Redelivery of Equivalent Securities - OSLA Provision: Difference between revisions
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====Commentary==== | ====Commentary==== | ||
See Clause {{gmslaprov|8.3}} and {{gmslaprov|8.4}} of the {{tag|GMSLA}} by way of comparison, and also Clause {{gmslaprov|9}} which deals with the | See Clause {{gmslaprov|8.3}} and {{gmslaprov|8.4}} of the {{tag|GMSLA}} by way of comparison, and also Clause {{gmslaprov|9}} which deals with the “mini-closeout” right upon a Party's {{gmslaprov|Failure to Deliver Equivalent Securities}} or {{gmslaprov|Failure to Deliver Equivalent Collateral}}. | ||
Clause {{oslaprov|7(C)}} of the OSLA operates in much the same way as the | Clause {{oslaprov|7(C)}} of the OSLA operates in much the same way as the “mini-closeout”, by permitting a Non-Defaulting Party to determine a value of each Loan as the difference between the value of the opposing legs of the trade. | ||
====Related Provisions==== | ====Related Provisions==== | ||
*{{gmsla}} Paragraphs {{gmslaprov|8}} and {{gmslaprov|9}}. | *{{gmsla}} Paragraphs {{gmslaprov|8}} and {{gmslaprov|9}}. | ||
{{oslaanatomy}} | {{oslaanatomy}} | ||
Revision as of 14:49, 8 September 2016
7. Redelivery of Equivalent Securities
- 7(A) Borrower’s undertaking to redeliver Equivalent Securities
- 7(B) Lender’s right to call for redelivery of Equivalent Securities
- 7(C) Lender’s election where Borrower does not return Equivalent Securities
- 7(D) Borrower to pay reasonable costs of any Buy-in
- 7(E) Borrower’s right to terminate loans
- 7(F) Redelivery of Talisman certificates
Paragraph 7, 1995 Overseas Securities Lender’s Agreement
Template:1995 OSLA 7
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Commentary
See Clause 8.3 and 8.4 of the GMSLA by way of comparison, and also Clause 9 which deals with the “mini-closeout” right upon a Party's Failure to Deliver Equivalent Securities or Failure to Deliver Equivalent Collateral.
Clause 7(C) of the OSLA operates in much the same way as the “mini-closeout”, by permitting a Non-Defaulting Party to determine a value of each Loan as the difference between the value of the opposing legs of the trade.
Related Provisions
- 2010 GMSLA Paragraphs 8 and 9.
OSLA Anatomy - Resources
Documentation: 1995 OSLA | 2010 GMSLA |
More Information: | GMSLA Netting | Guide to Equity Finance
See also: GMSLA Anatomy | Other Anatomies
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