Template:Nutshell GMRA 6

6. Payment and Transfer
6(a) Method of payment and delivery:

(i) Money: The parties must meet all payment obligations in immediately available, freely convertible funds in the right currency.

(ii) Securities: Securities must be transferred using a mutually agreed transfer method and, where not transferred through an electronic book-entry system, must be in suitable form for transfer and accompanied by such documentation as the transferee reasonably requests.

6(b) Free of tax: All money payable under any Transaction must be paid free from and without withholding for tax, unless withholding is legally required. Where it is, the payer must gross up its payment so the net amount the payee receives (after withholding) equals the originally due amount had no tax been imposed.
6(c) Delivery versus payment: The transfer of

(i) Purchased Securities by Seller will be made simultaneously against payment of Purchase Price by Buyer; and

(ii) Equivalent Securities by Buyer will be made simultaneously against payment of Repurchase Price by Seller.

6(d) Waiver of DVP: Notwithstanding paragraph 6(c), given occasional practical difficulties in arranging delivery versus payment, either party may waive its right to require simultaneous transfer and payment on a Transaction as long as the exchange happens on the same day. Any such waiver will not affect any other Transaction.
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