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| '''{{gmraprov|21}}. {{gmraprov|Third Party Rights}} '''<br> | | '''{{gmraprov|21}}. {{gmraprov|Third Party Rights}} '''<br> |
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| | <big>[[2000 Global Master Repurchase Agreement|2000 VERSION TBMA/ISMA GLOBAL MASTER REPURCHASE AGREEMENT]]</big> |
| | Dated as of: <br> |
| | Between:<br> |
| | (“'''{{gmraprov|Party A}}'''”) and (“'''{{gmraprov|Party B}}'''”) |
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| {{GMRA 2000 1}} | | {{GMRA 2000 1}} |
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| {{GMRA 2000 20}} | | {{GMRA 2000 20}} |
| {{GMRA 2000 21}} | | {{GMRA 2000 21}} |
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| 2000 VERSION TBMA/ISMA GLOBAL MASTER REPURCHASE AGREEMENT
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| Dated as of Between:
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| (“'''{{gmraprov|Party A}}'''”) and (“'''{{gmraprov|Party B}}'''”)
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| '''{{gmraprov|4}}. {{gmraprov|Margin Maintenance}}'''<br>
| | {{GMRA 2000 Annex II}} |
| :(a) If at any time either party has a {{gmraprov|Net Exposure}} in respect of the other party it may by notice to the other party require the other party to make a {{gmraprov|Margin Transfer}} to it of an aggregate amount or value at least equal to that {{gmraprov|Net Exposure}}.<br>
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| :(b) A notice under sub paragraph {{gmraprov|4(a)}} above may be given orally or in writing.<br>
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| :(c) For the purposes of this {{gmraprov|Agreement}} a party has a {{gmraprov|Net Exposure}} in respect of the other party if the aggregate of all the {{gmraprov|first party}}'s {{gmraprov|Transaction Exposure}}s plus any amount payable to the {{gmraprov|first party}} under paragraph {{gmraprov|5}} but unpaid less the amount of any Net Margin provided to the {{gmraprov|first party}} exceeds the aggregate of all the other party's {{gmraprov|Transaction Exposure}}s plus any amount payable to the other party under paragraph {{gmraprov|5}} but unpaid less the amount of any Net Margin provided to the other party; and the amount of the {{gmraprov|Net Exposure}} is the amount of the excess. 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.<br>
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| :(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 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 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>
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| :(e) Any {{gmraprov|Cash Margin}} transferred shall be in the {{gmraprov|Base Currency}} or such other currency as the parties may agree.<br>
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| :(f) A payment of {{gmraprov|Cash Margin}} shall give rise to a debt owing from the party receiving such payment to the party making such payment. Such debt shall bear interest at such rate, payable at such times, as may be specified in Annex I hereto in respect of the relevant currency or otherwise agreed between the parties, and shall be repayable subject to the terms of this {{gmraprov|Agreement}}.<br>
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| :(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 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 Margin Securities}} of the relevant kind.<br>
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| :(h) The parties may agree that, with respect to any {{gmraprov|Transaction}}, the provisions of sub¬paragraphs {{gmraprov|4(a)}} to {{gmraprov|4(g)}} above shall not apply but instead that margin may be provided separately in respect of that {{gmraprov|Transaction}} in which case
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| :(i) that {{gmraprov|Transaction}} shall not be taken into account when calculating whether either party has a {{gmraprov|Net Exposure}}; <br>
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| :(ii) margin shall be provided in respect of that {{gmraprov|Transaction}} in such manner as the parties may agree; and
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| :(iii) margin provided in respect of that {{gmraprov|Transaction}} shall not be taken into account for the purposes of sub paragraphs {{gmraprov|4(a)}} to {{gmraprov|4(g)}} above.<br>
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| :(i) The parties may agree that any {{gmraprov|Net Exposure}} which may arise shall be eliminated not by {{gmraprov|Margin Transfer}}s under the preceding provisions of this paragraph but by the repricing of {{gmraprov|Transaction}}s under sub paragraph {{gmraprov|4(j)}} below, the adjustment of {{gmraprov|Transaction}}s under sub paragraph {{gmraprov|4(k)}} below or a combination of both these methods.<br>
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| :(j) Where the parties agree that a {{gmraprov|Transaction}} is to be repriced under this sub paragraph, such repricing shall be effected as follows
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| :(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”); <br>
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| :(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; <br>
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| :(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}}; <br>
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| :(iv) the {{gmraprov|Purchase Date}} under the Repriced {{gmraprov|Transaction}} shall be the Repricing Date; <br>
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| :(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; <br>
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| :(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}}; <br>
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| :(vii) the obligations of the parties with respect to the delivery of the {{gmraprov|Purchased Securities}} and the payment of the {{gmraprov|Purchase Price}} under the Repriced {{gmraprov|Transaction}} shall be set off against their obligations with respect to the delivery of {{gmraprov|Equivalent Securities}} and payment of the {{gmraprov|Repurchase Price}} under the Original {{gmraprov|Transaction}} and accordingly only a net cash sum shall be paid by one party to the other. Such net cash sum shall be paid within the period specified in sub paragraph {{gmraprov|4(g)}} above.<br>
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| :(k) The adjustment of a {{gmraprov|Transaction}} (the “Original {{gmraprov|Transaction}}”) under this sub paragraph shall be effected by the parties agreeing that on the date on which the adjustment is to be made (the “Adjustment Date”) the Original {{gmraprov|Transaction}} shall be terminated and they shall enter into a new {{gmraprov|Transaction}} (the “Replacement {{gmraprov|Transaction}}”) in accordance with the following provisions
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| :(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; <br>
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| :(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}}); <br>
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| :(iii) the {{gmraprov|Purchase Date}} under the Replacement {{gmraprov|Transaction}} shall be the Adjustment Date; <br>
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| :(iv) the other terms of the Replacement {{gmraprov|Transaction}} shall be such as the parties shall agree on or before the Adjustment Date; and
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| :(v) the obligations of the parties with respect to payment and delivery of {{gmraprov|Securities}} on the Adjustment Date under the Original {{gmraprov|Transaction}} and the Replacement {{gmraprov|Transaction}} shall be settled in accordance with paragraph {{gmraprov|6}} within the minimum period specified in sub paragraph {{gmraprov|(g) above.<br>
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| '''{{gmraprov|5}}. {{gmraprov|Income Payments}}'''<br>
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| Unless otherwise agreed
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| :(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; <br>
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| :(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; <br>
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| and for the avoidance of doubt references in this paragraph to the amount of any {{gmraprov|Income}} paid by the issuer of any {{gmraprov|Securities}} shall be to an amount paid without any withholding or deduction for or on account of taxes or duties notwithstanding that a payment of such {{gmraprov|Income}} made in certain circumstances may be subject to such a withholding or deduction.<br>
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