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Interest on Cash Margin - GMRA Provision: Difference between revisions
Interest on Cash Margin - GMRA Provision (view source)
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{{gmraanat|4(f)}} | {{gmraanat|4(f)}} | ||
A clause which states the bleeding obvious, as you will know if you’ve read our article on [[money]], and then invites the counterparties to agree an [[interest rate]] in the {{gmraprov|Annex}}. | |||
Note the difference here between {{gmraprov|Interest on Cash Margin}} under Clause {{gmraprov|4(f)}} — set out in the {{gmraprov|Annex}}, and for those counterparties with alert [[legal eagle]]s, likely to be [[SONIA]] (for [[sterling]]), [[EONIA]] (for [[euro]]) and [[Fed Funds Effective]] (for [[dollars]]), i.e. no longer that ghastly pariah [[LIBOR]] — and ''default'' interest under Clause {{gmraprov|10(f)}}, which is hard-coded to be [[LIBOR]]. | Note the difference here between {{gmraprov|Interest on Cash Margin}} under Clause {{gmraprov|4(f)}} — set out in the {{gmraprov|Annex}}, and for those counterparties with alert [[legal eagle]]s, likely to be [[SONIA]] (for [[sterling]]), [[EONIA]] (for [[euro]]) and [[Fed Funds Effective]] (for [[dollars]]), i.e. no longer that ghastly pariah [[LIBOR]] — and ''default'' interest under Clause {{gmraprov|10(f)}}, which is hard-coded to be [[LIBOR]]. | ||
Is that a huge problem? In the scheme of things probably not. | Is that a huge problem? In the scheme of things probably not. | ||
[[File:Dramatic Chipmunk.png|100px| | [[File:Dramatic Chipmunk.png|100px|frameless|left|DID SOMEONE SAY [[LIBOR]]??]]Mention of [[LIBOR]] requires obligatory mention of the [[Dramatic look gopher]], of course. So, without further ado, here you go. | ||
{{sa}} | {{sa}} | ||
*[[Money]] | |||
*[[LIBOR]] | *[[LIBOR]] | ||