Template:GMRA 2000 10(b): Difference between revisions

From The Jolly Contrarian
Jump to navigation Jump to search
← Older edit
VisualWikitext
No edit summary
No edit summary
 
Line 1: Line 1:
{{gmraprov|10(b)}} The {{gmraprov|Repurchase Date}} for each {{gmraprov|Transaction}} hereunder shall be [[deemed]] immediately to occur and, subject to the  following provisions, all {{gmraprov|Cash Margin}} (including interest accrued) shall be immediately repayable and  {{gmraprov|Equivalent Margin Securities}} shall be immediately deliverable (and so that, where this sub paragraph applies, performance of the respective obligations of the parties with respect to the delivery of {{gmraprov|Securities}}, the payment of the {{gmraprov|Repurchase Price}}s for any {{gmraprov|Equivalent Securities}} and the repayment of any {{gmraprov|Cash Margin}} shall be effected only in accordance with the provisions of sub paragraph {{gmraprov|10(c)}} below).<br>
{{gmraprov|10(b)}} The {{gmraprov|Repurchase Date}} for each {{gmraprov|Transaction}} hereunder shall be [[deemed]] immediately to occur and, subject to the  following provisions, all {{gmraprov|Cash Margin}} (including interest accrued) shall be immediately repayable and  {{gmraprov|Equivalent Margin Securities}} shall be immediately deliverable (and so that, where this sub paragraph applies, performance of the respective obligations of the parties with respect to the delivery of {{gmraprov|Securities}}, the payment of the {{gmraprov|Repurchase Price}}s for any {{gmraprov|Equivalent Securities}} and the repayment of any {{gmraprov|Cash Margin}} shall be effected only in accordance with the provisions of sub paragraph {{gmraprov|10(c)}} below).<br>
:(i) The {{gmraprov|Default Market Value}}s of the {{gmraprov|Equivalent Securities}} and any  {{gmraprov|Equivalent Margin Securities}} to be transferred, the amount of any {{gmraprov|Cash Margin}} (including the amount of interest accrued) to be transferred and the {{gmraprov|Repurchase Price}}s to be paid by each party shall be established by the {{gmraprov|non-Defaulting Party}} for all {{gmraprov|Transaction}}s as at the {{gmraprov|Repurchase Date}}; and
:(ii) on the basis of the sums so established, an account shall be taken (as at the {{gmraprov|Repurchase Date}}) of what is due from each party to the other under this {{gmraprov|Agreement}} (on the basis that each party's claim against the other in respect of the transfer to it of {{gmraprov|Equivalent Securities}} or  {{gmraprov|Equivalent Margin Securities}} under this {{gmraprov|Agreement}} equals the {{gmraprov|Default Market Value}} therefor) and the sums due from one party shall be set off against the sums due from the other and only the balance of the account shall be payable (by the party having the claim valued at the lower amount pursuant to the foregoing) and such balance shall be due and payable on the next following {{gmraprov|Business Day}}. For the purposes of this calculation, all sums not denominated in the {{gmraprov|Base Currency}} shall be converted into the {{gmraprov|Base Currency}} on the relevant date at the {{gmraprov|Spot Rate}} prevailing at the relevant time.<br>

Latest revision as of 15:13, 30 November 2018

10(b) The Repurchase Date for each Transaction hereunder shall be deemed immediately to occur and, subject to the following provisions, all Cash Margin (including interest accrued) shall be immediately repayable and Equivalent Margin Securities shall be immediately deliverable (and so that, where this sub paragraph applies, performance of the respective obligations of the parties with respect to the delivery of Securities, the payment of the Repurchase Prices for any Equivalent Securities and the repayment of any Cash Margin shall be effected only in accordance with the provisions of sub paragraph 10(c) below).

Retrieved from "https://jollycontrarian.com/index.php?title=Template:GMRA_2000_10(b)&oldid=26814"