Template:Nutshell GMRA BSA 2

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 to the Income daily from the payment date to the of calculation date

(b) References to Repurchase Price in the Agreement will include any relevant Sell Back Price.
(c) In Paragraph 10(c)(i) (Events of Default), “Repurchase Prices” includes Sell Back Prices”.
(d) Where this Annex conflicts with any other term of the Agreement, the Annex will prevail.