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Template:GMRA 2000 EA 5: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{gmraprov|EA 5}}. '''{{gmraprov|Transfer (Equities Annex)}}'''<br> (a) {{gmraprov|Seller}} shall promptly pay and account for any transfer or similar duties or taxes chargeab...") |
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{{gmraprov|EA 5}}. '''{{gmraprov|Transfer (Equities Annex)}}'''<br> | {{gmraprov|EA 5}}. '''{{gmraprov|Transfer (Equities Annex)}}'''<br> | ||
(a) {{gmraprov|Seller}} shall promptly pay and account for any transfer or similar duties or taxes chargeable in connection with the transfer of {{gmraprov|Purchased Securities}} which are {{gmraprov|equities}} and any {{gmraprov|Equivalent Securities}} in respect thereof and shall reimburse to {{gmraprov|Buyer}} the amount of any liability incurred by it as a result of Seller’s failure to do so.<br> | (a) {{gmraprov|Seller}} shall promptly pay and account for any transfer or similar duties or taxes chargeable in connection with the transfer of {{gmraprov|Purchased Securities}} which are {{gmraprov|equities}} and any {{gmraprov|Equivalent Securities}} in respect thereof and shall reimburse to {{gmraprov|Buyer}} the amount of any liability incurred by it as a result of Seller’s failure to do so.<br> | ||
(b) Where {{gmraprov|Margin Securities}} which are {{gmraprov|equities}} are transferred by one party to the other, the transferor (the {{gmraprov|first party}}) shall promptly pay and account for any transfer or similar duties or taxes chargeable in connection with such transfer as well as in connection with any subsequent transfer by the {{gmraprov|transferee}} (the {{gmraprov|second party}}) of {{gmraprov|Equivalent Margin Securities}} in respect thereof to the {{gmraprov|first party}} and shall reimburse to the {{gmraprov|second party}} the amount of any liability incurred by the {{gmraprov|second party}} as a result of the {{gmraprov|first party}}’s failure to do so.<br> | (b) Where {{gmraprov|Margin Securities}} which are {{gmraprov|equities}} are transferred by one party to the other, the transferor (the “'''{{gmraprov|first party}}'''”) shall promptly pay and account for any transfer or similar duties or taxes chargeable in connection with such transfer as well as in connection with any subsequent transfer by the {{gmraprov|transferee}} (the “'''{{gmraprov|second party}}'''”) of {{gmraprov|Equivalent Margin Securities}} in respect thereof to the {{gmraprov|first party}} and shall reimburse to the {{gmraprov|second party}} the amount of any liability incurred by the {{gmraprov|second party}} as a result of the {{gmraprov|first party}}’s failure to do so.<br> | ||
(c) In relation to {{gmraprov|Transaction}}s to which this {{gmraprov|Equities Annex}} applies and unless otherwise agreed, where any {{gmraprov|Purchased Securities}}, {{gmraprov|Equivalent Securities}}, {{gmraprov|Margin Securities}} or {{gmraprov|Equivalent Margin Securities}} are transferred through a settlement system which automatically generates a mandatory payment or delivery, or a mandatory obligation to pay or deliver, against the transfer of such Securities, then -<br> | (c) In relation to {{gmraprov|Transaction}}s to which this {{gmraprov|Equities Annex}} applies and unless otherwise agreed, where any {{gmraprov|Purchased Securities}}, {{gmraprov|Equivalent Securities}}, {{gmraprov|Margin Securities}} or {{gmraprov|Equivalent Margin Securities}} are transferred through a settlement system which automatically generates a mandatory payment or delivery, or a mandatory obligation to pay or deliver, against the transfer of such Securities, then -<br> | ||
:(i) such automatically generated payment, delivery or obligation shall be treated as a payment or delivery by the {{gmraprov|transferee}} to the transferor, and except to the extent that it is applied to discharge an obligation of the {{gmraprov|transferee}} to effect a payment or delivery, such payment or delivery, or obligation to pay or deliver, shall be deemed to be a {{gmraprov|Margin Transfer}} made by the transferee; and<br> | :(i) such automatically generated payment, delivery or obligation shall be treated as a payment or delivery by the {{gmraprov|transferee}} to the transferor, and except to the extent that it is applied to discharge an obligation of the {{gmraprov|transferee}} to effect a payment or delivery, such payment or delivery, or obligation to pay or deliver, shall be deemed to be a {{gmraprov|Margin Transfer}} made by the transferee; and<br> | ||
:(ii) unless the parties shall have agreed otherwise, the party receiving such {{gmraprov|Margin Transfer}} shall cause to be made to the other party for value the same day either, where such {{gmraprov|Margin Transfer}} is a payment, an irrevocable payment in the amount of such {{gmraprov|Margin Transfer}} or, where such {{gmraprov|Margin Transfer}} is a delivery, an irrevocable delivery of {{gmraprov|Securities}} (or other property, as the case may be) equivalent thereto. <br> | :(ii) unless the parties shall have agreed otherwise, the party receiving such {{gmraprov|Margin Transfer}} shall cause to be made to the other party for value the same day either, where such {{gmraprov|Margin Transfer}} is a payment, an irrevocable payment in the amount of such {{gmraprov|Margin Transfer}} or, where such {{gmraprov|Margin Transfer}} is a delivery, an irrevocable delivery of {{gmraprov|Securities}} (or other property, as the case may be) equivalent thereto. <br> | ||