a receiver, administrator, liquidator or trustee or analogous officer of such party or over all or any material part of such party's property; or

:(vi) the convening of any meeting of its creditors for the purposes of considering a voluntary arrangement as referred to in section 3 of the [[Insolvency Act 1986]] (or any analogous proceeding);

:(b) “'''{{gmraprov|Agency Transaction}}'''”, the meaning specified in paragraph {{gmraprov|1}} of the {{gmraprov|Agency Annex}};

:(c) “'''{{gmraprov|Appropriate Market}}'''”, the meaning specified in paragraph {{gmraprov|10}};

:(d) “'''{{gmraprov|Base Currency}}'''”, the currency indicated in Annex I hereto;

:(e) “'''{{gmraprov|Business Day}}'''”   

:(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;

:(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}};

:(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

:(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);

:(f) “'''{{gmraprov|Cash Margin}}'''”, a cash sum paid to {{gmraprov|Buyer}} or {{gmraprov|Seller}} in accordance with paragraph {{gmraprov|4}};  

:(g) “'''{{gmraprov|Clearstream}}'''”, {{gmraprov|Clearstream}} Banking, societe anonyme, (previously Cedelbank) or any successor thereto;

:(h) “'''{{gmraprov|Confirmation}}'''”, the meaning specified in paragraph {{gmraprov|3(b)}};  

:(i) “'''{{gmraprov|Contractual Currency}}'''”, the meaning specified in paragraph {{gmraprov|7(a)}};

:(j) “'''{{gmraprov|Defaulting Party}}'''”, the meaning specified in paragraph {{gmraprov|10}};

:(k) “'''{{gmraprov|Default Market Value}}'''”, the meaning specified in paragraph {{gmraprov|10}};  

:(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}};

:(m) “'''{{gmraprov|Default Valuation Notice}}'''”, the meaning specified in paragraph {{gmraprov|10}};

:(n) “'''{{gmraprov|Default Valuation Time}}'''”, the meaning specified in paragraph {{gmraprov|10}};

:(o) “'''{{gmraprov|Deliverable Securities}}'''”, the meaning specified in paragraph {{gmraprov|10}};

:(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;

:(q) “'''{{gmraprov|Distributions}}'''”, the meaning specified in sub paragraph {{gmraprov|2(w)}} below;

:(r) “'''{{gmraprov|Equivalent {{gmraprov|Margin Securities}}'''”, {{gmraprov|Securities}} {{gmraprov|equivalent}} to {{gmraprov|Securities}} previously transferred as {{gmraprov|Margin Securities}};

:(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;

:(t) Securities are “'''{{gmraprov|equivalent}} to” other {{gmraprov|Securities}} for the purposes of this {{gmraprov|Agreement}} if they are: (i) of the same issuer; (ii) part of the same issue; and (iii) of an identical type, nominal value, description and (except where otherwise stated) amount as those other {{gmraprov|Securities}}, provided that   

:(A) Securities will be {{gmraprov|equivalent}} to other {{gmraprov|Securities}} notwithstanding that those {{gmraprov|Securities}} have been redenominated into euro or that the nominal value of those {{gmraprov|Securities}} has changed in connection with such redenomination; and

:(B) where {{gmraprov|Securities}} have been converted, subdivided or consolidated or have become the subject of a takeover or the holders of {{gmraprov|Securities}} have become entitled to receive or acquire other {{gmraprov|Securities}} or other property or the {{gmraprov|Securities}} have become subject to any similar event, the expression “'''{{gmraprov|equivalent}} to” shall mean {{gmraprov|Securities}} {{gmraprov|equivalent}} to (as defined in the provisions of this definition preceding the proviso) the original {{gmraprov|Securities}} together with or replaced by a sum of money or {{gmraprov|Securities}} or other property {{gmraprov|equivalent}} to (as so defined) that receivable by holders of such original {{gmraprov|Securities}} resulting from such event;

:(u) “'''{{gmraprov|Euroclear}}'''”, operator of the {{gmraprov|Euroclear}} System or any successor thereto;

:(v) “'''{{gmraprov|Event of Default}}'''”, the meaning specified in paragraph {{gmraprov|10}};

:(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}}'''”);

:(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}};

:(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;

:(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}};

:(aa) “'''{{gmraprov|Margin Securities}}'''”, in relation to a {{gmraprov|Margin Transfer}}, {{gmraprov|Securities}} reasonably acceptable to the party calling for such {{gmraprov|Margin Transfer}};

:(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 {{gmraprov|Margin Securities}};

:(cc) “'''{{gmraprov|Market Value}}'''”, with respect to any {{gmraprov|Securities}} as of any time on any date, the price for such {{gmraprov|Securities}} at such time on such date obtained from a generally recognised source agreed to by the parties (and where different prices are obtained for different delivery dates, the price so obtainable for the earliest available such delivery date) (provided that the price of {{gmraprov|Securities}} that are suspended shall (for the purposes of paragraph {{gmraprov|4}}) be nil unless the parties otherwise agree and (for all other purposes) shall be the price of those {{gmraprov|Securities}} as of close of business on the dealing day in the relevant market last preceding the date of suspension) plus the aggregate amount of {{gmraprov|Income}} which, as of such date, has accrued but not yet been paid in respect of the {{gmraprov|Securities}} to the extent not included in such price as of such date, and for these purposes any sum in a currency other than the {{gmraprov|Contractual Currency}} for the {{gmraprov|Transaction}} in question shall be converted into such {{gmraprov|Contractual Currency}} at the {{gmraprov|Spot Rate}} prevailing at the relevant time;  

:(dd) “'''{{gmraprov|Net Exposure}}'''”, the meaning specified in paragraph {{gmraprov|4(c)}};

:(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 {{gmraprov|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 {{gmraprov|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;

:(ff) “'''{{gmraprov|Net Paying Securities}}'''”, {{gmraprov|Securities}} which are of a kind such that, were they to be the subject of a {{gmraprov|Transaction}} to which paragraph {{gmraprov|5}} applies, any payment made by {{gmraprov|Buyer}} under paragraph {{gmraprov|5}} would be one in respect of which either {{gmraprov|Buyer}} would or might be required to make a withholding or deduction for or on account of taxes or duties or {{gmraprov|Seller}} might be required to make or account for a payment for or on account of taxes or duties (in each case other than tax on overall net income) by reference to such payment;  

:(gg) “'''{{gmraprov|Net Value}}'''”, the meaning specified in paragraph {{gmraprov|10}};

:(hh) “'''{{gmraprov|New {{gmraprov|Purchased Securities}}'''”, the meaning specified in paragraph {{gmraprov|8(a)}};

:(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}};

:(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}};  

:(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}};

:(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}};  

:(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 {{gmraprov|Purchased Securities}} transferred by {{gmraprov|Seller}} to {{gmraprov|Buyer}} under paragraph {{gmraprov|8}} in respect of that {{gmraprov|Transaction}};  

:(nn) “'''{{gmraprov|Receivable Securities}}'''”, the meaning specified in paragraph {{gmraprov|10}};

:(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}};

:(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;

:(qq) “'''{{gmraprov|Special Default Notice}}'''”, the meaning specified in paragraph {{gmraprov|14}};

:(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;

:(ss) “'''{{gmraprov|TARGET}}'''”, the Trans European Automated Real time Gross Settlement Express Transfer System;

:(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}};

:(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;

:(vv) “'''{{gmraprov|Transaction Costs}}'''”, the meaning specified in paragraph {{gmraprov|10}};

:(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

:(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.

'''{{gmraprov|3}}.       {{gmraprov|Initiation; Confirmation; Termination}}'''<br>

:(a) A {{gmraprov|Transaction}} may be entered into orally or in writing at the initiation of either {{gmraprov|Buyer}} or {{gmraprov|Seller}}.

:(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}}'''”).

:(i) the {{gmraprov|Purchase Date}};

:(ii) the {{gmraprov|Purchase Price}};

:(iii) the {{gmraprov|Repurchase Date}}, unless the {{gmraprov|Transaction}} is to be terminable on demand (in which case the {{gmraprov|Confirmation}} shall state that it is terminable on demand);

:(iv) the {{gmraprov|Pricing Rate}} applicable to the {{gmraprov|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 {{gmraprov|Transaction}} is a Repurchase {{gmraprov|Transaction}} or a Buy/Sell Back {{gmraprov|Transaction}};

:(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}};

and may be in the form of Annex 11 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.

:(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}}.

:(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}}.

:(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.

:(f) On the {{gmraprov|Repurchase Date}}, {{gmraprov|Buyer}} shall transfer to {{gmraprov|Seller}} or its agent 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}}).

'''{{gmraprov|4}}.       {{gmraprov|Margin Maintenance}}'''<br>

:(a) If at any time either party has a {{gmraprov|Net Exposure}} in respect of the other party it may by notice to the other party require the other party to make a {{gmraprov|Margin Transfer}} to it of an aggregate amount or value at least equal to that {{gmraprov|Net Exposure}}.

:(b) A notice under sub paragraph {{gmraprov|4(a)}} above may be given orally or in writing.

:(c) For the purposes of this {{gmraprov|Agreement}} a party has a {{gmraprov|Net Exposure}} in respect of the other party if the aggregate of all the {{gmraprov|first party}}'s {{gmraprov|Transaction Exposure}}s plus any amount payable to the {{gmraprov|first party}} under paragraph {{gmraprov|5}} but unpaid less the amount of any Net Margin provided to the {{gmraprov|first party}} exceeds the aggregate of all the other party's {{gmraprov|Transaction Exposure}}s plus any amount payable to the other party under paragraph {{gmraprov|5}} but unpaid less the amount of any Net Margin provided to the other party; and the amount of the {{gmraprov|Net Exposure}} is the amount of the excess. 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.

:(d) To the extent that a party calling for a {{gmraprov|Margin Transfer}} has previously paid {{gmraprov|Cash Margin}} which has not been repaid or delivered {{gmraprov|Margin Securities}} in respect of which {{gmraprov|Equivalent {{gmraprov|Margin Securities}} have not been delivered to it, that party shall be entitled to require that such {{gmraprov|Margin Transfer}} be satisfied first by the repayment of such {{gmraprov|Cash Margin}} or the delivery of {{gmraprov|Equivalent {{gmraprov|Margin Securities}} but, subject to this, the composition of a {{gmraprov|Margin Transfer}} shall be at the option of the party making such {{gmraprov|Margin Transfer}}.

:(e) Any {{gmraprov|Cash Margin}} transferred shall be in the {{gmraprov|Base Currency}} or such other currency as the parties may agree.

:(f) A payment of {{gmraprov|Cash Margin}} shall give rise to a debt owing from the party receiving such payment to the party making such payment. Such debt shall bear interest at such rate, payable at such times, as may be specified in Annex I hereto in respect of the relevant currency or otherwise agreed between the parties, and shall be repayable subject to the terms of this {{gmraprov|Agreement}}.

:(g)    Where {{gmraprov|Seller}} or {{gmraprov|Buyer}} becomes obliged under sub paragraph {{gmraprov|4(a)}} above to make a {{gmraprov|Margin Transfer}}, it shall transfer {{gmraprov|Cash Margin}} or {{gmraprov|Margin Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} within the minimum period specified in Annex I hereto or, if no period is there specified, such minimum period as is customarily required for the settlement or delivery of money, {{gmraprov|Margin Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} of the relevant kind.

:(h) The parties may agree that, with respect to any {{gmraprov|Transaction}}, the provisions of sub¬paragraphs {{gmraprov|4(a)}} to {{gmraprov|4(g)}} above shall not apply but instead that margin may be provided separately in respect of that {{gmraprov|Transaction}} in which case   

:(i) that {{gmraprov|Transaction}} shall not be taken into account when calculating whether either party has a {{gmraprov|Net Exposure}};

:(ii) margin shall be provided in respect of that {{gmraprov|Transaction}} in such manner as the parties may agree; and

:(iii) margin provided in respect of that {{gmraprov|Transaction}} shall not be taken into account for the purposes of sub paragraphs {{gmraprov|4(a)}} to {{gmraprov|4(g)}} above.

:(i) The parties may agree that any {{gmraprov|Net Exposure}} which may arise shall be eliminated not by {{gmraprov|Margin Transfer}}s under the preceding provisions of this paragraph but by the repricing of {{gmraprov|Transaction}}s under sub paragraph {{gmraprov|4(j)}} below, the adjustment of {{gmraprov|Transaction}}s under sub paragraph {{gmraprov|4(k)}} below or a combination of both these methods.

:(j) Where the parties agree that a {{gmraprov|Transaction}} is to be repriced under this sub paragraph, such repricing shall be effected as follows   

:(i) the {{gmraprov|Repurchase Date}} under the relevant {{gmraprov|Transaction}} (the “original {{gmraprov|Transaction}}”) shall be [[deemed]] to occur on the date on which the repricing is to be effected (the “Repricing Date”);

:(ii) the parties shall be [[deemed]] to have entered into a new {{gmraprov|Transaction}} (the “Repriced {{gmraprov|Transaction}}”) on the terms set out in (iii) to (vi) below;

:(iii) the {{gmraprov|Purchased Securities}} under the Repriced {{gmraprov|Transaction}} shall be {{gmraprov|Securities}} {{gmraprov|equivalent}} to the {{gmraprov|Purchased Securities}} under the Original {{gmraprov|Transaction}};

:(iv) the {{gmraprov|Purchase Date}} under the Repriced {{gmraprov|Transaction}} shall be the Repricing Date;

:(v) the {{gmraprov|Purchase Price}} under the Repriced {{gmraprov|Transaction}} shall be such amount as shall, when multiplied by the {{gmraprov|Margin Ratio}} applicable to the Original {{gmraprov|Transaction}}, be equal to the {{gmraprov|Market Value}} of such {{gmraprov|Securities}} on the Repricing Date;

:(vi) the {{gmraprov|Repurchase Date}}, the {{gmraprov|Pricing Rate}}, the {{gmraprov|Margin Ratio}} and, subject as aforesaid, the other terms of the Repriced {{gmraprov|Transaction}} shall be identical to those of the Original {{gmraprov|Transaction}};

:(vii) the obligations of the parties with respect to the delivery of the {{gmraprov|Purchased Securities}} and the payment of the {{gmraprov|Purchase Price}} under the Repriced {{gmraprov|Transaction}} shall be set off against their obligations with respect to the delivery of {{gmraprov|Equivalent Securities}} and payment of the {{gmraprov|Repurchase Price}} under the Original {{gmraprov|Transaction}} and accordingly only a net cash sum shall be paid by one party to the other. Such net cash sum shall be paid within the period specified in sub paragraph {{gmraprov|4(g)}} above.

:(k) The adjustment of a {{gmraprov|Transaction}} (the “Original {{gmraprov|Transaction}}”) under this sub paragraph shall be effected by the parties agreeing that on the date on which the adjustment is to be made (the “Adjustment Date”) the Original {{gmraprov|Transaction}} shall be terminated and they shall enter into a new {{gmraprov|Transaction}} (the “Replacement {{gmraprov|Transaction}}”) in accordance with the following provisions   

:(i) the Original {{gmraprov|Transaction}} shall be terminated on the Adjustment Date on such terms as the parties shall agree on or before the Adjustment Date;

:(ii) the {{gmraprov|Purchased Securities}} under the Replacement {{gmraprov|Transaction}} shall be such {{gmraprov|Securities}} as the parties shall agree on or before the Adjustment Date (being {{gmraprov|Securities}} the aggregate {{gmraprov|Market Value}} of which at the Adjustment Date is substantially equal to the {{gmraprov|Repurchase Price}} under the Original {{gmraprov|Transaction}} at the Adjustment Date multiplied by the {{gmraprov|Margin Ratio}} applicable to the Original {{gmraprov|Transaction}});

:(iii) the {{gmraprov|Purchase Date}} under the Replacement {{gmraprov|Transaction}} shall be the Adjustment Date;

:(iv) the other terms of the Replacement {{gmraprov|Transaction}} shall be such as the parties shall agree on or before the Adjustment Date; and

:(v) the obligations of the parties with respect to payment and delivery of {{gmraprov|Securities}} on the Adjustment Date under the Original {{gmraprov|Transaction}} and the Replacement {{gmraprov|Transaction}} shall be settled in accordance with paragraph {{gmraprov|6}} within the minimum period specified in sub paragraph {{gmraprov|(g) above.

'''{{gmraprov|5}}.     {{gmraprov|Income Payments}}'''<br>

To the extent permitted by applicable law, if any sum of money payable hereunder or under any {{gmraprov|Transaction}} is not paid when due, interest shall accrue on the unpaid sum as a separate debt at the greater of the {{gmraprov|Pricing Rate}} for the {{gmraprov|Transaction}} to which such sum relates (where such sum is referable to a {{gmraprov|Transaction}}) and {{gmraprov|LIBOR}} on a 360 day basis or 365 day basis in accordance with the applicable ISMA convention, for the actual number of days during the period from and including the date on which payment was due to, but excluding, the date of payment.

'''{{gmraprov|13}}. {{gmraprov|Single Agreement}}'''<br>

Each {{gmraprov|Party A}}cknowledges that, and has entered into this {{gmraprov|Agreement}} and will enter into each {{gmraprov|Transaction}} hereunder in consideration of and in reliance upon the fact that all {{gmraprov|Transaction}}s hereunder constitute a single business and contractual relationship and are made in consideration of each other. Accordingly, each {{gmraprov|Party A}}grees (i) to perform all of its obligations in respect of each {{gmraprov|Transaction}} hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all {{gmraprov|Transaction}}s hereunder, and (ii) that payments, deliveries and other transfers made by either of them in respect of any {{gmraprov|Transaction}} shall be [[deemed]] to have been made in consideration of payments, deliveries and other transfers in respect of any other {{gmraprov|Transaction}}s hereunder.

'''{{gmraprov|14}}.     {{gmraprov|Notices and Other Communications}}'''<br>

:(a) Any notice or other communication to be given under this {{gmraprov|Agreement}}   

:(i) shall be in the English language, and except where expressly otherwise provided in this {{gmraprov|Agreement}}, shall be in writing;

:(ii) may be given in any manner described in sub paragraphs {{gmraprov|14(b)}} and {{gmraprov|14(c)}} below;

:(iii) shall be sent to the party to whom it is to be given at the address or number, or in accordance with the electronic messaging details, set out in Annex I hereto.

:(b) Subject to sub paragraph {{gmraprov|14(c)}} below, any such notice or other communication shall be effective   

:(i) if in writing and delivered in person or by courier, at the time when it is delivered;

:(ii) if sent by [[telex]], at the time when the recipient's answerback is received;

:(iii) if sent by facsimile transmission, at the time when the transmission is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender's facsimile machine);

:(iv) if sent by certified or registered mail (airmail, if overseas) or the {{gmraprov|equivalent}} (return receipt requested), at the time when that mail is delivered or its delivery is attempted;

:(v) if sent by [[electronic messaging system]], at the time that electronic message is received; except that any notice or communication which is received, or delivery of which is attempted, after close of business on the date of receipt or attempted delivery or on a day which is not a day on which commercial banks are open for business in the place where that notice or other communication is to be given shall be treated as given at the opening of business on the next following day which is such a day.

:(c) If   

:(i) there occurs in relation to either {{gmraprov|Party A}}n event which, upon the service of a {{gmraprov|Default Notice}}, would be an {{gmraprov|Event of Default}}; and

:(ii) the non {{gmraprov|Defaulting Party}}, having made all practicable efforts to do so, including having attempted to use at least two of the methods specified in sub paragraph {{gmraprov|14(b)}}(ii), (iii) or (v), has been unable to serve a {{gmraprov|Default Notice}} by one of the methods specified in those sub paragraphs (or such of those methods as are normally used by the {{gmraprov|non-Defaulting Party}} when communicating with the {{gmraprov|Defaulting Party}}), the {{gmraprov|non-Defaulting Party}} may sign a written notice (a “'''{{gmraprov|Special Default Notice}}'''”) which   

:(aa) specifies the relevant event referred to in paragraph {{gmraprov|10(a)}} which has occurred in relation to the {{gmraprov|Defaulting Party}};

:(bb) states that the non {{gmraprov|Defaulting Party}}, having made all practicable efforts to do so, including having attempted to use at least two of the methods specified in sub paragraph {{gmraprov|14(b)}}(ii), (iii) or (v), has been unable to serve a {{gmraprov|Default Notice}} by one of the methods specified in those sub paragraphs (or such of those methods as are normally used by the {{gmraprov|non-Defaulting Party}} when communicating with the {{gmraprov|Defaulting Party}});

:(cc) specifies the date on which, and the time at which, the {{gmraprov|Special Default Notice}} is signed by the non {{gmraprov|Defaulting Party}}; and

:(dd) states that the event specified in accordance with sub paragraph {{gmraprov|14(c)}}(aa) above shall be treated as an {{gmraprov|Event of Default}} with effect from the date and time so specified.

On the signature of a {{gmraprov|Special Default Notice}} the relevant event shall be treated with effect from the date and time so specified as an {{gmraprov|Event of Default}} in relation to the {{gmraprov|Defaulting Party}}, and accordingly references in paragraph {{gmraprov|10}} to a {{gmraprov|Default Notice}} shall be treated as including a {{gmraprov|Special Default Notice}}. A {{gmraprov|Special Default Notice}} shall be given to the {{gmraprov|Defaulting Party}} as soon as practicable after it is signed.

:(d) Either party may by notice to the other change the address, [[telex]] or facsimile number or [[electronic messaging system]] details at which notices or other communications are to be given to it.

This {{gmraprov|Agreement}} shall supersede any existing agreements between the parties containing general terms and conditions for {{gmraprov|Transaction}}s. Each provision and agreement herein shall be treated as separate from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement.

'''{{gmraprov|16}}. {{gmraprov|Non assignability; Termination}}'''<br>

:(a) Subject to sub paragraph {{gmraprov|(b) below, neither party may assign, charge or otherwise deal with (including [[without limitation]] any dealing with any interest in or the creation of any interest in) its rights or obligations under this {{gmraprov|Agreement}} or under any {{gmraprov|Transaction}} without the prior written consent of the other party. Subject to the foregoing, this {{gmraprov|Agreement}} and any {{gmraprov|Transaction}}s shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns.

:(b) Sub paragraph {{gmraprov|16(a)}} above shall not preclude a party from assigning, charging or otherwise dealing with all or any part of its interest in any sum payable to it under paragraph {{gmraprov|10(c)}} or {{gmraprov|10(f)}} above.

:(c) Either party may terminate this {{gmraprov|Agreement}} by giving written notice to the other, except that this {{gmraprov|Agreement}} shall, notwithstanding such notice, remain applicable to any {{gmraprov|Transaction}}s then outstanding.

:(d) All remedies hereunder shall survive {{gmraprov|Termination}} in respect of the relevant {{gmraprov|Transaction}} and termination of this {{gmraprov|Agreement}}.

:(e) The participation of any additional member State of the European Union in economic and monetary union after 1 January 1999 shall not have the effect of altering any term of the Agreement or any {{gmraprov|Transaction}}, nor give a party the right unilaterally to alter or terminate the Agreement or any {{gmraprov|Transaction}}.

'''{{gmraprov|17}}. {{gmraprov|Governing Law}}'''<br>

This {{gmraprov|Agreement}} shall be governed by and construed in accordance with the laws of England. {{gmraprov|Buyer}} and {{gmraprov|Seller}} hereby irrevocably submit for all purposes of or in connection with this {{gmraprov|Agreement}} and each {{gmraprov|Transaction}} to the jurisdiction of the Courts of England.

'''{{gmraprov|Party A}} hereby appoints the person identified in Annex I hereto as its agent to receive on its behalf service of process in such courts. If such agent ceases to be its agent, {{gmraprov|Party A}} shall promptly appoint, and notify {{gmraprov|Party B}} of the identity of, a new agent in England.

'''{{gmraprov|Party B}} hereby appoints the person identified in Annex I hereto as its agent to receive on its behalf service of process in such courts. If such agent ceases to be its agent, {{gmraprov|Party B}} shall promptly appoint, and notify {{gmraprov|Party A}} of the identity of, a new agent in England.

Each party shall deliver to the other, within 30 days of the date of this {{gmraprov|Agreement}} in the case of the appointment of a person identified in Annex I or of the date of the appointment of the relevant agent in any other case, evidence of the acceptance by the agent appointed by it pursuant to this paragraph of such appointment.

Nothing in this paragraph shall limit the right of any party to take proceedings in the courts of any other country of competent jurisdiction.

No express or implied waiver of any {{gmraprov|Event of Default}} by either party shall constitute a waiver of any other {{gmraprov|Event of Default}} and no exercise of any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of this {{gmraprov|Agreement}} and no consent by any party to a departure herefrom shall be effective unless and until such modification, waiver or consent shall be in writing and duly executed by both of the parties hereto. [[without limitation]] on any of the foregoing, the failure to give a notice pursuant to paragraph {{gmraprov|4(a)}} hereof will not constitute a waiver of any right to do so at a later date.

'''{{gmraprov|19}}. {{gmraprov|Waiver of immunity}}'''<br>

Each party hereto hereby waives, to the fullest extent permitted by applicable law, all immunity (whether on the basis of sovereignty or otherwise) from jurisdiction, attachment (both before and after judgment) and execution to which it might otherwise be entitled in any action or proceeding in the Courts of England or of any other country or jurisdiction, relating in any way to this {{gmraprov|Agreement}} or any {{gmraprov|Transaction}}, and agrees that it will not raise, claim or cause to be pleaded any such immunity at or in respect of any such action or proceeding.

'''{{gmraprov|20}}. {{gmraprov|Recording}}'''<br>

The parties agree that each may electronically record all telephone conversations between them.

'''{{gmraprov|21}}. {{gmraprov|Third Party Rights}}'''<br>

No person shall have any right to enforce any provision of this {{gmraprov|Agreement}} under the [[Contracts (Rights of Third Parties) Act 1999]].