Template:M comp disc GMSLA 10: Difference between revisions

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{{2010 GMSLA Section 10 TOC}}
{{2010 GMSLA Section 10 TOC}}
{{M comp disc PGMSLA 10}}
===Difference between {{gmsla}} and {{pgmsla}}===
{{M comp disc Pledge GMSLA 10}}

Latest revision as of 18:05, 19 June 2020

10. Events of Default

10.1 List of Events of Default
10.1(a): Failure to pay Collateral
10.1(b): Unremedied failure to manufacture payments
10.1(c): Failure to pay or deliver
10.1(d): Insolvency
10.1(e): Breach of warranty
10.1(f): Repudiation
10.1(g): Seizure of assets
10.1(h): Suspension from exchange
10.1(i): Unremedied failure to perform
10.2 Notification of Events of Default
10.3 Complete statement of remedies
10.4 No consequential loss

Difference between 2010 GMSLA and 2018 Pledge GMSLA

In the 2018 Pledge GMSLA we wave good by to the 2010 GMSLA’s Automatic Early Termination provision — which was only really there to slake the consciences of those worried that netting might not work. In a pledged security arrangement, it is much more old-fashioned and traditional; you’re not really relying on the cute, clever-dickish type of close-out netting that is so warily eyed by ruddy-cheeked German insolvency administrators, no no need for an AET-35 unit.

To compensate, there’s a new “breach of security agreement” Event of Default at 10.1(j). Which is nice.

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