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Template:Nutshell GMRA BSA 2: Difference between revisions
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{{gmraprov|BSA 2}} '''{{gmraprov|Interpretation}}''' <br> | {{gmraprov|BSA 2}} '''{{gmraprov|Interpretation}}''' <br> | ||
(a) In this Annex | (a) '''Definitions''': In this Annex: | ||
:(i) “'''{{gmraprov|Accrued Interest}}'''” means for any {{gmraprov|Purchased Securities}} under a {{gmraprov|Buy/Sell Back Transaction}}, unpaid {{gmraprov|Income}} accruing from the last {{gmraprov|Income Payment Date}} for the {{gmraprov|Purchased Securities}} to the calculation date. Unpaid {{gmraprov|Income}} will accrue daily during each interest period; <br> | :(i) “'''{{gmraprov|Accrued Interest}}'''” means for any {{gmraprov|Purchased Securities}} under a {{gmraprov|Buy/Sell Back Transaction}}, unpaid {{gmraprov|Income}} accruing from the last {{gmraprov|Income Payment Date}} for the {{gmraprov|Purchased Securities}} to the calculation date. Unpaid {{gmraprov|Income}} will accrue daily during each interest period; <br> | ||
:(ii) “'''{{gmraprov|Sell Back Differential}}'''” means the aggregate amount obtained by daily applying {{gmraprov|Pricing Rate}} on a {{gmraprov|Buy/Sell Back Transaction}} using the appropriate ISMA [[day count convention]], to the sum of (a) the {{gmraprov|Purchase Price}} and (b) {{gmraprov|Accrued Interest}} paid on the {{gmraprov|Purchase Date}} for such {{gmraprov|Transaction}} for the actual number of days | :(ii) “'''{{gmraprov|Sell Back Differential}}'''” means the aggregate amount obtained by daily applying {{gmraprov|Pricing Rate}} on a {{gmraprov|Buy/Sell Back Transaction}} using the appropriate ISMA [[day count convention]], to the sum of (a) the {{gmraprov|Purchase Price}} and (b) {{gmraprov|Accrued Interest}} paid on the {{gmraprov|Purchase Date}} for such {{gmraprov|Transaction}} for the actual number of days between the {{gmraprov|Purchase Date}} and the calculation date; <br> | ||
:(iii) “'''{{gmraprov|Sell Back Price}}'''” means for any {{gmraprov|Buy/Sell Back Transaction}} | :(iii) “'''{{gmraprov|Sell Back Price}}'''” means, for any {{gmraprov|Buy/Sell Back Transaction}}: | ||
::(x) for the originally agreed {{gmraprov|Repurchase Date}} under paragraph {{gmraprov|3(b)(iii)}}, the agreed price agreed for that {{gmraprov|Buy/Sell Back Transaction}}, and | ::(x) for the originally agreed {{gmraprov|Repurchase Date}} under paragraph {{gmraprov|3(b)(iii)}}, the agreed price agreed for that {{gmraprov|Buy/Sell Back Transaction}}, and | ||
::(y) in any other case the product of the formula ''(P + Al +D) - (IR + C)'', where: | ::(y) in any other case the product of the formula ''(P + Al +D) - (IR + C)'', where: | ||
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:::IR = Any income payable under the {{gmraprov|Purchased Securities}} on any date between the {{gmraprov|Purchase Date}} and the {{gmraprov|Repurchase Date}}. | :::IR = Any income payable under the {{gmraprov|Purchased Securities}} on any date between the {{gmraprov|Purchase Date}} and the {{gmraprov|Repurchase Date}}. | ||
:::C = the aggregate amount obtained by applying the {{gmraprov|Pricing Rate}} to the {{gmraprov|Income}} daily from the payment date to the of calculation date <br> | :::C = the aggregate amount obtained by applying the {{gmraprov|Pricing Rate}} to the {{gmraprov|Income}} daily from the payment date to the of calculation date <br> | ||
(b) References to {{gmraprov|Repurchase Price}} in the {{gmraprov|Agreement}} will include any relevant {{gmraprov|Sell Back Price}}. <br> | (b) '''Construction''': References to {{gmraprov|Repurchase Price}} in the {{gmraprov|Agreement}} will include any relevant {{gmraprov|Sell Back Price}}. <br> | ||
(c) In Paragraph {{gmraprov|10(c)(i)}} ({{gmraprov|Events of Default}}), “{{gmraprov|Repurchase Price}}s” includes {{gmraprov|Sell Back Price}}s”. <br> | (c) '''{{gmraprov|Events of Default}}''': In Paragraph {{gmraprov|10(c)(i)}} ({{gmraprov|Events of Default}}), “{{gmraprov|Repurchase Price}}s” includes {{gmraprov|Sell Back Price}}s”. <br> | ||
(d) Where this [[Buy/Sellback Annex - GMRA Provision |Annex]] conflicts with any other term of the {{gmraprov|Agreement}}, the Annex will prevail. <br> | (d) '''Hierarchy''': Where this [[Buy/Sellback Annex - GMRA Provision |Annex]] conflicts with any other term of the {{gmraprov|Agreement}}, the Annex will prevail. <br> | ||