Deliveries of Income - GMSLA Provision: Difference between revisions
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Revision as of 16:41, 26 March 2018
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GMSLA Anatomy™
In respect of Income being paid in relation to any Loaned Securities or Collateral, Borrower (in the case of Income being paid in respect of Loaned Securities) and Lender (in the case of Income being paid in respect of Collateral) shall provide to the other Party, as the case may be, 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, or to Borrower, irrespective of whether Lender received such endorsements or assignments in respect of any Collateral.
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4.4 in a Nutshell™ (GMSLA edition)
4.4 Deliveries of Income
Where a party receives Income on any Loaned Securities or Collateral, it must provide to the other Party 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 or Collateral.