GMRA wikitext: Difference between revisions

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:(ii) where {{gmraprov|Margin Securities}} are transferred from one party (“the {{gmraprov|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 {{gmraprov|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 {{gmraprov|first party}} 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 {{gmraprov|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 {{gmraprov|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 {{gmraprov|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>
'''{{gmraprov|6}}.          {{gmraprov|Payment and Transfer}}'''<br>
:(a) Unless otherwise agreed, all money paid hereunder shall be in immediately available freely convertible funds of the relevant currency. All {{gmraprov|Securities}} to be transferred hereunder (i) shall be in suitable form for transfer and shall be accompanied by duly executed instruments of transfer or assignment in blank (where required for transfer) and such other documentation as the transferee may reasonably request, or (ii) shall be transferred through the book entry system of {{gmraprov|Euroclear}} or {{gmraprov|Clearstream}}, or (iii) shall be transferred through any other agreed {{gmraprov|Securities}} clearance system or (iv) shall be transferred by any other method mutually acceptable to {{gmraprov|Seller}} and {{gmraprov|Buyer}}.<br>
:(b) Unless otherwise agreed, all money payable by one party to the other in respect of any {{gmraprov|Transaction}} shall be paid free and clear of, and without withholding or deduction for, any taxes or duties of whatsoever nature imposed, levied, collected, withheld or assessed by any authority having power to tax, unless the withholding or deduction of such taxes or duties is required by law. In that event, unless otherwise agreed, the paying party shall pay such additional amounts as will result in the net amounts receivable by the other party (after taking account of such withholding or deduction) being equal to such amounts as would have been received by it had no such taxes or duties been required to be withheld or deducted.<br>
:(c) Unless otherwise agreed in writing between the parties, under each {{gmraprov|Transaction}} transfer of {{gmraprov|Purchased Securities}} by {{gmraprov|Seller}} and payment of {{gmraprov|Purchase Price}} by {{gmraprov|Buyer}} against the transfer of such {{gmraprov|Purchased Securities}} shall be made simultaneously and transfer of {{gmraprov|Equivalent Securities}} by {{gmraprov|Buyer}} and payment of {{gmraprov|Repurchase Price}} payable by {{gmraprov|Seller}} against the transfer of such {{gmraprov|Equivalent Securities}} shall be made simultaneously.<br>
:(d) Subject to and without prejudice to the provisions of sub paragraph {{gmraprov|6(c)}}, either party may from time to time in accordance with market practice and in recognition of the practical difficulties in arranging simultaneous delivery of {{gmraprov|Securities}} and money waive in relation to any {{gmraprov|Transaction}} its rights under this {{gmraprov|Agreement}} to receive simultaneous transfer [[and/or]] payment provided that transfer [[and/or]] payment shall, notwithstanding such waiver, be made on the same day and provided also that no such waiver in respect of one {{gmraprov|Transaction}} shall affect or bind it in respect of any other {{gmraprov|Transaction}}.<br>
:(e) The parties shall execute and deliver all necessary documents and take all necessary steps to procure that all right, title and interest in any {{gmraprov|Purchased Securities}}, any {{gmraprov|Equivalent Securities}}, any {{gmraprov|Margin Securities}} and any {{gmraprov|Equivalent Margin Securities}} shall pass to the party to which transfer is being made upon transfer of the same in accordance with this {{gmraprov|Agreement}}, free from all liens, claims, charges and encumbrances.<br>
:(f) Notwithstanding the use of expressions such as “'''{{gmraprov|Repurchase Date}}'''”, “'''{{gmraprov|Repurchase Price}}'''”, “margin”, “Net Margin”, “'''{{gmraprov|Margin Ratio}}'''” and “substitution”, which are used to reflect terminology used in the market for {{gmraprov|Transaction}}s of the kind provided for in this {{gmraprov|Agreement}}, all right, title and interest in and to {{gmraprov|Securities}} and money transferred or paid under this {{gmraprov|Agreement}} shall pass to the transferee upon transfer or payment, the obligation of the party receiving {{gmraprov|Purchased Securities}} or {{gmraprov|Margin Securities}} being an obligation to transfer {{gmraprov|Equivalent Securities}} or  {{gmraprov|Equivalent Margin Securities}}.<br>
:(g) Time shall be of the essence in this {{gmraprov|Agreement}}.<br>
:(h) Subject to paragraph {{gmraprov|10}}, all amounts in the same currency payable by each party to the other under any {{gmraprov|Transaction}} or otherwise under this {{gmraprov|Agreement}} on the same date shall be combined in a single calculation of a net sum payable by one party to the other and the obligation to pay that sum shall be the only obligation of either party in respect of those amounts.<br>
:(i) Subject to paragraph {{gmraprov|10}}, all {{gmraprov|Securities}} of the same issue, denomination, currency and series, transferable by each party to the other under any {{gmraprov|Transaction}} or hereunder on the same date shall be combined in a single calculation of a net quantity of {{gmraprov|Securities}} transferable by one party to the other and the obligation to transfer the net quantity of {{gmraprov|Securities}} shall be the only obligation of either party in respect of the {{gmraprov|Securities}} so transferable and receivable.<br>
:(j) If the parties have specified in Annex I hereto that this paragraph 6(j)}} shall apply, each obligation of a party under this {{gmraprov|Agreement}} (other than an obligation arising under paragraph {{gmraprov|10}}) is subject to the condition precedent that none of those events specified in paragraph {{gmraprov|10(a)}} which are identified in Annex I hereto for the purposes of this paragraph 6(j)}} (being events which, upon the serving of a {{gmraprov|Default Notice}}, would be an {{gmraprov|Event of Default}} with respect to the other party) shall have occurred and be continuing with respect to the other party.<br>
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