Template:Nutshell GMRA 3

3. Initiation; Confirmation; Termination

3(a) Means of execution: The parties may enter into Transaction orally or in writing, at either party’s initiative.

3(b) Confirmation: Upon agreeing a Transaction, the parties must agree a written “Confirmation” describing the Purchased Securities (including unique identifiers), identifying who is Buyer and who is Seller, and setting out

(i) the Purchase Date;

(ii) the Purchase Price;

(iii) the Repurchase Date (or that the Transaction may be terminated on demand, where that is the case);

(iv) the Pricing Rate;

(v) account details for Transaction payments;

(vi) whether the Transaction is a Repurchase Transaction or a Buy/Sell Back Transaction (if there is a Buy/Sell Back Annex);

(vii) whether the Transaction is an Agency Transaction and, if it is, which party is agent and what is the name or identifier of the Principal (if there is an Agency Annex); and

(viii) any additional terms;

The Confirmation, with this Agreement, evidences the agreed terms for the Transaction, unless a party objects to it promptly after receipt. If the Confirmation and this Agreement conflict, the Confirmation will prevail for the Transaction only.

3(c) Initial settlement: On the Purchase Date, Seller must transfer the Purchased Securities to Buyer against payment of the Purchase Price.

3(d) Transaction termination: Demand Transactions will terminate on the date specified for Termination in the demand. Term Transactions will terminate on the agreed Termination date.

3(e) Demand terminations: Demands to terminate demand Transactions, may be made by by telephone or otherwise, but must allow for at least the standard settlement period for the relevant cash or Equivalent Securities.

3(f) Termination settlement: On the Repurchase Date, Buyer must transfer Equivalent Securities to Seller against payment of the Repurchase Price (less any amount due but unpaid by Buyer to Seller under paragraph 5).