Template:Cross default in securities financing agreements: Difference between revisions

*Even if there aren’t, ''either party can recall the loans on any day''<ref>Unless they are [[term stock loan|term transactions]], but even there, the terms tend to be short — ninety days is a maximum — and see above re usual daily [[collateral]] flows.</ref>

=== Ok, how about set-off. I’ve got you there, haven’t I?===

In any case, [[set-off]] is a furry and misunderstood thing. consider two scenarios: one where you have independent close-out rights under both agreements that allow you to terminate both, but no written contractual right of set-off, and one where you do not: Your {{gmsla}} has blown up, but your counterparty doggedly [[Harold Lloyd scenario|hangs on under your other master agreements like Harold Lloyd dangling from a clock tower]], refusing to let go, heroically continuing to perform, defying the circling vultures of default.