Template:GMRA 2000 8: Difference between revisions

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Template:GMRA 2000 8 (view source)

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 {{gmraprov|8}}.	  '''{{gmraprov|Substitution}}''' <br>
 {{2000 GMRA 8(a)}}
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 {{2000 GMRA 8(c)}}
 {{2000 GMRA 8(d)}}
-:{{gmraprov|8(b)}}	Any variation under sub paragraph (a) above shall be effected, subject to paragraph {{gmraprov|6(d)}}, by the simultaneous transfer of the {{gmraprov|Equivalent Securities}} and {{gmraprov|New Purchased Securities}} concerned. <br>
-:{{gmraprov|8(c)}}	A {{gmraprov|Transaction}} which is varied under sub paragraph (a) above shall thereafter continue in effect as though the {{gmraprov|Purchased Securities}} under that {{gmraprov|Transaction}} consisted of or included the {{gmraprov|New Purchased Securities}} instead of the {{gmraprov|Securities}} in respect of which {{gmraprov|Equivalent Securities}} have been transferred to {{gmraprov|Seller}}. <br>
-:{{gmraprov|8(d)}}	Where either party has transferred {{gmraprov|Margin Securities}} to the other party it may at any time before {{gmraprov|Equivalent Margin Securities}} are transferred to it under paragraph {{gmraprov|4}} request the other party to transfer {{gmraprov|Equivalent Margin Securities}} to it in exchange for the transfer to the other party of new {{gmraprov|Margin Securities}} having a {{gmraprov|Market Value}} at the time of transfer at least equal to that of such {{gmraprov|Equivalent Margin Securities}}. If the other party agrees to the request, the exchange shall be effected, subject to paragraph {{gmraprov|6(d)}}, by the simultaneous transfer of the {{gmraprov|Equivalent Margin Securities}} and new {{gmraprov|Margin Securities}} concerned. Where either or both of such transfers is or are effected through a settlement system in circumstances which under the rules and procedures of that settlement system give rise to a payment by or for the account of one party to or for the account of the other party, the parties shall cause such payment or payments to be made outside that settlement system, for value the same day as the payments made through that settlement system, as shall ensure that the exchange of {{gmraprov|Equivalent Margin Securities}} and new {{gmraprov|Margin Securities}} effected under this sub paragraph does not give rise to any net payment of cash by either party to the other. <br>