Template:GMRA 2000 EA 5: Difference between revisions
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{{gmraprov|EA 5}}. '''{{gmraprov|Transfer (Equities Annex)}}'''<br> | {{gmraprov|EA 5}}. '''{{gmraprov|Transfer (Equities Annex)}}'''<br> | ||
(a) {{gmraprov|Seller}} shall promptly pay and account for any transfer or similar duties or taxes chargeable in connection with the transfer of {{gmraprov|Purchased Securities}} which are {{gmraprov|equities}} and any {{gmraprov|Equivalent Securities}} in respect thereof and shall reimburse to {{gmraprov|Buyer}} the amount of any liability incurred by it as a result of Seller’s failure to do so.<br> | (a) {{gmraprov|Seller}} shall promptly pay and account for any transfer or similar duties or taxes chargeable in connection with the transfer of {{gmraprov|Purchased Securities}} which are {{gmraprov|equities}} and any {{gmraprov|Equivalent Securities}} in respect thereof and shall reimburse to {{gmraprov|Buyer}} the amount of any liability incurred by it as a result of Seller’s failure to do so.<br> | ||
(b) Where {{gmraprov|Margin Securities}} which are {{gmraprov|equities}} are transferred by one party to the other, the transferor (the {{gmraprov|first party}}) shall promptly pay and account for any transfer or similar duties or taxes chargeable in connection with such transfer as well as in connection with any subsequent transfer by the {{gmraprov|transferee}} (the {{gmraprov|second party}}) of {{gmraprov|Equivalent Margin Securities}} in respect thereof to the {{gmraprov|first party}} and shall reimburse to the {{gmraprov|second party}} the amount of any liability incurred by the {{gmraprov|second party}} as a result of the {{gmraprov|first party}}’s failure to do so.<br> | (b) Where {{gmraprov|Margin Securities}} which are {{gmraprov|equities}} are transferred by one party to the other, the transferor (the “'''{{gmraprov|first party}}'''”) shall promptly pay and account for any transfer or similar duties or taxes chargeable in connection with such transfer as well as in connection with any subsequent transfer by the {{gmraprov|transferee}} (the “'''{{gmraprov|second party}}'''”) of {{gmraprov|Equivalent Margin Securities}} in respect thereof to the {{gmraprov|first party}} and shall reimburse to the {{gmraprov|second party}} the amount of any liability incurred by the {{gmraprov|second party}} as a result of the {{gmraprov|first party}}’s failure to do so.<br> | ||
(c) In relation to {{gmraprov|Transaction}}s to which this {{gmraprov|Equities Annex}} applies and unless otherwise agreed, where any {{gmraprov|Purchased Securities}}, {{gmraprov|Equivalent Securities}}, {{gmraprov|Margin Securities}} or {{gmraprov|Equivalent Margin Securities}} are transferred through a settlement system which automatically generates a mandatory payment or delivery, or a mandatory obligation to pay or deliver, against the transfer of such Securities, then -<br> | (c) In relation to {{gmraprov|Transaction}}s to which this {{gmraprov|Equities Annex}} applies and unless otherwise agreed, where any {{gmraprov|Purchased Securities}}, {{gmraprov|Equivalent Securities}}, {{gmraprov|Margin Securities}} or {{gmraprov|Equivalent Margin Securities}} are transferred through a settlement system which automatically generates a mandatory payment or delivery, or a mandatory obligation to pay or deliver, against the transfer of such Securities, then -<br> | ||
:(i) such automatically generated payment, delivery or obligation shall be treated as a payment or delivery by the {{gmraprov|transferee}} to the transferor, and except to the extent that it is applied to discharge an obligation of the {{gmraprov|transferee}} to effect a payment or delivery, such payment or delivery, or obligation to pay or deliver, shall be deemed to be a {{gmraprov|Margin Transfer}} made by the transferee; and<br> | :(i) such automatically generated payment, delivery or obligation shall be treated as a payment or delivery by the {{gmraprov|transferee}} to the transferor, and except to the extent that it is applied to discharge an obligation of the {{gmraprov|transferee}} to effect a payment or delivery, such payment or delivery, or obligation to pay or deliver, shall be deemed to be a {{gmraprov|Margin Transfer}} made by the transferee; and<br> | ||
:(ii) unless the parties shall have agreed otherwise, the party receiving such {{gmraprov|Margin Transfer}} shall cause to be made to the other party for value the same day either, where such {{gmraprov|Margin Transfer}} is a payment, an irrevocable payment in the amount of such {{gmraprov|Margin Transfer}} or, where such {{gmraprov|Margin Transfer}} is a delivery, an irrevocable delivery of {{gmraprov|Securities}} (or other property, as the case may be) equivalent thereto. <br> | :(ii) unless the parties shall have agreed otherwise, the party receiving such {{gmraprov|Margin Transfer}} shall cause to be made to the other party for value the same day either, where such {{gmraprov|Margin Transfer}} is a payment, an irrevocable payment in the amount of such {{gmraprov|Margin Transfer}} or, where such {{gmraprov|Margin Transfer}} is a delivery, an irrevocable delivery of {{gmraprov|Securities}} (or other property, as the case may be) equivalent thereto. <br> | ||
Latest revision as of 12:37, 18 February 2021
EA 5. Transfer (Equities Annex)
(a) Seller shall promptly pay and account for any transfer or similar duties or taxes chargeable in connection with the transfer of Purchased Securities which are equities and any Equivalent Securities in respect thereof and shall reimburse to Buyer the amount of any liability incurred by it as a result of Seller’s failure to do so.
(b) Where Margin Securities which are equities are transferred by one party to the other, the transferor (the “first party”) shall promptly pay and account for any transfer or similar duties or taxes chargeable in connection with such transfer as well as in connection with any subsequent transfer by the transferee (the “second party”) of Equivalent Margin Securities in respect thereof to the first party and shall reimburse to the second party the amount of any liability incurred by the second party as a result of the first party’s failure to do so.
(c) In relation to Transactions to which this Equities Annex applies and unless otherwise agreed, where any Purchased Securities, Equivalent Securities, Margin Securities or Equivalent Margin Securities are transferred through a settlement system which automatically generates a mandatory payment or delivery, or a mandatory obligation to pay or deliver, against the transfer of such Securities, then -
- (i) such automatically generated payment, delivery or obligation shall be treated as a payment or delivery by the transferee to the transferor, and except to the extent that it is applied to discharge an obligation of the transferee to effect a payment or delivery, such payment or delivery, or obligation to pay or deliver, shall be deemed to be a Margin Transfer made by the transferee; and
- (ii) unless the parties shall have agreed otherwise, the party receiving such Margin Transfer shall cause to be made to the other party for value the same day either, where such Margin Transfer is a payment, an irrevocable payment in the amount of such Margin Transfer or, where such Margin Transfer is a delivery, an irrevocable delivery of Securities (or other property, as the case may be) equivalent thereto.