GMRA Mechanics: Key
Provisions, Market
Standards and
Relevant Legal Issues
Paul Landless and Emir Nurmansyah
22 November 2012
Indonesian GMRA Annex
Introduction
GMRA Mechanics: Key Provisions, Market
Standards and Relevant Legal Issues
•
•
•
•
Part A: Framework & Transaction Initiation
Part B: Margin & Income Payments
Part C: Events of Default & Close-out
Part D: Boilerplates
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Part A: Framework &
Transaction Initiation
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Introduction to GMRA Master Agreement
 What are Master Agreements?
• Standard contractual terms apply
 Why are they used?
• Formalities
• Transactions agreed orally over
telephone
• Uncertainty
• Entire agreement clauses
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Common Architecture
• Documentation Architecture
•
•
•
•
Master Agreement produced by trade association
GMRA Annex (Annex I)
Customised Annexes for particular markets or
products
Confirmations
• Forms a single agreement
•
•
No cherry picking
Forms the basis for close-out netting
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The Repo Master Agreement
• Standard form principal agreement is Global
Master Repurchase Agreement (GMRA)
• Framework agreement used to carry out any number of
individual repo transactions
• Documentation issued by SIFMA and ICMA
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Annexes to the GMRA
 The GMRA is designed for use in particular
situations where:
• UK regulatory requirements and UK tax
• Issuer of the transferred securities may pay the
coupon gross
• Seller and Buyer act as principals
• Agency Annex
 The GMRA may be adapted for use in other
situations (e.g. buy/sell-back transactions)
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Examples of GMRA Annexes
Annex I –
Supplemental
Terms and
Conditions
Annex II –
Confirmation
Indonesia Country
Annex
Buy/Sell-back Annex
Equities Annex
Agency Annex
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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The Confirmation
• Commercial terms of an individual transaction
or "trade"
• Standard form in Annex II
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Details of the Confirmations
• Date of the relevant GMRA
• Date of the transaction
• Type and nominal value of the
securities transferred
• Identifying numbers for the
securities
• Name of the buyer and the seller
and bank account details
• Purchase date
• Additional terms may also be
incorporated
• Purchase price
• Currency of the contract
• Repurchase date (or, if the repo is
terminable on demand, a
statement to this effect)
• Repo rate
• Sell-back price (if the transaction
is a sell/buy-back)
• Agency transaction; if so, name of
party acting as agent and as
principal
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Negotiating a GMRA Annex
• Buy/Sell-Back Annex
applicable?
• Net-paying Securities to be
covered under the agreement?
• Agency Transactions
permitted?
• Base Currency
• Designated Offices
• Pricing Source
• Spot Rates
•
•
•
•
•
•
•
•
Delivery of Confirmations
Interest Rate on Cash Margin
Interest Payment Intervals
Delivery Period for Margin
Calls
Delivery and payment
condition precedent
applicable?
Event of default for fails on a
per trade basis applicable?
Addresses for communication
Agent for service of process
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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GMRA Annex – Key Provisions,
Market Standards and Relevant
Legal Issues
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Overview - Terms under GMRA Annex (1)
• Standard Terms common to all transactions, e.g.:
• Representations and Warranties
• Events of Default
• Other matters to be agreed between the parties, e.g.:
• Base Currency for the Transactions
• Each Party's Address for Service
• Name of any Process Agent
• Supplemental Provisions
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Overview - Terms under GMRA Annex (2)
Initiation
Confirmation
Termination
Margin
Maintenance
Income
Payments
Payment and
Transfer
Contractual
Currency
Substitutions
Representations
and Warranties
Events of Default
Tax Events
Interest
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Parties to the GMRA
• Each party enters individual transactions
though designated offices and authorised
individuals
• Designated offices
• Authorised individuals
• Regulatory authority
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Applicability
• Paragraph 1
• Buyer on one transaction, Seller on
another
• Buy/sell-back transactions between the
parties
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Initiation; Confirmation; Termination
• Paragraph 3
• (a): A transaction may be entered into orally or in writing
at the initiation of either the seller or the buyer
• (b): Obligation to deliver written confirmation
• (c): Purchase Date
• (d)&(e):Termination
•
“On demand” transactions
• (f): Transfer of Equivalent Securities against
payment of the Repurchase Price (Paragraph
2(pp))
•
Pricing Rate (Paragraph 2(jj))
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Part B: Margin Maintenance &
Income Payments
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Margin maintenance (1)
• Paragraph 4
• Concepts:
• (1) Exposure
•
•
•
Party with “Net Exposure” in respect of other party
may require other party to make Margin Transfer
equal to Net Exposure
Net Exposure determined with reference to
Transaction Exposure
Transaction Exposure = diff between Repurchase
Price x Margin Ratio and market value of equivalent
securities
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Margin maintenance – Example 1
• On Purchase Date:
Purchase Price: $100
Seller
Buyer
Purchased Securities:
$100 market value
• Exposure
Seller
Buyer
- Purchased Securities: $100
- Exposure = 0
- Cash: $100
- Exposure: 0
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Margin maintenance – Example 2
• Exposure mid-way through transaction
Seller
Buyer
- Purchased Securities: ↑ $150
- Exposure = 0
- Repurchase Price: ↑ $120
- Exposure: $30
• Margin call
Buyer
$30 Cash Margin
- Purchased Securities: $150
- Exposure = 0
Seller
- Repurchase Price: $120
- Cash (Cash Margin): $30
- Exposure: 0
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Margin maintenance (2)
• (2) Initial Margin
•
Fixed proportion or ratio of collateralisation for one
party
• (3) Haircut
•
•
Discount to actual market value of a security
Purchased Securities or Margin Securities (for 2011
GMRA)
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Margin maintenance – Example 3
• Initial Margin (GMRA 1995 & 2000):
• 10% in favour of Buyer:
Buyer
Purchase Price: $100
Seller
Purchased Securities:
$110 market value
OR
• 10% in favour of Seller:
Purchase Price: $110
Buyer
Seller
Purchased Securities:
$100 market value
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Margin maintenance (3) – Margin Call
Maintenance of Margin
(1) Margin Call (Paras 4(a)-(h))
• Paragraph 4(a)-(b): Margin calls / Margin call notices
• Paragraph 4(c): Net Exposure (Exposure, Haircuts
and Initial Margin)
• Paragraph 4(d): Composition of margin transfers
• Paragraph 4(e)&(f): Cash Margin
• Paragraph 4(g): Delivery period for margin
• Paragraph 4(h)&(i): Alternative methods of margining
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Margin Maintenance (4) - Repricing & Adjustment
• Parties can agree that Net Exposure may instead be
eliminated by repricing (Para 4(j)), adjustment (Para 4(k)) or a
combination:
(2) Repricing (Paragraph 4(j))
• Repurchase Date under original transaction deemed to
occur
• Parties deemed to enter into a new transaction
• Net sum is payable (diff between Repurchase Price under
original transaction and Purchase Price under new
transaction which is based on market value of securities on
Repricing Date)
(3) Adjustment (Paragraph 4(k))
• Similar to repricing
• Net amount of securities delivered on Adjustment Date
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Income Payments
•
•
•
•
Paragraph 5
Purpose – economic nature vs legal relationship
“Manufactured income payments”
Buyer to credit the seller's account with income on the
securities during the term of the repo
• “Income” on securities provided as margin / collateral
• Voting rights and corporate actions?
Relevant Legal Issues
• Recharacterisation issues
• Power of attorney required?
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Payment and Transfer (1)
• Paragraph 6
• Payment and transfers (Para 6(a))
•
Method for transferring securities
• Gross-up (Para 6(b))
•
•
Gross-up unless otherwise agreed
Para 11 – Tax Events
• Delivery versus payment (Para 6(c) & (d))
•
May waive simultaneous transfer/payment but must be on same day
• Outright title transfer (Para 6(e)&(f))
•
•
Absolute title transfer of title to all securities and money
Indonesia Annex: paragraph 6
• Formalities for the transfer of Indonesian securities / bonds?
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Payment and Transfer (2)
• Time of the essence (Para 6(g))
• Close-out provisions and EODs
• Settlement netting provisions (Paragraph 6(h) & (i))
• Settlement netting vs close-out netting
• Cash payments
• Deliver of Securities
• Paragraph 6(j): Suspension of obligations
• Optional
• No Potential EOD
• Currently the subject of litigation in English courts
• Indonesian legal position?
• Recharacterisation-related issues re transfer of “Margin Securities”?
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Contractual Currency
• Paragraph 7
• Contractual Currency (Para 7(a))
•
Base Currency (Paragraph 2(d))
• Indonesian rupiah FX Issues
•
•
Foreign exchange restrictions
Reporting obligations
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Substitution
• Paragraph 8
• Seller’s right to substitute equivalent securities for the
securities transferred
•
Equivalent Margin Securities /Equivalent Securities (Paragraphs 2(r)&(s))
• Buyer’s consent required (Para 8(a))
• Buyer re-transfers the original securities back to Seller (or an
agreed portion of them) (Para 8(b) & (d))
• Seller transfers the substitute securities (Para 8(b) & (d))
• At least market value as at the date of the re-transfer (Para
8(a) & (d))
•
Timing of valuation
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Part C: Events of Default &
Close-out
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Representations and Warranties (1)
• Paragraph 9(a) – (h)
• Breach or representations and warranties an EOD
• The representations and warranties are repeated on
• The date on which any transaction is entered into
• On each day on which the securities are transferred
• Due authorisation (Para 9(a))
• Acting as principal (Para 9(b))
• Governmental and regulatory authorisations (Para 9(d))
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Representations and Warranties (2)
• No breach of law, constitution or agreement (Para 9(e))
• Non-reliance and acceptance of risks (Para 9(g))
• Ability to transfer securities free of encumbrances (Para
9(h))
• Indonesia Annex
•
•
•
•
No events of default
No litigation or arbitration
Capacity
Portfolio management purpose
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Events of Default (1)
• Paragraph 10(a)
• Events of Default and Close-out Netting
• Events of Default following service of Default
Notice
•
Exception: Act of Insolvency (Paragraph 2(a))
• Revocation of business license?
•
2011 GMRA changes to Default Notice
• Grace Periods?
•
Business Day (Paragraph 2(e))
• “Mini close-out” provisions (Para 10(g) & (h))
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Events of Default (2)
Events of Default (Para 10(a))
• Failure to pay Purchase Price or Repurchase
Price (Para 10(a)(i))
• Failure to deliver securities (optional) (Para
10(a)(ii))
• Failure to comply with margin maintenance
provisions (Para 10(a)(iv))
• Failure to pay manufactured payments (Para
10(a)(iii))
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Events of Default (3)
• Act of Insolvency (Para 10(a)(vi))
• Indonesia Annex:



Business licence revocation: liquidation
Bankruptcy and Suspension of Tagment
Consent, approval and acquiescence of above
• Business licence revocation: new 10(a)(xi)
• Breach of representations in any material respect (Para
10(a)(vii))
• Regulatory action against party (Para 10(a)(ix))
• “Sweep up” clause – breach of any other obligations –
30 day grace period (Para 10(a)(x))
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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“Mini close-out” Provisions
• “Mini close-out” (Paras 10(g) and (h))


Failure by Seller to deliver securities on Purchase Date (Para
10(g))
Failure by Buyer to deliver securities on Repurchase Date
(Para 10(h))
• Termination of transaction
• Determination default market value of securities and repurchase
price
• Set-off
• Timing
• Indonesia Annex: Articles 1425 – 1435 of Code
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Consequences for counterparty upon
Event of Default
• Default Notice
•
•
•
•
Notification of EOD or Potential EOD
Required for all events except presentation of
winding up petition or appointment of a liquidator
Practical difficulties of serving notice
Special default notice procedure
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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What happens on a default? – what
will you seek to recover?
•
•
•
•
Value of positions
Recovery of expenses
Your hedging costs
No liability for consequential loss
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Close-out netting – Example (1)
Transaction 1
• Purchase Date:
Purchase Price: $100
Party B
Party A
Purchased Securities:
$100
• 3 months later:
Party A
- Purchased Securities: ↓$90
Party B
- Repurchase Price: ↑$110
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Close-out netting – Example (2)
Transaction 2
• Purchase Date:
Purchase Price: $100
Party A
Party B
Purchased Securities:
$100
• 3 months later:
Party B
- Purchased Securities: ↑$120
Party A
- Repurchase Price: ↑$105
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Close-out netting – Example (3)
Event of Default occurs:
• Step 1: Acceleration of obligations
Repurchase Price: $110
T1
Party A
Party B
Purchased Securities:
$90
Repurchase Price: $105
T2
Party A
Party B
Purchased Securities:
$120
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Close-out netting – Example (4)
• Step 2: Conversion of delivery obligations into
cash obligations
Repurchase Price: $110
T1
Party A
Party B
DMV: $90
Repurchase Price: $105
T2
Party A
Party B
DMV: $120
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Close-out netting – Example (5)
• Step 3: Netting
T1
T2
Party A
Party B
$20
$15
Party B
Party A
• Single net close-out balance
T1 + T2
Party A
$35
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
Party B
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What happens on a default? – closeout netting
• Paragraphs 10(b)-(f) & (i)-(k)
• Repurchase Date accelerated
• Cash margin repayable and equivalent margin
securities deliverable
• Non-defaulting party establishes “Default Market
Value” of securities, the amount of cash margin to
be transferred and the repurchase prices payable
• Amounts set off to produce single net amount
payable by one party to the other
•
•
•
Limits on rights to set-off & net?
Preferential Transfers under Indonesian Bankruptcy Law?
Automatic Early Termination?
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Part D: Boilerplates & Other
General Provisions
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Tax Event
•
•
•
•
Paragraph 11
Material adverse effect on that transaction
Action by tax authority or change in fiscal or regulatory regime
Affected party may give notice to terminate
• The notice must specify a date for close-out (at least 30 days after
the date of notice)
• Other party may serve counter-notice to prevent such termination
• The counter-notice will constitute the other party's agreement to
indemnify the first party against the adverse effect
• If no counter-notice, termination will go ahead and the first party will
indemnify the other party against any reasonable legal and other
professional expenses incurred by the other party
• Stamp Duty Issues?
• Sale of Indonesian shares or bonds
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Interest
• Paragraph 12
• Interest is payable on late payments
• The rate of interest is the greater of the repo
rate specified in the confirmation and LIBOR
• 2011 GMRA: “Applicable Rate”
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Governing law
• Paragraph 17
• Indonesia Annex
•
•
•
Arbitration Clause: Annex I election
BAPMI / BANI / SIAC / other
Waiver of immunity
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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49
Buy/Sell
back vs
Buy/Sellback
vsRepo:
Repo:Key
Keydifferences
differences
Buy / sellback
Repo
Documentation
• Simple: structured as two
separate transactions (spot
purchase and forward sale)
not under a master
agreement
• More complex: sale and
repurchase structured as one
transaction under a master
agreement
Close-out netting
• Not available due to absence
of master agreement
• All transactions under a master
agreement can be terminated if an
Event of Default occurs under any
one transaction
• If Party A defaults on any one
transaction, Party B must
wait for other transactions
with Party A to mature
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
22 November 2012
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Buy/Sell backvsvsRepo:
Repo:Key
Keydifferences
differences (2)
Buy/Sellback
Margining
Buy / sellback
Repo
• Typically not margined
• Securities regularly valued or
marked-to-market and margin
called for accordingly
• Documentation provides for noncompliance and release of excess
margin
Insolvency Risk
• Risk that a party becomes
insolvent after initial
purchase but before forward
sale
• Reduced exposure due to
operation of close-out netting
• Solvent party could be
unsecured creditor as
regards all sums owing to it
from the insolvent party
• Solvent party will be unsecured
creditor only as regards the net
balance owing to it from the
insolvent party
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
22 November 2012
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Buy/Sell backvsvsRepo:
Repo:Key
Keydifferences
differences (3)
Buy/Sellback
Buy / sellback
Repo
Insolvency Risk
• “Cherry picking” a possibility
in some jurisdictions
Accounting
treatment
• Treated as outright sale
• Seller retains securities on its
balance sheet
• Securities leave Seller’s
balance sheet
• Coupon accrues for benefit of the
Seller
• Securities appear on Buyer’s
balance sheet
• Coupon accrues for benefit
of the Seller
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
22 November 2012
52
Buy/Sell backvsvsRepo:
Repo:Key
Keydifferences
differences (4)
Buy/Sellback
Buy / sellback
Repo
Regulatory capital
treatment
• Increased requirement based • Reduced requirement based on net
on gross exposure to
exposure to counterparty as
counterparty due to lack of
obligations can be netted and/or
close-out netting and margin
margined
Distributions
• Buyer keeps income when
distributed
• Buyer promptly pays equivalent
sum to Seller (“manufactured
dividend”)
• Accounted for in sellback
price paid at maturity
• Convention only – no
contractual obligation on
Buyer to pay distributions to
Seller
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
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Questions?
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
22 November 2012
54
Your Contacts
Paget Dare Bryan
Paul Landless
Partner
28th Floor
Jardine House
One Connaught Place
Central
Hong Kong SAR
Counsel
Clifford Chance
12 Marine Boulevard
25th Floor Tower 3
Marina Bay Financial Centre
Singapore 018982
Singapore
T +852 2826 2459
F +852 2825 8800
T + 65 6410 2235
E paget.darebryan@cliffordchance.com
F + 65 6410 2288
E paul.landless@cliffordchance.com
Terry Yang
Senior Associate
28th Floor
Jardine House
One Connaught Place
Central
Hong Kong SAR
T +852 2825 8863
F +852 2825 8800
E terry.yang@cliffordchance.com
GMRA Mechanics: Key Provisions, Market Standards and Relevant Legal Issues
22 November 2012
55
Your Contacts
Philip Payne
Emir Nurmansyah
Foreign Of Counsel
Graha CIMB Niaga 24th Floor
Jl. Jend. Sudirman Kav. 58
Jakarta 12190
Partner
Graha CIMB Niaga 24th Floor
Jl. Jend. Sudirman Kav. 58
Jakarta 12190
T +62 21 2505125
T +62 21 2505125
F +62 21 2505001, 5121, 5122,5392
F +62 21 2505001, 5121, 5122,5392
E ppayne@abnrlaw.com
E enurmansyah@abnrlaw.com
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22 November 2012
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Building 6, Level 2
The Gate Precinct
Dubai International Financial Centre
PO Box 9380
Dubai
United Arab Emirates
Tel +971 4 362 0444
Fax +971 4 362 0445
London
Clifford Chance
10 Upper Bank Street
London, E14 5JJ
United Kingdom
Tel +44 20 7006 1000
Fax +44 20 7006 5555
New York
Clifford Chance
31 West 52nd Street
New York, NY 10019-6131
USA
Tel +1 212 878 8000
Fax +1 212 878 8375
Shanghai
Clifford Chance
40th Floor
Bund Centre
222 Yan An East Road
Shanghai 200002
China
Tel +86 21 2320 7288
Fax +86 21 2320 7256
Barcelona
Clifford Chance
Av. Diagonal 682
08034 Barcelona
Spain
Tel +34 93 344 22 00
Fax +34 93 344 22 22
Düsseldorf
Clifford Chance
Königsallee 59
40215 Düsseldorf
Germany
Tel +49 211 43 55-0
Fax +49 211 43 55-5600
Luxembourg
Clifford Chance
2-4 place de Paris
B.P. 1147
L-1011 Luxembourg
Grand-Duché de Luxembourg
Tel +352 48 50 50 1
Fax +352 48 13 85
Paris
Clifford Chance
9 Place Vendôme
CS 50018
75038 Paris Cedex 01
France
Tel +33 1 44 05 52 52
Fax +33 1 44 05 52 00
Singapore
Clifford Chance
12 Marina Boulevard
25th Floor Tower 3
Marina Bay Financial Centre
Singapore 018982
Singapore
Tel +65 6410 2200
Fax +65 6410 2288
Beijing
Clifford Chance
33/F, China World Office 1
No. 1 Jianguomenwai Dajie
Chaoyang District
Beijing 100004
China
Tel +86 10 6535 2288
Fax +86 10 6505 9028
Frankfurt
Clifford Chance
Mainzer Landstraße 46
60325 Frankfurt am Main
Germany
Tel +49 69 71 99-01
Fax +49 69 71 99-4000
Madrid
Clifford Chance
Paseo de la Castellana 110
28046 Madrid
Spain
Tel +34 91 590 75 00
Fax +34 91 590 75 75
Perth
Clifford Chance
Level 12, London House
216 St Georges Terrace
Perth, Western Australia 6000
Australia
Tel +618 9262 5555
Fax +618 9262 5522
Sydney
Clifford Chance
Level 16
No. 1 O'Connell Street
Sydney NSW 2000
Australia
Tel +612 8922 8000
Fax +612 8922 8088
Brussels
Clifford Chance
Avenue Louise 65 Box 2
1050 Brussels
Belgium
Tel +32 2 533 5911
Fax +32 2 533 5959
Hong Kong
Clifford Chance
28th Floor
Jardine House
One Connaught Place
Hong Kong
Tel +852 2825 8888
Fax +852 2825 8800
Milan
Clifford Chance
Piazzetta M.Bossi, 3
20121 Milan
Italy
Tel +39 02 806 341
Fax +39 02 806 34200
Prague
Clifford Chance
Jungmannova Plaza
Jungmannova 24
110 00 Prague 1
Czech Republic
Tel +420 222 555 222
Fax +420 222 555 000
Tokyo
Clifford Chance
Akasaka Tameike Tower, 7th Floor
17-7 Akasaka 2-Chome
Minato-ku, Tokyo 107-0052
Japan
Tel +81 3 5561 6600
Fax +81 3 5561 6699
*Clifford Chance also has a co-operation agreement with Al-Jadaan & Partners Law Firm in Riyadh
Riyadh
(Co-operation agreement)
Al-Jadaan & Partners Law Firm
PO Box 3515, Riyadh 11481
Fifth Floor, North Tower
Al-Umam Commercial Centre
Salah-AlDin Al-Ayyubi Street
Al-Malaz, Riyadh
Kingdom of Saudi Arabia
Tel +966 1 478 0220
Fax +966 1 476 9332
58
GMRA Mechanics: Key
Provisions, Market
Standards and
Relevant Legal Issues
www.cliffordchance.com
Clifford Chance, 10 Upper Bank Street, London, E14 5JJ
© Clifford Chance LLP 2011
Clifford Chance LLP is a limited liability partnership registered in England and Wales
under number OC323571
Registered office: 10 Upper Bank Street, London, E14 5JJ
We use the word 'partner' to refer to a member of Clifford Chance LLP, or an employee or
consultant with equivalent standing and qualifications
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