Template:M summ GMSLA 7: Difference between revisions
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“[[Unless otherwise agreed]], ... such amounts will be paid on a specified date ... ''or such other dates as the parties [[from time to time]] | [[7 - GMSLA Provision|So]] what’s going on here? Not a lot, though it is fair to say it is fairly fundamental to the economics. You have to pay a rate on the market value of the {{gmslaprov|Loaned Securities}} on top of any [[Manufactured payments in respect of Loaned Securities - GMSLA Provision|manufactured income]] (as to that see para {{gmslaprov|6.2}}), which is the {{gmslaprov|Lender}}’s price for getting out of bed, and where you have collateralised with cash, the {{gmslaprov|Lender}} pays you [[interest]]. (Where you have posted non-cash {{gmslaprov|Collateral}} the {{gmslaprov|Lender}} manufactures income back to you). | ||
===Flannel cracker=== | |||
There is a sublime drafting gem thrown in, almost as an afterthought, in the run-off grooves of paragraph {{gmslaprov|7.3}}.<ref>This is Para {{pgmslaprov|7.2}} in the {{pgmsla}}</ref> It runs, after a fashion, like so: “[[Unless otherwise agreed]], ... such amounts will be paid on a specified date ... ''or such other dates as the parties [[from time to time]] agree''” is one of my favourite [[flannel]]esque bookends. It has an arabesque, [[Möbius loop|Möbius]], twisting circularity to it that you just can’t teach. This is master craftspersonship. It is an Easter egg for purists. | |||
Latest revision as of 15:09, 6 November 2020
So what’s going on here? Not a lot, though it is fair to say it is fairly fundamental to the economics. You have to pay a rate on the market value of the Loaned Securities on top of any manufactured income (as to that see para 6.2), which is the Lender’s price for getting out of bed, and where you have collateralised with cash, the Lender pays you interest. (Where you have posted non-cash Collateral the Lender manufactures income back to you).
Flannel cracker
There is a sublime drafting gem thrown in, almost as an afterthought, in the run-off grooves of paragraph 7.3.[1] It runs, after a fashion, like so: “Unless otherwise agreed, ... such amounts will be paid on a specified date ... or such other dates as the parties from time to time agree” is one of my favourite flannelesque bookends. It has an arabesque, Möbius, twisting circularity to it that you just can’t teach. This is master craftspersonship. It is an Easter egg for purists.
- ↑ This is Para 7.2 in the 2018 Pledge GMSLA