GMRA wikitext: Difference between revisions

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GMRA wikitext (view source)

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:(i) Subject to paragraph {{gmraprov|10}}, all {{gmraprov|Securities}} of the same issue, denomination, currency and series, transferable by each party to the other under any {{gmraprov|Transaction}} or hereunder on the same date shall be combined in a single calculation of a net quantity of {{gmraprov|Securities}} transferable by one party to the other and the obligation to transfer the net quantity of {{gmraprov|Securities}} shall be the only obligation of either party in respect of the {{gmraprov|Securities}} so transferable and receivable.<br>
:(i) Subject to paragraph {{gmraprov|10}}, all {{gmraprov|Securities}} of the same issue, denomination, currency and series, transferable by each party to the other under any {{gmraprov|Transaction}} or hereunder on the same date shall be combined in a single calculation of a net quantity of {{gmraprov|Securities}} transferable by one party to the other and the obligation to transfer the net quantity of {{gmraprov|Securities}} shall be the only obligation of either party in respect of the {{gmraprov|Securities}} so transferable and receivable.<br>
:(j) If the parties have specified in Annex I hereto that this paragraph 6(j)}} shall apply, each obligation of a party under this {{gmraprov|Agreement}} (other than an obligation arising under paragraph {{gmraprov|10}}) is subject to the condition precedent that none of those events specified in paragraph {{gmraprov|10(a)}} which are identified in Annex I hereto for the purposes of this paragraph 6(j)}} (being events which, upon the serving of a {{gmraprov|Default Notice}}, would be an {{gmraprov|Event of Default}} with respect to the other party) shall have occurred and be continuing with respect to the other party.<br>
:(j) If the parties have specified in Annex I hereto that this paragraph 6(j)}} shall apply, each obligation of a party under this {{gmraprov|Agreement}} (other than an obligation arising under paragraph {{gmraprov|10}}) is subject to the condition precedent that none of those events specified in paragraph {{gmraprov|10(a)}} which are identified in Annex I hereto for the purposes of this paragraph 6(j)}} (being events which, upon the serving of a {{gmraprov|Default Notice}}, would be an {{gmraprov|Event of Default}} with respect to the other party) shall have occurred and be continuing with respect to the other party.<br>
'''{{gmraprov|7}}.  {{gmraprov|Contractual Currency}}'''<br>
:(a) All the payments made in respect of the {{gmraprov|Purchase Price}} or the {{gmraprov|Repurchase Price}} of any {{gmraprov|Transaction}} shall be made in the currency of the {{gmraprov|Purchase Price}} (the “'''{{gmraprov|Contractual Currency}}'''”) save as provided in paragraph {{gmraprov|10(c)(ii)}}. Notwithstanding the foregoing, the payee of any money may, at its option, accept tender thereof in any other currency, provided, however, that, to the extent permitted by applicable law, the obligation of the payer to pay such money will be discharged only to the extent of the amount of the {{gmraprov|Contractual Currency}} that such payee may, consistent with normal banking procedures, purchase with such other currency (after deduction of any premium and costs of exchange) for delivery within the customary delivery period for spot {{gmraprov|Transaction}}s in respect of the relevant currency.<br>
:(b) If for any reason the amount in the {{gmraprov|Contractual Currency}} received by a party, including amounts received after conversion of any recovery under any judgment or order expressed in a currency other than the {{gmraprov|Contractual Currency}}, falls short of the amount in the {{gmraprov|Contractual Currency}} due and payable, the party required to make the payment will, as a separate and independent obligation, to the extent permitted by applicable law, immediately transfer such additional amount in the {{gmraprov|Contractual Currency}} as may be necessary to compensate for the shortfall.<br>
:(c) If for any reason the amount in the {{gmraprov|Contractual Currency}} received by a party exceeds the amount of the {{gmraprov|Contractual Currency}} due and payable, the party receiving the transfer will refund promptly the amount of such excess.<br>
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