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Template:Nutshell GMRA 8: Difference between revisions
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{{gmraprov|8}}. '''{{gmraprov|Substitution}}'''<br> | {{gmraprov|8}}. '''{{gmraprov|Substitution}}'''<br> | ||
{{gmraprov|8(a)}} At any time the parties may agree to vary the Transaction by substituting {{gmraprov|Purchased Securities}} for other {{gmraprov|Securities}} having a prevailing {{gmraprov|Market Value}} at least equal to the Market Value of the original Purchased Securities for which they are to be exchanged (“'''{{gmraprov|New Purchased Securities}}'''”). <br> | {{gmraprov|8(a)}} At any time the parties may agree to vary the Transaction by substituting {{gmraprov|Purchased Securities}} for other {{gmraprov|Securities}} having a prevailing {{gmraprov|Market Value}} at least equal to the Market Value of the original Purchased Securities for which they are to be exchanged (“'''{{gmraprov|New Purchased Securities}}'''”). <br> | ||
{{gmraprov|8(b)}} The parties will substitute the Securities by simultaneous transfer | {{gmraprov|8(b)}} The parties will substitute the {{gmraprov|Securities}} by simultaneous transfer. <br> | ||
{{gmraprov|8(c)}} Once varied under this paragraph, a {{gmraprov|Transaction}} will continue as though the {{gmraprov|Purchased Securities}} included the {{gmraprov|New Purchased Securities}} instead of the ones that the parties substiuted. <br> | |||
{{gmraprov|8(d)}} The same goes for {{gmraprov|Margin Securities}} under any {{gmraprov|Transaction}}. Where they make any transfers through a settlement system whose rules require a payment to accompany any transfer the parties must make offsetting payments outside that settlement system, for value the same day, so that the substitution of {{gmraprov|Margin Securities}} does not give rise to any net cash payment by either party. <br> | |||