Template:Nutshell GMSLA 7: Difference between revisions

{{gmslaprov|7.1}} '''{{gmslaprov|Rates in respect of Loaned Securities}}''': In respect of each {{gmslaprov|Loan}}, {{gmslaprov|Borrower}} shall pay to {{gmslaprov|Lender}}, in the manner prescribed in sub paragraph {{gmslaprov|7.3}}, sums calculated by applying such rate as shall be agreed between the {{gmslaprov|Parties}} [[from time to time]] to the daily {{gmslaprov|Market Value}} of the {{gmslaprov|Loaned Securities}}.<br />

{{gmslaprov|7.2}}. '''{{gmslaprov|Rates in respect of Cash Collateral}}''': Where {{gmslaprov|Cash Collateral}} is deposited with {{gmslaprov|Lender}} in respect of any {{gmslaprov|Loan}}, {{gmslaprov|Lender}} shall pay to {{gmslaprov|Borrower}}, in the manner prescribed in paragraph {{gmslaprov|7.3}}, sums calculated by applying such rates as shall be agreed between the {{gmslaprov|Parties}} from time to time to the amount of such {{gmslaprov|Cash Collateral}}.  Any such payment due to {{gmslaprov|Borrower}} may be set off against any payment due to Lender pursuant to paragraph {{gmslaprov|7.1}}.<br />

{{gmslaprov|7.3}} '''{{gmslaprov|Payment of rates}}''': In respect of each {{gmslaprov|Loan}}, the payments referred to in paragraph {{gmslaprov|7.1}} and {{gmslaprov|7.2}} shall accrue daily in respect of the period commencing on and inclusive of the {{gmslaprov|Settlement Date}} and terminating on and exclusive of the {{gmslaprov|Business Day}} upon which {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} are delivered or {{gmslaprov|Cash Collateral}} is repaid. Unless otherwise agreed, the sums so accruing in respect of each calendar month shall be paid in arrears by the relevant {{gmslaprov|Party}} not later than the {{gmslaprov|Business Day}} which is the tenth {{gmslaprov|Business Day}} after the last {{gmslaprov|Business Day}} of the calendar month to which such payments relate or such other date as the {{gmslaprov|Parties}} shall [[from time to time]] agree. <br />