Delivery of Equivalent Securities on termination of a Loan - GMSLA Provision: Difference between revisions
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What if the {{gmslaprov|Securities}} have been cancelled, redeemed, or converted into something else? The elaborately defined adjective {{gmslaprov|Equivalent}} does a lot of work here: | What if the {{gmslaprov|Securities}} have been cancelled, redeemed, or converted into something else? The elaborately defined adjective {{gmslaprov|Equivalent}} does a lot of work here: | ||
{{nuts|GMSLA|Equivalent}} | {{nuts|GMSLA|Equivalent}} | ||
But what if the [[issuer]] has gone bust? Here there may be little or no liquidity in the shares — they may well have been delisted, for example. Look here to the [[mini-closeout]] provisions, which are designed to cope with exactly this kind of settlement failure. | |||