Template:Nutshell GMRA BSA 2: Difference between revisions
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{{gmraprov|BSA 2}} '''{{gmraprov|Interpretation}}''' <br> | {{gmraprov|BSA 2}} '''{{gmraprov|Interpretation}}''' <br> | ||
(a) In this Annex - | (a) In this Annex - | ||
:(i) “'''{{gmraprov|Accrued Interest}}'''” | :(i) “'''{{gmraprov|Accrued Interest}}'''” means for any {{gmraprov|Purchased Securities}} under a {{gmraprov|Buy/Sell Back Transaction}}, unpaid {{gmraprov|Income}} accruing from the last {{gmraprov|Income Payment Date}} for the {{gmraprov|Purchased Securities}} to the calculation date. Unpaid {{gmraprov|Income}} will accrue daily during each interest period; <br> | ||
:(ii) “'''{{gmraprov|Sell Back Differential}}'''” | :(ii) “'''{{gmraprov|Sell Back Differential}}'''” means the aggregate amount obtained by daily applying {{gmraprov|Pricing Rate}} on a {{gmraprov|Buy/Sell Back Transaction}} using the appropriate ISMA [[day count convention]], to the sum of (a) the {{gmraprov|Purchase Price}} and (b) {{gmraprov|Accrued Interest}} paid on the {{gmraprov|Purchase Date}} for such {{gmraprov|Transaction}} for the actual number of days during the period between the Purchase Date and the calculation date; <br> | ||
:(iii) “'''{{gmraprov|Sell Back Price}}'''” | :(iii) “'''{{gmraprov|Sell Back Price}}'''” means for any {{gmraprov|Buy/Sell Back Transaction}}, means - | ||
::(x) | ::(x) for the originally agreed {{gmraprov|Repurchase Date}} under paragraph {{gmraprov|3(b)(iii)}}, the agreed price agreed for that {{gmraprov|Buy/Sell Back Transaction}}, and | ||
::(y) in any other case | ::(y) in any other case the product of the formula ''(P + Al +D) - (IR + C)'', where: | ||
:::P = {{gmraprov|Purchase Price}}. | |||
:::P = | :::Al = {{gmraprov|Accrued Interest}} at the {{gmraprov|Purchase Date}}, paid under paragraph {{gmraprov|BSA 3(f)}}. | ||
:::Al = | :::D = {{gmraprov|Sell Back Differential}}. | ||
:::D = | :::IR = Any income payable under the {{gmraprov|Purchased Securities}} on any date between the {{gmraprov|Purchase Date}} and the {{gmraprov|Repurchase Date}}. | ||
:::IR = | :::C = the aggregate amount obtained by applying the {{gmraprov|Pricing Rate}} daily to such {{gmraprov|Income}} from the payment date to the of calculation date <br> | ||
:::C = the aggregate amount obtained by | |||
(b) References to {{gmraprov|Repurchase Price}} throughout the {{gmraprov|Agreement}} shall be construed as references to “{{gmraprov|Repurchase Price}} or {{gmraprov|Sell Back Price}}, as the case may be”. <br> | (b) References to {{gmraprov|Repurchase Price}} throughout the {{gmraprov|Agreement}} shall be construed as references to “{{gmraprov|Repurchase Price}} or {{gmraprov|Sell Back Price}}, as the case may be”. <br> | ||
(c) In Paragraph {{gmraprov|10(c)(i)}} of the {{gmraprov|Agreement}} (relating to {{gmraprov|Events of Default}}), the reference to the “{{gmraprov|Repurchase Price}}s” shall be construed as a reference to “{{gmraprov|Repurchase Price}}s and {{gmraprov|Sell Back Price}}s”. <br> | (c) In Paragraph {{gmraprov|10(c)(i)}} of the {{gmraprov|Agreement}} (relating to {{gmraprov|Events of Default}}), the reference to the “{{gmraprov|Repurchase Price}}s” shall be construed as a reference to “{{gmraprov|Repurchase Price}}s and {{gmraprov|Sell Back Price}}s”. <br> | ||
(d) [[In the event of]] any conflict between the terms of this [[Buy/Sellback Annex - GMRA Provision |Annex | (d) [[In the event of]] any conflict between the terms of this [[Buy/Sellback Annex - GMRA Provision |Annex III]] and any other term of the {{gmraprov|Agreement}}, the terms in this Annex shall prevail. <br> | ||
Revision as of 14:38, 31 May 2022
BSA 2 Interpretation
(a) In this Annex -
- (i) “Accrued Interest” means for any Purchased Securities under a Buy/Sell Back Transaction, unpaid Income accruing from the last Income Payment Date for the Purchased Securities to the calculation date. Unpaid Income will accrue daily during each interest period;
- (ii) “Sell Back Differential” means the aggregate amount obtained by daily applying Pricing Rate on a Buy/Sell Back Transaction using the appropriate ISMA day count convention, to the sum of (a) the Purchase Price and (b) Accrued Interest paid on the Purchase Date for such Transaction for the actual number of days during the period between the Purchase Date and the calculation date;
- (iii) “Sell Back Price” means for any Buy/Sell Back Transaction, means -
- (x) for the originally agreed Repurchase Date under paragraph 3(b)(iii), the agreed price agreed for that Buy/Sell Back Transaction, and
- (y) in any other case the product of the formula (P + Al +D) - (IR + C), where:
- P = Purchase Price.
- Al = Accrued Interest at the Purchase Date, paid under paragraph BSA 3(f).
- D = Sell Back Differential.
- IR = Any income payable under the Purchased Securities on any date between the Purchase Date and the Repurchase Date.
- C = the aggregate amount obtained by applying the Pricing Rate daily to such Income from the payment date to the of calculation date
(b) References to Repurchase Price throughout the Agreement shall be construed as references to “Repurchase Price or Sell Back Price, as the case may be”.
(c) In Paragraph 10(c)(i) of the Agreement (relating to Events of Default), the reference to the “Repurchase Prices” shall be construed as a reference to “Repurchase Prices and Sell Back Prices”.
(d) In the event of any conflict between the terms of this Annex III and any other term of the Agreement, the terms in this Annex shall prevail.