Interest - GMRA Provision

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2000 Global Master Repurchase Agreement
A Jolly Contrarian owner’s manual™

Resources and navigation

Resources: 2010 GMRA: Full wikitext · Nutshell wikitext
Navigation

2000 GMRA Table of Contents · 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · Schedule · Equities Annex: EA 1 · EA 2 · EA 3 · EA 4 · EA 5 · Buy/Sellback Annex · BSA 1 · BSA 2 · BSA 3 · BSA 4 · BNA 5

Index: Click to expand:

Paragraph 12 in a Nutshell

Use at your own risk, campers!
12. Interest
Interest will accrue on due but unpaid amounts, as a separate debt, at the greater of the Pricing Rate for the relevant Transaction and LIBOR according to the relevant ISMA day count convention, for the actual number of days from (and including) the due date to (but excluding) the actual payment date.

Full text of Paragraph 12

12. Interest
To the extent permitted by applicable law, if any sum of money payable hereunder or under any Transaction is not paid when due, interest shall accrue on the unpaid sum as a separate debt at the greater of the Pricing Rate for the Transaction to which such sum relates (where such sum is referable to a Transaction) and LIBOR on a 360 day basis or 365 day basis in accordance with the applicable ISMA convention, for the actual number of days during the period from and including the date on which payment was due to, but excluding, the date of payment.

Related agreements and comparisons

Related agreements: Click here for the same clause in the 1996 MRA, when we get round to finding out the first thing about it.
Comparison: Knowing and, really, caring very little about other kinds of repo agreement, we have nothing presently to compare the Global Master Repurchase Agreement with.

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Content and comparisons

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Summary

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General discussion

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See also

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References