|
|
| Line 48: |
Line 48: |
|
| |
|
|
| |
|
| '''{{gmraprov|2}}. {{gmraprov|Definitions}}'''<br>
| | |
| :(a) “'''{{gmraprov|Act of Insolvency}}'''” shall occur with respect to any party hereto upon –
| |
| :(i) its making a general assignment for the benefit of, entering into a reorganisation, arrangement, or composition with creditors; or
| |
| :(ii) its admitting in writing that it is unable to pay its debts as they become due; or
| |
| :(iii) its seeking, consenting to or acquiescing in the appointment of any trustee, administrator, receiver or liquidator or analogous officer of it or any material part of its property; or
| |
| :(iv) the presentation or filing of a petition in respect of it (other than by the counterparty to this {{gmraprov|Agreement}} in respect of any obligation under this {{gmraprov|Agreement}}) in any court or before any agency alleging or for the bankruptcy, winding up or insolvency of such party (or any analogous proceeding) or seeking any reorganisation, arrangement, composition, re adjustment, administration, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such petition (except in the case of a petition for winding up or any analogous proceeding, in respect of which no such 30 day period shall apply) not having been stayed or dismissed within 30 days of its filing; or
| |
| :(v) the appointment of a receiver, administrator, liquidator or trustee or analogous officer of such party or over all or any material part of such party's property; or
| |
| :(vi) the convening of any meeting of its creditors for the purposes of considering a voluntary arrangement as referred to in section 3 of the [[Insolvency Act 1986]] (or any analogous proceeding);
| |
| :(b) “'''{{gmraprov|Agency Transaction}}'''”, the meaning specified in paragraph {{gmraprov|1}} of the {{gmraprov|Agency Annex}};
| |
| :(c) “'''{{gmraprov|Appropriate Market}}'''”, the meaning specified in paragraph {{gmraprov|10}};
| |
| :(d) “'''{{gmraprov|Base Currency}}'''”, the currency indicated in Annex I hereto;
| |
| :(e) “'''{{gmraprov|Business Day}}'''”
| |
| :(i) in relation to the settlement of any {{gmraprov|Transaction}} which is to be settled through {{gmraprov|Clearstream}} or {{gmraprov|Euroclear}}, a day on which {{gmraprov|Clearstream}} or, as the case may be, {{gmraprov|Euroclear}} is open to settle business in the currency in which the {{gmraprov|Purchase Price}} and the {{gmraprov|Repurchase Price}} are denominated;
| |
| :(ii) in relation to the settlement of any {{gmraprov|Transaction}} which is to be settled through a settlement system other than {{gmraprov|Clearstream}} or {{gmraprov|Euroclear}}, a day on which that settlement system is open to settle such {{gmraprov|Transaction}};
| |
| :(iii) in relation to any delivery of {{gmraprov|Securities}} not falling within (i) or (ii) above, a day on which banks are open for business in the place where delivery of the relevant {{gmraprov|Securities}} is to be effected; and
| |
| :(iv) in relation to any obligation to make a payment not falling within (i) or (ii) above, a day other than a Saturday or a Sunday on which banks are open for business in the principal financial centre of the country of which the currency in which the payment is denominated is the official currency and, if different, in the place where any account designated by the parties for the making or receipt of the payment is situated (or, in the case of a payment in euro, a day on which {{gmraprov|TARGET}} operates);
| |
| :(f) “'''{{gmraprov|Cash Margin}}'''”, a cash sum paid to {{gmraprov|Buyer}} or {{gmraprov|Seller}} in accordance with paragraph {{gmraprov|4}};
| |
| :(g) “'''{{gmraprov|Clearstream}}'''”, {{gmraprov|Clearstream}} Banking, societe anonyme, (previously Cedelbank) or any successor thereto;
| |
| :(h) “'''{{gmraprov|Confirmation}}'''”, the meaning specified in paragraph {{gmraprov|3(b)}};
| |
| :(i) “'''{{gmraprov|Contractual Currency}}'''”, the meaning specified in paragraph {{gmraprov|7(a)}};
| |
| :(j) “'''{{gmraprov|Defaulting Party}}'''”, the meaning specified in paragraph {{gmraprov|10}};
| |
| :(k) “'''{{gmraprov|Default Market Value}}'''”, the meaning specified in paragraph {{gmraprov|10}};
| |
| :(l) “'''{{gmraprov|Default Notice}}'''”, a written notice served by the {{gmraprov|non-Defaulting Party}} on the {{gmraprov|Defaulting Party}} under paragraph {{gmraprov|10}} stating that an event shall be treated as an {{gmraprov|Event of Default}} for the purposes of this {{gmraprov|Agreement}};
| |
| :(m) “'''{{gmraprov|Default Valuation Notice}}'''”, the meaning specified in paragraph {{gmraprov|10}};
| |
| :(n) “'''{{gmraprov|Default Valuation Time}}'''”, the meaning specified in paragraph {{gmraprov|10}};
| |
| :(o) “'''{{gmraprov|Deliverable Securities}}'''”, the meaning specified in paragraph {{gmraprov|10}};
| |
| :(p) “'''{{gmraprov|Designated Office}}'''”, with respect to a party, a branch or office of that party which is specified as such in Annex I hereto or such other branch or office as may be agreed to by the parties;
| |
| :(q) “'''{{gmraprov|Distributions}}'''”, the meaning specified in sub paragraph {{gmraprov|2(w)}} below;
| |
| :(r) “'''{{gmraprov|Equivalent {{gmraprov|Margin Securities}}'''”, {{gmraprov|Securities}} {{gmraprov|equivalent}} to {{gmraprov|Securities}} previously transferred as {{gmraprov|Margin Securities}};
| |
| :(s) “'''{{gmraprov|Equivalent Securities}}'''”, with respect to a {{gmraprov|Transaction}}, {{gmraprov|Securities}} {{gmraprov|equivalent}} to {{gmraprov|Purchased Securities}} under that {{gmraprov|Transaction}}. If and to the extent that such {{gmraprov|Purchased Securities}} have been re[[deemed]], the expression shall mean a sum of money {{gmraprov|equivalent}} to the proceeds of the redemption;
| |
| :(t) Securities are “'''{{gmraprov|equivalent}} to” other {{gmraprov|Securities}} for the purposes of this {{gmraprov|Agreement}} if they are: (i) of the same issuer; (ii) part of the same issue; and (iii) of an identical type, nominal value, description and (except where otherwise stated) amount as those other {{gmraprov|Securities}}, provided that
| |
| :(A) Securities will be {{gmraprov|equivalent}} to other {{gmraprov|Securities}} notwithstanding that those {{gmraprov|Securities}} have been redenominated into euro or that the nominal value of those {{gmraprov|Securities}} has changed in connection with such redenomination; and
| |
| :(B) where {{gmraprov|Securities}} have been converted, subdivided or consolidated or have become the subject of a takeover or the holders of {{gmraprov|Securities}} have become entitled to receive or acquire other {{gmraprov|Securities}} or other property or the {{gmraprov|Securities}} have become subject to any similar event, the expression “'''{{gmraprov|equivalent}} to” shall mean {{gmraprov|Securities}} {{gmraprov|equivalent}} to (as defined in the provisions of this definition preceding the proviso) the original {{gmraprov|Securities}} together with or replaced by a sum of money or {{gmraprov|Securities}} or other property {{gmraprov|equivalent}} to (as so defined) that receivable by holders of such original {{gmraprov|Securities}} resulting from such event;
| |
| :(u) “'''{{gmraprov|Euroclear}}'''”, operator of the {{gmraprov|Euroclear}} System or any successor thereto;
| |
| :(v) “'''{{gmraprov|Event of Default}}'''”, the meaning specified in paragraph {{gmraprov|10}};
| |
| :(w) “'''{{gmraprov|Income}}'''”, with respect to any Security at any time, all interest, dividends or other {{gmraprov|Distributions}} thereon, but excluding {{gmraprov|Distributions}} which are a payment or repayment of principal in respect of the relevant {{gmraprov|Securities}} (“'''{{gmraprov|Distributions}}'''”);
| |
| :(x) “'''{{gmraprov|Income}} Payment Date”, with respect to any {{gmraprov|Securities}}, the date on which {{gmraprov|Income}} is paid in respect of such {{gmraprov|Securities}} or, in the case of registered {{gmraprov|Securities}}, the date by reference to which particular registered holders are identified as being entitled to payment of {{gmraprov|Income}};
| |
| :(y) “'''{{gmraprov|LIBOR}}'''”, in relation to any sum in any currency, the one month London Inter Bank Offered Rate in respect of that currency as quoted on page 3750 on the Bridge Telerate Service (or such other page as may replace page 3750 on that service) as of 11:00 a.m., London time, on the date on which it is to be determined;
| |
| :(z) “'''{{gmraprov|Margin Ratio}}'''”, with respect to a {{gmraprov|Transaction}}, the {{gmraprov|Market Value}} of the {{gmraprov|Purchased Securities}} at the time when the {{gmraprov|Transaction}} was entered into divided by the {{gmraprov|Purchase Price}} (and so that, where a {{gmraprov|Transaction}} relates to {{gmraprov|Securities}} of different descriptions and the {{gmraprov|Purchase Price}} is apportioned by the parties among {{gmraprov|Purchased Securities}} of each such description, a separate {{gmraprov|Margin Ratio}} shall apply in respect of {{gmraprov|Securities}} of each such description), or such other proportion as the parties may agree with respect to that {{gmraprov|Transaction}};
| |
| :(aa) “'''{{gmraprov|Margin Securities}}'''”, in relation to a {{gmraprov|Margin Transfer}}, {{gmraprov|Securities}} reasonably acceptable to the party calling for such {{gmraprov|Margin Transfer}};
| |
| :(bb) “'''{{gmraprov|Margin Transfer}}'''”, any, or any combination of, the payment or repayment of {{gmraprov|Cash Margin}} and the transfer of {{gmraprov|Margin Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}};
| |
| :(cc) “'''{{gmraprov|Market Value}}'''”, with respect to any {{gmraprov|Securities}} as of any time on any date, the price for such {{gmraprov|Securities}} at such time on such date obtained from a generally recognised source agreed to by the parties (and where different prices are obtained for different delivery dates, the price so obtainable for the earliest available such delivery date) (provided that the price of {{gmraprov|Securities}} that are suspended shall (for the purposes of paragraph {{gmraprov|4}}) be nil unless the parties otherwise agree and (for all other purposes) shall be the price of those {{gmraprov|Securities}} as of close of business on the dealing day in the relevant market last preceding the date of suspension) plus the aggregate amount of {{gmraprov|Income}} which, as of such date, has accrued but not yet been paid in respect of the {{gmraprov|Securities}} to the extent not included in such price as of such date, and for these purposes any sum in a currency other than the {{gmraprov|Contractual Currency}} for the {{gmraprov|Transaction}} in question shall be converted into such {{gmraprov|Contractual Currency}} at the {{gmraprov|Spot Rate}} prevailing at the relevant time;
| |
| :(dd) “'''{{gmraprov|Net Exposure}}'''”, the meaning specified in paragraph {{gmraprov|4(c)}};
| |
| :(ee) the “Net Margin” provided to a {{gmraprov|Party A}}t any time, the excess (if any) at that time of (i) the sum of the amount of {{gmraprov|Cash Margin}} paid to that party (including accrued interest on such {{gmraprov|Cash Margin}} which has not been paid to the other party) and the {{gmraprov|Market Value}} of {{gmraprov|Margin Securities}} transferred to that party under paragraph {{gmraprov|4(a)}} (excluding any {{gmraprov|Cash Margin}} which has been repaid to the other {{gmraprov|Party A}}nd any {{gmraprov|Margin Securities}} in respect of which {{gmraprov|Equivalent {{gmraprov|Margin Securities}} have been transferred to the other party) over (ii) the sum of the amount of {{gmraprov|Cash Margin}} paid to the other party (including accrued interest on such {{gmraprov|Cash Margin}} which has not been paid by the other party) and the {{gmraprov|Market Value}} of {{gmraprov|Margin Securities}} transferred to the other party under paragraph {{gmraprov|4(a)}} (excluding any {{gmraprov|Cash Margin}} which has been repaid by the other {{gmraprov|Party A}}nd any {{gmraprov|Margin Securities}} in respect of which {{gmraprov|Equivalent {{gmraprov|Margin Securities}} have been transferred by the other party) and for this purpose any amounts not denominated in the {{gmraprov|Base Currency}} shall be converted into the {{gmraprov|Base Currency}} at the {{gmraprov|Spot Rate}} prevailing at the relevant time;
| |
| :(ff) “'''{{gmraprov|Net Paying Securities}}'''”, {{gmraprov|Securities}} which are of a kind such that, were they to be the subject of a {{gmraprov|Transaction}} to which paragraph {{gmraprov|5}} applies, any payment made by {{gmraprov|Buyer}} under paragraph {{gmraprov|5}} would be one in respect of which either {{gmraprov|Buyer}} would or might be required to make a withholding or deduction for or on account of taxes or duties or {{gmraprov|Seller}} might be required to make or account for a payment for or on account of taxes or duties (in each case other than tax on overall net income) by reference to such payment;
| |
| :(gg) “'''{{gmraprov|Net Value}}'''”, the meaning specified in paragraph {{gmraprov|10}};
| |
| :(hh) “'''{{gmraprov|New {{gmraprov|Purchased Securities}}'''”, the meaning specified in paragraph {{gmraprov|8(a)}};
| |
| :(ii) “'''{{gmraprov|Price Differential}}'''”, with respect to any {{gmraprov|Transaction}} as of any date, the aggregate amount obtained by daily application of the {{gmraprov|Pricing Rate}} for such {{gmraprov|Transaction}} to the {{gmraprov|Purchase Price}} for such {{gmraprov|Transaction}} (on a 360 day basis or 365 day basis in accordance with the applicable ISMA convention, unless otherwise agreed between the parties for the {{gmraprov|Transaction}}), for the actual number of days during the period commencing on (and including) the {{gmraprov|Purchase Date}} for such {{gmraprov|Transaction}} and ending on (but excluding) the date of calculation or, if earlier, the {{gmraprov|Repurchase Date}};
| |
| :(jj) “'''{{gmraprov|Pricing Rate}}'''”, with respect to any {{gmraprov|Transaction}}, the per annum percentage rate for calculation of the {{gmraprov|Price Differential}} agreed to by {{gmraprov|Buyer}} and {{gmraprov|Seller}} in relation to that {{gmraprov|Transaction}};
| |
| :(kk) “'''{{gmraprov|Purchase Date}}'''”, with respect to any {{gmraprov|Transaction}}, the date on which {{gmraprov|Purchased Securities}} are to be sold by {{gmraprov|Seller}} to {{gmraprov|Buyer}} in relation to that {{gmraprov|Transaction}};
| |
| :(ll) “'''{{gmraprov|Purchase Price}}'''”, on the {{gmraprov|Purchase Date}}, the price at which {{gmraprov|Purchased Securities}} are sold or are to be sold by {{gmraprov|Seller}} to {{gmraprov|Buyer}};
| |
| :(mm) “'''{{gmraprov|Purchased Securities}}'''”, with respect to any {{gmraprov|Transaction}}, the {{gmraprov|Securities}} sold or to be sold by {{gmraprov|Seller}} to {{gmraprov|Buyer}} under that {{gmraprov|Transaction}}, and any {{gmraprov|New {{gmraprov|Purchased Securities}} transferred by {{gmraprov|Seller}} to {{gmraprov|Buyer}} under paragraph {{gmraprov|8}} in respect of that {{gmraprov|Transaction}};
| |
| :(nn) “'''{{gmraprov|Receivable Securities}}'''”, the meaning specified in paragraph {{gmraprov|10}};
| |
| :(oo) “'''{{gmraprov|Repurchase Date}}'''”, with respect to any {{gmraprov|Transaction}}, the date on which {{gmraprov|Buyer}} is to sell {{gmraprov|Equivalent Securities}} to {{gmraprov|Seller}} in relation to that {{gmraprov|Transaction}};
| |
| :(pp) “'''{{gmraprov|Repurchase Price}}'''”, with respect to any {{gmraprov|Transaction}} and as of any date, the sum of the {{gmraprov|Purchase Price}} and the {{gmraprov|Price Differential}} as of such date;
| |
| :(qq) “'''{{gmraprov|Special Default Notice}}'''”, the meaning specified in paragraph {{gmraprov|14}};
| |
| :(rr) “'''{{gmraprov|Spot Rate}}'''”, where an amount in one currency is to be converted into a second currency on any date, unless the parties otherwise agree, the spot rate of exchange quoted by Barclays Bank PLC in the London inter bank market for the sale by it of such second currency against a purchase by it of such first currency;
| |
| :(ss) “'''{{gmraprov|TARGET}}'''”, the Trans European Automated Real time Gross Settlement Express Transfer System;
| |
| :(tt) “'''{{gmraprov|Term}}'''”, with respect to any {{gmraprov|Transaction}}, the interval of time commencing with the {{gmraprov|Purchase Date}} and ending with the {{gmraprov|Repurchase Date}};
| |
| :(uu) “'''{{gmraprov|Termination}}'''”, with respect to any {{gmraprov|Transaction}}, refers to the requirement with respect to such {{gmraprov|Transaction}} for {{gmraprov|Buyer}} to sell {{gmraprov|Equivalent Securities}} against payment by {{gmraprov|Seller}} of the {{gmraprov|Repurchase Price}} in accordance with paragraph {{gmraprov|3(f)}}, and reference to a {{gmraprov|Transaction}} having a “fixed term” or being “terminable upon demand” shall be construed accordingly;
| |
| :(vv) “'''{{gmraprov|Transaction Costs}}'''”, the meaning specified in paragraph {{gmraprov|10}};
| |
| :(ww) “'''{{gmraprov|Transaction Exposure}}'''”, with respect to any {{gmraprov|Transaction}} at any time during the period from the {{gmraprov|Purchase Date}} to the {{gmraprov|Repurchase Date}} (or, if later, the date on which {{gmraprov|Equivalent Securities}} are delivered to {{gmraprov|Seller}} or the {{gmraprov|Transaction}} is terminated under paragraph {{gmraprov|10(g)}} or {{gmraprov|10(h)}}), the difference between (i) the {{gmraprov|Repurchase Price}} at such time multiplied by the applicable {{gmraprov|Margin Ratio}} (or, where the {{gmraprov|Transaction}} relates to {{gmraprov|Securities}} of more than one description to which different {{gmraprov|Margin Ratio}}s apply, the amount produced by multiplying the {{gmraprov|Repurchase Price}} attributable to {{gmraprov|Equivalent Securities}} of each such description by the applicable {{gmraprov|Margin Ratio}} and aggregating the resulting amounts, the {{gmraprov|Repurchase Price}} being for this purpose attributed to {{gmraprov|Equivalent Securities}} of each such description in the same proportions as those in which the {{gmraprov|Purchase Price}} was apportioned among the {{gmraprov|Purchased Securities}}) and (ii) the {{gmraprov|Market Value}} of {{gmraprov|Equivalent Securities}} at such time. If (i) is greater than (ii), {{gmraprov|Buyer}} has a {{gmraprov|Transaction Exposure}} for that {{gmraprov|Transaction}} equal to that excess. If (ii) is greater than (i), {{gmraprov|Seller}} has a {{gmraprov|Transaction Exposure}} for that {{gmraprov|Transaction}} equal to that excess; and
| |
| :(xx) except in paragraphs {{gmraprov|14(b)(i)}} and {{gmraprov|18}}, references in this {{gmraprov|Agreement}} to “written” communications and communications “in writing” include communications made through any electronic system agreed between the parties which is capable of reproducing such communication in hard copy form.<br>
| |
| '''{{gmraprov|3}}. {{gmraprov|Initiation; Confirmation; Termination}}'''<br> | | '''{{gmraprov|3}}. {{gmraprov|Initiation; Confirmation; Termination}}'''<br> |
| :(a) A {{gmraprov|Transaction}} may be entered into orally or in writing at the initiation of either {{gmraprov|Buyer}} or {{gmraprov|Seller}}.<br> | | :(a) A {{gmraprov|Transaction}} may be entered into orally or in writing at the initiation of either {{gmraprov|Buyer}} or {{gmraprov|Seller}}.<br> |