Template:GMRA 2000 2: Difference between revisions

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{{GMRA 2000 2(dd)}}{{gmraprov|2(dd)}} “'''{{gmraprov|Net Exposure}}'''”, the meaning specified in paragraph {{gmraprov|4(c)}}; <br>
{{GMRA 2000 2(dd)}}{{gmraprov|2(dd)}} “'''{{gmraprov|Net Exposure}}'''”, the meaning specified in paragraph {{gmraprov|4(c)}}; <br>
{{GMRA 2000 2(ee)}}{{gmraprov|2(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 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 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; <br>
{{GMRA 2000 2(ee)}}{{gmraprov|2(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 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 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; <br>
{{GMRA 2000 2(ff)}}{{gmraprov|2(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; <br>
{{GMRA 2000 2(ff)}}
{{GMRA 2000 2(gg)}}{{gmraprov|2(gg)}} “'''{{gmraprov|Net Value}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br>
{{GMRA 2000 2(gg)}}{{gmraprov|2(gg)}} “'''{{gmraprov|Net Value}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br>
{{GMRA 2000 2(hh)}}{{gmraprov|2(hh)}} “'''{{gmraprov|New Purchased Securities}}'''”, the meaning specified in paragraph {{gmraprov|8(a)}}; <br>
{{GMRA 2000 2(hh)}}{{gmraprov|2(hh)}} “'''{{gmraprov|New Purchased Securities}}'''”, the meaning specified in paragraph {{gmraprov|8(a)}}; <br>
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{{GMRA 2000 2(tt)}}{{gmraprov|2(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}}; <br>
{{GMRA 2000 2(tt)}}{{gmraprov|2(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}}; <br>
{{GMRA 2000 2(uu)}}{{gmraprov|2(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; <br>
{{GMRA 2000 2(uu)}}{{gmraprov|2(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; <br>
{{gmraprov|2(vv)}} “'''{{gmraprov|Transaction Costs}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br>
{{GMRA 2000 2(vv)}}{{gmraprov|2(vv)}} “'''{{gmraprov|Transaction Costs}}'''”, the meaning specified in paragraph {{gmraprov|10}}; <br>
{{gmraprov|2(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
{{GMRA 2000 2(ww)}}{{gmraprov|2(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 <br>
{{gmraprov|2(::)}} 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>
{{GMRA 2000 2(xx)}}{{gmraprov|2(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>

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