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Cross-Product Master Agreement: Difference between revisions
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2. Close-Out of all Principal Agreements <br> | [[Media:Cross-Product Master Agreement (CPMA) (2000).pdf CPMA Document]] | ||
{{box|2. Close-Out of all Principal Agreements <br> | |||
2.1 Right to Close Out If any of the following events has occurred and is continuing: <br> | 2.1 Right to Close Out If any of the following events has occurred and is continuing: <br> | ||
(a) a Close-Out Event in respect of a Party under the terms of a Principal Agreement, <br> | (a) a Close-Out Event in respect of a Party under the terms of a Principal Agreement, <br> | ||
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(b) Interest on Net Set-Off Amounts Each Net Set-Off Amount shall bear interest (computed on the basis of daily compounding and the actual number of days elapsed over a year of such number of days as is customary for transactions involving the Base Currency in the London interbank market) at a rate per annum equal to the average of the rates at which overnight deposits in the Base Currency are offered by two major banks (selected by the Closing-Out Party) in the London interbank market at or about 11:00 a.m. (London time) on the Set-Off Date and each day for which such amount remains unpaid, or, if no such rate is available, at such rate as the Closing-Out Party may reasonably select, from (and including) the Set-Off Date therefor to (but excluding) the earlier of the next subsequent Set-Off Date or the Final Settlement Date. | (b) Interest on Net Set-Off Amounts Each Net Set-Off Amount shall bear interest (computed on the basis of daily compounding and the actual number of days elapsed over a year of such number of days as is customary for transactions involving the Base Currency in the London interbank market) at a rate per annum equal to the average of the rates at which overnight deposits in the Base Currency are offered by two major banks (selected by the Closing-Out Party) in the London interbank market at or about 11:00 a.m. (London time) on the Set-Off Date and each day for which such amount remains unpaid, or, if no such rate is available, at such rate as the Closing-Out Party may reasonably select, from (and including) the Set-Off Date therefor to (but excluding) the earlier of the next subsequent Set-Off Date or the Final Settlement Date. | ||
(c) Interest on the Final Net Settlement Amount The Final Net Settlement Amount shall bear interest at the rate specified in Section 4.5(b) hereof plus 1% per annum from (and including) the Final Settlement Date to (but excluding) the date of actual payment. | (c) Interest on the Final Net Settlement Amount The Final Net Settlement Amount shall bear interest at the rate specified in Section 4.5(b) hereof plus 1% per annum from (and including) the Final Settlement Date to (but excluding) the date of actual payment. | ||
4.6 No Limitation of Other Rights The Closing-Out Party's rights under this Section 4 shall be in addition to, and not in limitation or exclusion of, any other rights, including rights of set-off which the Closing- Out Party may have (whether by agreement, operation of law or otherwise | 4.6 No Limitation of Other Rights The Closing-Out Party's rights under this Section 4 shall be in addition to, and not in limitation or exclusion of, any other rights, including rights of set-off which the Closing- Out Party may have (whether by agreement, operation of law or otherwise.}} | ||
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