Deliveries of Income - Pledge GMSLA Provision: Difference between revisions

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{{pgmslaanat|4.4}}
{{pgmslaanat|4.3}}
Rather like the equivalent provision (para {{gmslaprov|4.3}}) in the {{gmsla}}, only no reference to {{gmslaprov|Collateral}}, seeing as the {{gmslaprov|Lender}} doesn’t ever get title to the {{gmslaprov|Collateral}}, so all the {{gmslaprov|Income}} automatically vests in the {{gmslaprov|Borrower}} anyway without any of this need for customary and appropriate endorsements (and certainly no risk that the {{gmslaprov|Lender}} has disposed of the {{gmslaprov|Collateral}}, which it doesn’t own in the first place.
Rather like the equivalent provision (para {{gmslaprov|4.4}}) in the {{gmsla}}, only no reference to {{gmslaprov|Collateral}}, seeing as the {{gmslaprov|Lender}} doesn’t ever get title to the {{gmslaprov|Collateral}}, so all the {{gmslaprov|Income}} automatically vests in the {{gmslaprov|Borrower}} anyway without any of this need for customary and appropriate endorsements (and certainly no risk that the {{gmslaprov|Lender}} has disposed of the {{gmslaprov|Collateral}}, which it doesn’t own in the first place.


{{sa}}  
{{sa}}  
*The equivalent paragraph {{gmslaprov|4.4}} in the {{gmsla}}.
*The equivalent paragraph {{gmslaprov|4.4}} in the {{gmsla}}.

Revision as of 12:39, 8 August 2019

Pledge GMSLA Anatomy™


In a Nutshell™ Clause 4.3:

4.3 Deliveries of Income
Where a Borrower receives Income on any Loaned Securities, it must provide the Lender with any customary endorsements or assignments needed to effect payment or delivery of Equivalent Income in accordance with paragraph 6, whether or not it received such endorsements or assignments under the Loaned Securities.
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2018 Pledge GMSLA full text of this provision:

4.3 Deliveries of Income
In respect of Income being paid in relation to any Loaned Securities, Borrower shall provide to Lender any endorsements or assignments as shall be customary and appropriate to effect, in accordance with paragraph 6, the payment or delivery of money or property in respect of such Income to Lender, irrespective of whether Borrower received such endorsements or assignments in respect of any Loaned Securities.
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See equivalent provision in the 2010 GMSLA

2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code | GMSLA Netting

Pledge GMSLA: Hard copy (ISLA) · Full wikitext · Nutshell wikitext |
1995 OSLA: OSLA wikitext | OSLA in a nutshell | GMSLA/PGMSLA/OSLA clause comparison table
From Our Friends On The Internet: Guide to equity finance | ISLA’s guide to securities lending for regulators and policy makers

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2018 Pledge GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · 28 · Schedule · Agency Annex

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Rather like the equivalent provision (para 4.4) in the 2010 GMSLA, only no reference to Collateral, seeing as the Lender doesn’t ever get title to the Collateral, so all the Income automatically vests in the Borrower anyway without any of this need for customary and appropriate endorsements (and certainly no risk that the Lender has disposed of the Collateral, which it doesn’t own in the first place.

See also

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