GMRA wikitext: Difference between revisions

:(d) To the extent that a party calling for a {{gmraprov|Margin Transfer}} has previously paid {{gmraprov|Cash Margin}} which has not been repaid or delivered {{gmraprov|Margin Securities}} in respect of which {{gmraprov|Equivalent {{gmraprov|Margin Securities}} have not been delivered to it, that party shall be entitled to require that such {{gmraprov|Margin Transfer}} be satisfied first by the repayment of such {{gmraprov|Cash Margin}} or the delivery of {{gmraprov|Equivalent {{gmraprov|Margin Securities}} but, subject to this, the composition of a {{gmraprov|Margin Transfer}} shall be at the option of the party making such {{gmraprov|Margin Transfer}}.<br>

:(g)    Where {{gmraprov|Seller}} or {{gmraprov|Buyer}} becomes obliged under sub paragraph {{gmraprov|4(a)}} above to make a {{gmraprov|Margin Transfer}}, it shall transfer {{gmraprov|Cash Margin}} or {{gmraprov|Margin Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} within the minimum period specified in Annex I hereto or, if no period is there specified, such minimum period as is customarily required for the settlement or delivery of money, {{gmraprov|Margin Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} of the relevant kind.<br>

:(i) that {{gmraprov|Transaction}} shall not be taken into account when calculating whether either party has a {{gmraprov|Net Exposure}};

:(i) the {{gmraprov|Repurchase Date}} under the relevant {{gmraprov|Transaction}} (the “original {{gmraprov|Transaction}}”) shall be [[deemed]] to occur on the date on which the repricing is to be effected (the “Repricing Date”);

:(ii) the parties shall be [[deemed]] to have entered into a new {{gmraprov|Transaction}} (the “Repriced {{gmraprov|Transaction}}”) on the terms set out in (iii) to (vi) below;

:(iii) the {{gmraprov|Purchased Securities}} under the Repriced {{gmraprov|Transaction}} shall be {{gmraprov|Securities}} {{gmraprov|equivalent}} to the {{gmraprov|Purchased Securities}} under the Original {{gmraprov|Transaction}};

:(iv) the {{gmraprov|Purchase Date}} under the Repriced {{gmraprov|Transaction}} shall be the Repricing Date;

:(v) the {{gmraprov|Purchase Price}} under the Repriced {{gmraprov|Transaction}} shall be such amount as shall, when multiplied by the {{gmraprov|Margin Ratio}} applicable to the Original {{gmraprov|Transaction}}, be equal to the {{gmraprov|Market Value}} of such {{gmraprov|Securities}} on the Repricing Date;

:(vi) the {{gmraprov|Repurchase Date}}, the {{gmraprov|Pricing Rate}}, the {{gmraprov|Margin Ratio}} and, subject as aforesaid, the other terms of the Repriced {{gmraprov|Transaction}} shall be identical to those of the Original {{gmraprov|Transaction}};

:(i) the Original {{gmraprov|Transaction}} shall be terminated on the Adjustment Date on such terms as the parties shall agree on or before the Adjustment Date;

:(ii) the {{gmraprov|Purchased Securities}} under the Replacement {{gmraprov|Transaction}} shall be such {{gmraprov|Securities}} as the parties shall agree on or before the Adjustment Date (being {{gmraprov|Securities}} the aggregate {{gmraprov|Market Value}} of which at the Adjustment Date is substantially equal to the {{gmraprov|Repurchase Price}} under the Original {{gmraprov|Transaction}} at the Adjustment Date multiplied by the {{gmraprov|Margin Ratio}} applicable to the Original {{gmraprov|Transaction}});

:(iii) the {{gmraprov|Purchase Date}} under the Replacement {{gmraprov|Transaction}} shall be the Adjustment Date;

:(i) where the {{gmraprov|Term}} of a particular {{gmraprov|Transaction}} extends over an {{gmraprov|Income}} Payment Date in respect of any {{gmraprov|Securities}} subject to that {{gmraprov|Transaction}}, {{gmraprov|Buyer}} shall on the date such {{gmraprov|Income}} is paid by the issuer transfer to or credit to the account of {{gmraprov|Seller}} an amount equal to (and in the same currency as) the amount paid by the issuer;

:(ii) where {{gmraprov|Margin Securities}} are transferred from one party (“the {{gmraprov|first party}}”) to the other party (“the second party”) and an {{gmraprov|Income}} Payment Date in respect of such {{gmraprov|Securities}} occurs before {{gmraprov|Equivalent Margin Securities}} are transferred by the second party to the {{gmraprov|first party}}, the second party shall on the date such {{gmraprov|Income}} is paid by the issuer transfer to or credit to the account of the {{gmraprov|first party}} an amount equal to (and in the same currency as) the amount paid by the issuer;

:(f) Notwithstanding the use of expressions such as “'''{{gmraprov|Repurchase Date}}'''”, “'''{{gmraprov|Repurchase Price}}'''”, “margin”, “Net Margin”, “'''{{gmraprov|Margin Ratio}}'''” and “substitution”, which are used to reflect terminology used in the market for {{gmraprov|Transaction}}s of the kind provided for in this {{gmraprov|Agreement}}, all right, title and interest in and to {{gmraprov|Securities}} and money transferred or paid under this {{gmraprov|Agreement}} shall pass to the transferee upon transfer or payment, the obligation of the party receiving {{gmraprov|Purchased Securities}} or {{gmraprov|Margin Securities}} being an obligation to transfer {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}}.<br>

:(a) A {{gmraprov|Transaction}} may at any time between the {{gmraprov|Purchase Date}} and {{gmraprov|Repurchase Date}}, if {{gmraprov|Seller}} so requests and {{gmraprov|Buyer}} so agrees, be varied by the transfer by {{gmraprov|Buyer}} to {{gmraprov|Seller}} of {{gmraprov|Securities}} {{gmraprov|equivalent}} to the {{gmraprov|Purchased Securities}}, or to such of the {{gmraprov|Purchased Securities}} as shall be agreed, in exchange for the transfer by {{gmraprov|Seller}} to {{gmraprov|Buyer}} of other {{gmraprov|Securities}} of such amount and description as shall be agreed (“'''{{gmraprov|New {{gmraprov|Purchased Securities}}'''”) (being {{gmraprov|Securities}} having a {{gmraprov|Market Value}} at the date of the variation at least equal to the {{gmraprov|Market Value}} of the {{gmraprov|Equivalent Securities}} transferred to {{gmraprov|Seller}}).<br>

:(b) Any variation under sub paragraph {{gmraprov|8(a)}} above shall be effected, subject to paragraph {{gmraprov|6(d), by the simultaneous transfer of the {{gmraprov|Equivalent Securities}} and {{gmraprov|New {{gmraprov|Purchased Securities}} concerned.<br>

:(c) A {{gmraprov|Transaction}} which is varied under sub paragraph {{gmraprov|8(a)}} above shall thereafter continue in effect as though the {{gmraprov|Purchased Securities}} under that {{gmraprov|Transaction}} consisted of or included the {{gmraprov|New {{gmraprov|Purchased Securities}} instead of the {{gmraprov|Securities}} in respect of which {{gmraprov|Equivalent Securities}} have been transferred to {{gmraprov|Seller}}.<br>

:(d) Where either party has transferred {{gmraprov|Margin Securities}} to the other party it may at any time before {{gmraprov|Equivalent {{gmraprov|Margin Securities}} are transferred to it under paragraph {{gmraprov|4}} request the other party to transfer {{gmraprov|Equivalent {{gmraprov|Margin Securities}} to it in exchange for the transfer to the other party of new {{gmraprov|Margin Securities}} having a {{gmraprov|Market Value}} at the time of transfer at least equal to that of such {{gmraprov|Equivalent {{gmraprov|Margin Securities}}. If the other {{gmraprov|Party A}}grees to the request, the exchange shall be effected, subject to paragraph {{gmraprov|6(d)}}, by the simultaneous transfer of the {{gmraprov|Equivalent {{gmraprov|Margin Securities}} and new {{gmraprov|Margin Securities}} concerned. Where either or both of such transfers is or are effected through a settlement system in circumstances which under the rules and procedures of that settlement system give rise to a payment by or for the account of one party to or for the account of the other party, the parties shall cause such payment or payments to be made outside that settlement system, for value the same day as the payments made through that settlement system, as shall ensure that the exchange of {{gmraprov|Equivalent {{gmraprov|Margin Securities}} and new {{gmraprov|Margin Securities}} effected under this sub paragraph does not give rise to any net payment of cash by either party to the other.<br>

:(a) it is duly authorised to execute and deliver this {{gmraprov|Agreement}}, to enter into the {{gmraprov|Transaction}}s contemplated hereunder and to perform its obligations hereunder and thereunder and has taken all necessary action to authorise such execution, delivery and performance;

:(b) it will engage in this {{gmraprov|Agreement}} and the {{gmraprov|Transaction}}s contemplated hereunder (other than {{gmraprov|Agency Transaction}}s) as principal;

:(c) the person signing this {{gmraprov|Agreement}} on its behalf is, and any person representing it in entering into a {{gmraprov|Transaction}} will be, duly authorised to do so on its behalf;

:(d) it has obtained all authorisations of any governmental or regulatory body required in connection with this {{gmraprov|Agreement}} and the {{gmraprov|Transaction}}s contemplated hereunder and such authorisations are in full force and effect;

:(e) the execution, delivery and performance of this {{gmraprov|Agreement}} and the {{gmraprov|Transaction}}s contemplated hereunder will not violate any law, ordinance, charter, by law or rule applicable to it or any agreement by which it is bound or by which any of its assets are affected;

:(f) it has satisfied itself and will continue to satisfy itself as to the tax implications of the {{gmraprov|Transaction}}s contemplated hereunder;

:(i) unless there is a written agreement with the other party to the contrary, it is not relying on any advice (whether written or oral) of the other party, other than the representations expressly set out in this {{gmraprov|Agreement}};

:(ii) it has made and will make its own decisions regarding the entering into of any {{gmraprov|Transaction}} based upon its own judgment and upon advice from such professional advisers as it has [[deemed]] it necessary to consult;

On the date on which any {{gmraprov|Transaction}} is entered into pursuant hereto, and on each day on which {{gmraprov|Securities}}, {{gmraprov|Equivalent Securities}}, {{gmraprov|Margin Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} are to be transferred under any {{gmraprov|Transaction}}, {{gmraprov|Buyer}} and {{gmraprov|Seller}} shall each be [[deemed]] to repeat all the foregoing representations. For the avoidance of doubt and notwithstanding any arrangements which {{gmraprov|Seller}} or {{gmraprov|Buyer}} may have with any third party, each party will be liable as a principal for its obligations under this {{gmraprov|Agreement}} and each {{gmraprov|Transaction}}.<br>

:(b) The {{gmraprov|Repurchase Date}} for each {{gmraprov|Transaction}} hereunder shall be [[deemed]] immediately to occur and, subject to the  following provisions, all {{gmraprov|Cash Margin}} (including interest accrued) shall be immediately repayable and {{gmraprov|Equivalent {{gmraprov|Margin Securities}} shall be immediately deliverable (and so that, where this sub paragraph applies, performance of the respective obligations of the parties with respect to the delivery of {{gmraprov|Securities}}, the payment of the {{gmraprov|Repurchase Price}}s for any {{gmraprov|Equivalent Securities}} and the repayment of any {{gmraprov|Cash Margin}} shall be effected only in accordance with the provisions of sub paragraph {{gmraprov|10(c)}} below).<br>

:(i) The {{gmraprov|Default Market Value}}s of the {{gmraprov|Equivalent Securities}} and any {{gmraprov|Equivalent {{gmraprov|Margin Securities}} to be transferred, the amount of any {{gmraprov|Cash Margin}} (including the amount of interest accrued) to be transferred and the {{gmraprov|Repurchase Price}}s to be paid by each party shall be established by the {{gmraprov|non-Defaulting Party}} for all {{gmraprov|Transaction}}s as at the {{gmraprov|Repurchase Date}}; and

:(ii) on the basis of the sums so established, an account shall be taken (as at the {{gmraprov|Repurchase Date}}) of what is due from each party to the other under this {{gmraprov|Agreement}} (on the basis that each party's claim against the other in respect of the transfer to it of {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} under this {{gmraprov|Agreement}} equals the {{gmraprov|Default Market Value}} therefor) and the sums due from one party shall be set off against the sums due from the other and only the balance of the account shall be payable (by the party having the claim valued at the lower amount pursuant to the foregoing) and such balance shall be due and payable on the next following {{gmraprov|Business Day}}. For the purposes of this calculation, all sums not denominated in the {{gmraprov|Base Currency}} shall be converted into the {{gmraprov|Base Currency}} on the relevant date at the {{gmraprov|Spot Rate}} prevailing at the relevant time.<br>

:(d) For the purposes of this {{gmraprov|Agreement}}, the “'''{{gmraprov|Default Market Value}}'''” of any {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} shall be determined in accordance with sub paragraph {{gmraprov|(e) below, and for this purpose   

:(i) the “'''{{gmraprov|Appropriate Market}}'''” means, in relation to {{gmraprov|Securities}} of any description, the market which is the most {{gmraprov|Appropriate Market}} for {{gmraprov|Securities}} of that description, as determined by the non {{gmraprov|Defaulting Party}};

:(ii) the “'''{{gmraprov|Default Valuation Time}}'''” means, in relation to an {{gmraprov|Event of Default}}, the close of business in the {{gmraprov|Appropriate Market}} on the fifth dealing day after the day on which that {{gmraprov|Event of Default}} occurs or, where that {{gmraprov|Event of Default}} is the occurrence of an {{gmraprov|Act of Insolvency}} in respect of which under paragraph {{gmraprov|10(a)}} no notice is required from the {{gmraprov|non-Defaulting Party}} in order for such event to constitute an {{gmraprov|Event of Default}}, the close of business on the fifth dealing day after the day on which the {{gmraprov|non-Defaulting Party}} first became aware of the occurrence of such {{gmraprov|Event of Default}};  

:(iii) “'''{{gmraprov|Deliverable Securities}}'''” means {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} to be delivered by the {{gmraprov|Defaulting Party}};

:(iv) “'''{{gmraprov|Net Value}}'''” means at any time, in relation to any {{gmraprov|Deliverable Securities}} or {{gmraprov|Receivable Securities}}, the amount which, in the reasonable opinion of the non {{gmraprov|Defaulting Party}}, represents their fair market value, having regard to such pricing sources and methods (which may include, [[without limitation]], available prices for {{gmraprov|Securities}} with similar maturities, terms and credit characteristics as the relevant {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}}) as the {{gmraprov|non-Defaulting Party}} considers appropriate, less, in the case of {{gmraprov|Receivable Securities}}, or plus, on the case of {{gmraprov|Deliverable Securities}}, all {{gmraprov|Transaction Costs}} which would be incurred in connection with the purchase or sale of such {{gmraprov|Securities}};

:(v) “'''{{gmraprov|Receivable Securities}}'''” means {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} to be delivered to the {{gmraprov|Defaulting Party}}; and

:(vi) “'''{{gmraprov|Transaction Costs}}'''” in relation to any {{gmraprov|Transaction}} contemplated in paragraph {{gmraprov|10(d)}} or {{gmraprov|10(e)}} means the reasonable costs, commission, fees and expenses (including any mark up or mark down) that would be incurred in connection with the purchase of {{gmraprov|Deliverable Securities}} or sale of {{gmraprov|Receivable Securities}}, calculated on the assumption that the aggregate thereof is the least that could reasonably be expected to be paid in order to carry out the {{gmraprov|Transaction}};

:(A) states that, since the occurrence of the relevant {{gmraprov|Event of Default}}, the {{gmraprov|non-Defaulting Party}} has sold, in the case of {{gmraprov|Receivable Securities}}, or purchased, in the case of {{gmraprov|Deliverable Securities}}, {{gmraprov|Securities}} which form part of the same issue and are of an identical type and description as those {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}}, and that the {{gmraprov|non-Defaulting Party}} elects to treat as the {{gmraprov|Default Market Value}}   

:(aa) in the case of {{gmraprov|Receivable Securities}}, the net proceeds of such sale after deducting all reasonable costs, fees and expenses incurred in connection therewith (provided that, where the {{gmraprov|Securities}} sold are not identical in amount to the {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}}, the {{gmraprov|non-Defaulting Party}} may either (x) elect to treat such net proceeds of sale divided by the amount of {{gmraprov|Securities}} sold and multiplied by the amount of the {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} as the {{gmraprov|Default Market Value}} or (y) elect to treat such net proceeds of sale of the {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} actually sold as the {{gmraprov|Default Market Value}} of that proportion of the {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}}, and, in the case of (y), the {{gmraprov|Default Market Value}} of the balance of the {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} shall be determined separately in accordance with the provisions of this paragraph 10(e)}} and accordingly may be the subject of a separate notice (or notices) under this paragraph 10(e)(i)}}; or

:(bb) in the case of {{gmraprov|Deliverable Securities}}, the aggregate cost of such purchase, including all reasonable costs, fees and expenses incurred in connection therewith (provided that, where the {{gmraprov|Securities}} purchased are not identical in amount to the {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}}, the {{gmraprov|non-Defaulting Party}} may either (x) elect to treat such aggregate cost divided by the amount of {{gmraprov|Securities}} sold and multiplied by the amount of the {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} as the {{gmraprov|Default Market Value}} or (y) elect to treat the aggregate cost of purchasing the {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} actually purchased as the {{gmraprov|Default Market Value}} of that proportion of the {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}}, and, in the case of (y), the {{gmraprov|Default Market Value}} of the balance of the {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} shall be determined separately in accordance with the provisions of this paragraph 10(e)}}  and accordingly may be the subject of a separate notice (or notices) under this paragraph 10(e)(i)}}'''<br>

:(aa) the price or prices quoted by each of them for, in the case of {{gmraprov|Deliverable Securities}}, the sale by the relevant market marker or dealer of such {{gmraprov|Securities}} or, in the case of {{gmraprov|Receivable Securities}}, the purchase by the relevant market maker or dealer of such {{gmraprov|Securities}};

:(cc)  that the {{gmraprov|non-Defaulting Party}} elects to treat the price so quoted (or, where more than one price is so quoted, the arithmetic mean of the prices so quoted), after deducting, in the case of {{gmraprov|Receivable Securities}}, or adding, in the case of {{gmraprov|Deliverable Securities}}, such {{gmraprov|Transaction Costs}}, as the {{gmraprov|Default Market Value}} of the relevant {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}};  

:(bb) that the {{gmraprov|non-Defaulting Party}} has determined the {{gmraprov|Net Value}} of the relevant {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} (which shall be specified) and that the {{gmraprov|non-Defaulting Party}} elects to treat such {{gmraprov|Net Value}} as the {{gmraprov|Default Market Value}} of the relevant {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}}, then the {{gmraprov|Default Market Value}} of the relevant {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} shall be an amount equal to the {{gmraprov|Default Market Value}} specified in accordance with (A), (B)(cc) or, as the case may be, (C)(bb) above.<br>

:(ii) If by the {{gmraprov|Default Valuation Time}} the {{gmraprov|non-Defaulting Party}} has not given a {{gmraprov|Default Valuation Notice}}, the {{gmraprov|Default Market Value}} of the relevant {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} shall be an amount equal to their {{gmraprov|Net Value}} at the {{gmraprov|Default Valuation Time}}; provided that, if at the {{gmraprov|Default Valuation Time}} the {{gmraprov|non-Defaulting Party}} reasonably determines that, owing to circumstances affecting the market in the {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} in question, it is not possible for the {{gmraprov|non-Defaulting Party}} to determine a {{gmraprov|Net Value}} of such {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} which is commercially reasonable, the {{gmraprov|Default Market Value}} of such {{gmraprov|Equivalent Securities}} or {{gmraprov|Equivalent {{gmraprov|Margin Securities}} shall be an amount equal to their {{gmraprov|Net Value}} as determined by the {{gmraprov|non-Defaulting Party}} as soon as reasonably practicable after the {{gmraprov|Default Valuation Time}}.<br>

:(i) if it has paid the {{gmraprov|Purchase Price}} to {{gmraprov|Seller}}, require {{gmraprov|Seller}} immediately to repay the sum so paid;

:(ii) if {{gmraprov|Buyer}} has a {{gmraprov|Transaction Exposure}} to {{gmraprov|Seller}} in respect of the relevant {{gmraprov|Transaction}}, require {{gmraprov|Seller}} from time to time to pay {{gmraprov|Cash Margin}} at least equal to such {{gmraprov|Transaction Exposure}};

:(i) if it has paid the {{gmraprov|Repurchase Price}} to {{gmraprov|Buyer}}, require {{gmraprov|Buyer}} immediately to repay the sum so paid;

:(ii) if {{gmraprov|Seller}} has a {{gmraprov|Transaction Exposure}} to {{gmraprov|Buyer}} in respect of the relevant {{gmraprov|Transaction}}, require {{gmraprov|Buyer}} from time to time to pay {{gmraprov|Cash Margin}} at least equal to such {{gmraprov|Transaction Exposure}};

:(iii) at any time while such failure continues, by written notice to {{gmraprov|Buyer}} declare that that {{gmraprov|Transaction}} (but only that {{gmraprov|Transaction}}) shall be terminated immediately in accordance with sub paragraph {{gmraprov|10(c)}} above (disregarding for this purpose references in that sub paragraph {{gmraprov|to transfer of {{gmraprov|Cash Margin}} and delivery of {{gmraprov|Equivalent {{gmraprov|Margin Securities}} and as if references to the {{gmraprov|Repurchase Date}} were to the date on which notice was given under this sub¬paragraph).<br>

:(i) shall be in the English language, and except where expressly otherwise provided in this {{gmraprov|Agreement}}, shall be in writing;

:(ii) may be given in any manner described in sub paragraphs {{gmraprov|14(b)}} and {{gmraprov|14(c)}} below;

:(i) if in writing and delivered in person or by courier, at the time when it is delivered;

:(ii) if sent by [[telex]], at the time when the recipient's answerback is received;

:(iii) if sent by facsimile transmission, at the time when the transmission is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender's facsimile machine);

:(iv) if sent by certified or registered mail (airmail, if overseas) or the {{gmraprov|equivalent}} (return receipt requested), at the time when that mail is delivered or its delivery is attempted;

:(aa) specifies the relevant event referred to in paragraph {{gmraprov|10(a)}} which has occurred in relation to the {{gmraprov|Defaulting Party}};

:(bb) states that the non {{gmraprov|Defaulting Party}}, having made all practicable efforts to do so, including having attempted to use at least two of the methods specified in sub paragraph {{gmraprov|14(b)}}(ii), (iii) or (v), has been unable to serve a {{gmraprov|Default Notice}} by one of the methods specified in those sub paragraphs (or such of those methods as are normally used by the {{gmraprov|non-Defaulting Party}} when communicating with the {{gmraprov|Defaulting Party}});