Termination of this Agreement - GMSLA Provision: Difference between revisions

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Revision as of 08:06, 20 September 2024

GMSLA Anatomy™

A Jolly Contrarian owner’s manual™

16 in a Nutshell

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Original text

16. Termination of this Agreement
Each Party shall have the right to terminate this Agreement by giving not less than 15 Business Days’ notice in writing to the other Party (which notice shall specify the date of termination) subject to an obligation to ensure that all Loans which have been entered into but not discharged at the time such notice is given are duly discharged in accordance with this Agreement.

The Varieties of Stock Lending Experience
Subject 2010 GMSLA 2018
Pledge GMSLA
1995 OSLA
Applicability/Preamble 1 1 Preamble
Interpretation 2 2 1
Definitions 2.1 2.1 1
Loans of Securities 3 3 2
Delivery 4 4 3
Collateral 5 5 6
Distributions and Corporate Actions 6 6 4 (“Rights and Title”)
Rates for Loans and Collateral 7 7 4
Delivery of Equivalent Securities 8 8 7
Failure to Deliver 9 9 N/A
Events of Default 10 10 12
Consequences of Events of Default 11 11 8 (“Set-off”)
Taxation 12 12 9
Lender's Warranties 13 13 10
Borrower's Warranties 14 14 11
Interest on Outstanding Payments 15 15 13
Termination of Agreement 16 16 15
Single Agreement 17 17 N/A
Severance 18 18 18
Specific Performance 19 19 19
Notices 20 20 20
Assignment 21 21 21
Non-Waiver 22 21 22
Governing Law and Jurisdiction 23 23 26
Time 24 24 24
Recording 25 25 25
Waiver of Immunity 26 26 N/A
Expenses N/A 27 N/A
Miscellaneous 27 28 N/A

Resources and Navigation

Navigation

2010 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 · Schedule · Agency Annex · Addendum for Pooled Principal Agency Loans
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

Stock Loan owner’s manuals: 2010 GMSLA · 2000 GMSLA · Pledge GMSLA · OSLA

Index: Click to expand:

Comparisons

Template:Gmsla 16 comp

Basics

Template:Gmsla 16 summ

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See also

Template:Gmsla 16 sa

References

2010 Global Master Securities Lending Agreement
A Jolly Contrarian owner’s manual™

Resources and navigation

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
Navigation
2010 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 · Schedule · Agency Annex · Addendum for Pooled Principal Agency Loans
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

Stock Loan owner’s manuals: 2010 GMSLA · 2000 GMSLA · Pledge GMSLA · OSLA

Index: Click to expand:

Clause 16 in a Nutshell

Use at your own risk, campers!
16. Termination of this Agreement
Each Party may terminate this Agreement on 15 Business Days’ written notice as long as all outstanding Loans have first been discharged in accordance with this Agreement.

Full text of Clause 16

16. Termination of this Agreement
Each Party shall have the right to terminate this Agreement by giving not less than 15 Business Days’ notice in writing to the other Party (which notice shall specify the date of termination) subject to an obligation to ensure that all Loans which have been entered into but not discharged at the time such notice is given are duly discharged in accordance with this Agreement.

Related agreements and comparisons

Related agreements: Click here for the same clause in the 2018 Pledge GMSLA
Related agreements: Click here for the same clause in the 1995 OSLA
Comparison: Click to compare the 2010 GMSLA and 2018 Pledge GMSLA versions of this clause.

Comparison: Template:Osladiff 16

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Content and comparisons

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See also

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References