OSLA Anatomy: Difference between revisions
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{{a|osla|{{1995 OSLA TOC}}}}The {{osla}} is the predecessor to the {{gmsla}}. It is not widely used these days, though there are still versions kicking around and we do need to know about it, though because ISLA has — a litle petulantly, in my humble opinion — decided to stop supporting [[netting opinions]], you can expect those to die out in fairly short order. | |||
Here is the currently and probably now for ever, sketchy [[OSLA Anatomy]], but unless you are looking at an existing agreement that can’t be changed, your much better bet is to look at the {{gmsla}} and its pledgy cousin, the [[Pledge GMSLA]]], and study the [[GMSLA Anatomy|anatomy]] of that document. | |||
{{ | ===Interesting features=== | ||
*'''{{oslaprov|Voting rights}}''': Unlike the {{gmsla}}, the {{osla}} contains a “[[best efforts]]” obligation to vote securities at the direction of the person who posted them to you. This is ''somewhat'' challenging given the [[title transfer]] nature of the agreement, but there you have it: the [[OSLA]] is a product of a more innocent age. For more in formation see {{oslaprov|4(B)(vi)}} ({{oslaprov|voting rights}}) | |||
===[[OSLA Anatomy]]=== | |||
'''[[1995 OSLA]]''' <br> | |||
{{1995 OSLA Section Recital TOC}} | |||
{{1995 OSLA Section 1 TOC}} | |||
{{olsaprov|2}} {{olsaprov|Loans of Securities}} <br> | {{olsaprov|2}} {{olsaprov|Loans of Securities}} <br> | ||
{{olsaprov|3}} {{olsaprov|Delivery of Securities}} <br> | {{olsaprov|3}} {{olsaprov|Delivery of Securities}} <br> | ||
{{ | {{1995 OSLA Section 4 TOC}} <br> | ||
{{olsaprov|5}} {{olsaprov|Rates}} <br> | {{olsaprov|5}} {{olsaprov|Rates}} <br> | ||
{{olsaprov|6}} {{olsaprov|Collateral}} <br> | {{olsaprov|6}} {{olsaprov|Collateral}} <br> | ||
| Line 13: | Line 18: | ||
{{olsaprov|10}} {{olsaprov|Lender’s Warranties}} <br> | {{olsaprov|10}} {{olsaprov|Lender’s Warranties}} <br> | ||
{{olsaprov|11}} {{olsaprov|Borrower’s Warranties}} <br> | {{olsaprov|11}} {{olsaprov|Borrower’s Warranties}} <br> | ||
{{olsaprov|12}} {{olsaprov|Events of Default}} | {{olsaprov|12}} {{olsaprov|Events of Default}} <br> | ||
{{olsaprov|13}} {{olsaprov|Outstanding Payments}} <br> | {{olsaprov|13}} {{olsaprov|Outstanding Payments}} <br> | ||
{{olsaprov|14}} {{olsaprov|Transactions Entered Into As Agent}} | {{olsaprov|14}} {{olsaprov|Transactions Entered Into As Agent}} <br> | ||
{{olsaprov|15}} {{olsaprov|Termination of Course of Dealings by Notice}} | {{olsaprov|15}} {{olsaprov|Termination of Course of Dealings by Notice}} <br> | ||
{{olsaprov|16}} {{olsaprov|Governing Practices}} <br> | {{olsaprov|16}} {{olsaprov|Governing Practices}} <br> | ||
{{olsaprov|17}} {{olsaprov|Observance of Procedures}} <br> | {{olsaprov|17}} {{olsaprov|Observance of Procedures}} <br> | ||
| Line 28: | Line 33: | ||
{{olsaprov|25}} {{olsaprov|Recording}} <br> | {{olsaprov|25}} {{olsaprov|Recording}} <br> | ||
{{olsaprov|26}} {{olsaprov|Governing Law}} <br> | {{olsaprov|26}} {{olsaprov|Governing Law}} <br> | ||
Latest revision as of 10:24, 28 November 2019
The 1995 OSLA is the predecessor to the 2010 GMSLA. It is not widely used these days, though there are still versions kicking around and we do need to know about it, though because ISLA has — a litle petulantly, in my humble opinion — decided to stop supporting netting opinions, you can expect those to die out in fairly short order. Here is the currently and probably now for ever, sketchy OSLA Anatomy, but unless you are looking at an existing agreement that can’t be changed, your much better bet is to look at the 2010 GMSLA and its pledgy cousin, the Pledge GMSLA], and study the anatomy of that document.
Interesting features
- Voting rights: Unlike the 2010 GMSLA, the 1995 OSLA contains a “best efforts” obligation to vote securities at the direction of the person who posted them to you. This is somewhat challenging given the title transfer nature of the agreement, but there you have it: the OSLA is a product of a more innocent age. For more in formation see 4(B)(vi) (voting rights)
OSLA Anatomy
1995 OSLA
Recital
1 Interpretation
- Act of Insolvency
- Agent
- Alternative Collateral
- Appropriate Tax Vouchers
- Approved UK Collecting Agent
- Approved Intermediary
- Assured Payment
- Assured Payment Agreement
- Base Currency
- Bid Price
- Bid Value
- Borrower
- Borrowing Request
- Business Day
- Cash Collateral
- Central Gilts Office
- CGO
- CGO Collateral
- CGO Rules
- Close of Business
- Collateral
- Defaulting Party
- Equivalent Collateral
- Collateral equivalent to
- Equivalent Securities
- Event of Default
- Income
- Income Payment Date
- Lender
- Manufactured Dividend
- Margin
- Nominee
- Non-Defaulting Party
- Offer Price
- Offer Value
- Parties
- Performance Date
- Principal
- Reference Price
- Relevant Payment Date
- Rules
- Securities
- Settlement Bank
- Settlement Date
- Stock Exchange
- Value
2 Loans of Securities
3 Delivery of Securities
4. Rights and title
a(A) (Documents of title)
4(B) (Income)
- 4(B)(i) (Income Payment Dates)
- 4(B)(ii) (Manufactured Dividends)
- 4(B)(iii) (Tax deductions on Manufactured Dividends)
- 4(B)(iv) (Payment through an Approved UK Intermediary or Approved UK Collecting Agent)
- 4(B)(v) (Interest)
- 4(B)(vi) (Voting rights)
- 4(B)(vii) (Conversion rights, etc.)
- 4(B)(viii) (Payments under this Clause)
5 Rates
6 Collateral
7. Redelivery of Equivalent Securities
- 7(A) Borrower’s undertaking to redeliver Equivalent Securities
- 7(B) Lender’s right to call for redelivery of Equivalent Securities
- 7(C) Lender’s election where Borrower does not return Equivalent Securities
- 7(D) Borrower to pay reasonable costs of any Buy-in
- 7(E) Borrower’s right to terminate loans
- 7(F) Redelivery of Talisman certificates
- 8(A) Redelivery on the Performance Date
- 8(B) Acceleration on Event of Default
- 8(C) Relevant Value
- 8(D) Bid Value and Offer Value
- 8(E) Buy Ins
- 8(F) Non Cash Securities as Collateral
- 8(G) Event of Default on failure to redeliver
- 8(H) Waiver in case of practical difficulties redelivering
9 Taxation
10 Lender’s Warranties
11 Borrower’s Warranties
12 Events of Default
13 Outstanding Payments
14 Transactions Entered Into As Agent
15 Termination of Course of Dealings by Notice
16 Governing Practices
17 Observance of Procedures
18 Severance
19 Specific Performance
20 Notices
21 Assignment
22 Non-Waiver
23 Arbitration and Jurisdiction
24 Time
25 Recording
26 Governing Law