Income Payment Date - 2000 GMSLA Provision: Difference between revisions

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A clumsy [[Definitions|definition]] in that it muddies ''entitlement'' to be paid income from ''payment date'' of {{gmsla2000prov|IIncome}}, and when it comes to [[manufacturing]] dividends and income, it is the date of ''entitlement'' to payment that is important. Income Payment Date gets this right, after a fashion, for registered Securities, but even then there is a hanging and rather ambiguous “[[or]]”. To make sense of it, this one needs this or to be an ''ex''clusive disjunction, whereas in the ordinary course, enthusiastic readers will know, the [[JC]]’s house view is that [[or]] is an ''in''clusive disjunction.  
A clumsy [[Definitions|definition]] in that it muddies ''entitlement'' to be paid income from ''payment date'' of {{gmsla2000prov|IIncome}}, and when it comes to [[manufacturing]] dividends and income, it is the date of ''entitlement'' to payment that is important. Income Payment Date gets this right, after a fashion, for registered Securities, but even then there is a hanging and rather ambiguous “[[or]]”. To make sense of it, this one needs this or to be an ''ex''clusive disjunction, whereas in the ordinary course, enthusiastic readers will know, the [[JC]]’s house view is that [[or]] is an ''in''clusive disjunction.  


:''...means '''[in the case of non-registered {{gmslaprov|Securities}}]''' the date on which Income is paid on the {{gmslaprov|Securities}}, or, in the case of registered {{gmslaprov|Securities}}, the date by reference to which registered holders are identified as being entitled to payment...'' <br>


For this reason, the definition was rather improved by its successor in the [[2010 GMSLA]], “{{gmslaprov|Income Record Date}}”
For this reason, the definition was rather improved by its successor in the [[2010 GMSLA]], “{{gmslaprov|Income Record Date}}”

Revision as of 14:20, 28 May 2019

2000 GMSLA Anatomy™


In a Nutshell™ Clause Income Payment Date:

Income Payment Date:

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2000 GMSLA full text of Clause Income Payment Date:

Income Payment Date, with respect to any Securities or Collateral means the date on which Income is paid in respect of such Securities or Collateral, or, in the case of registered Securities or Collateral, the date by reference to which particular registered holders are identified as being entitled to payment of income;
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A clumsy definition in that it muddies entitlement to be paid income from payment date of IIncome, and when it comes to manufacturing dividends and income, it is the date of entitlement to payment that is important. Income Payment Date gets this right, after a fashion, for registered Securities, but even then there is a hanging and rather ambiguous “or”. To make sense of it, this one needs this or to be an exclusive disjunction, whereas in the ordinary course, enthusiastic readers will know, the JC’s house view is that or is an inclusive disjunction.

...means [in the case of non-registered Securities] the date on which Income is paid on the Securities, or, in the case of registered Securities, the date by reference to which registered holders are identified as being entitled to payment...

For this reason, the definition was rather improved by its successor in the 2010 GMSLA, “Income Record Date”

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