Stock lending agreement comparison

2010 GMSLA	2018 Pledge GMSLA	1995 OSLA
Preamble	Preamble	Preamble	Preamble
1. Applicability	1. Applicability	1. Applicability	1 Interpretation Act of Insolvency Agent Alternative Collateral Appropriate Tax Vouchers Approved UK Collecting Agent Approved Intermediary Assured Payment Assured Payment Agreement Base Currency Bid Price Bid Value Borrower Borrowing Request Business Day Cash Collateral Central Gilts Office CGO CGO Collateral CGO Rules Close of Business Collateral Defaulting Party Equivalent Collateral Collateral equivalent to Equivalent Securities Event of Default Income Income Payment Date Lender Manufactured Dividend Margin Nominee Non-Defaulting Party Offer Price Offer Value Parties Performance Date Principal Reference Price Relevant Payment Date Rules Securities Settlement Bank Settlement Date Stock Exchange Value
2. Interpretation 2.1 Definitions Act of Insolvency Agency Annex Alternative Collateral Applicable Law Automatic Early Termination Base Currency Business Day Buy In Cash Collateral Close of Business Collateral Defaulting Party Delivery Designated Office Equivalent or equivalent to Income Income Record Date Letter of Credit Loaned Securities Margin Market Value Nominee Non Cash Collateral Non Defaulting Party Notification Time Parties Posted Collateral Reference Dealers Required Collateral Value Sales Tax Settlement Date Stamp Tax Tax 2.2 Headings 2.3 Market terminology 2.4 Currency conversions 2.5 2.6 Modifications etc. to legislation	2. Interpretation 2.1 Definitions Act of Insolvency Alternative Collateral Base Currency Business Day Cash Collateral Close of Business Collateral Defaulting Party Designated Office Equivalent or equivalent to Income Income Payment Date Letter of Credit Loaned Securities Margin Market Value Nominee Non-Defaulting Party Parties Posted Collateral Required Collateral Value Settlement Date 2.2 Headings 2.3 Market terminology 2.4 Currency conversions 2.5 More about currency conversions 2.6 Modifications etc to legislation	2. Interpretation 2.1 Definitions Act of Insolvency Applicable Law Base Currency Business Day Buy In Cash Cash Collateral Close of Business Collateral Control Agreement Custodian Defaulting Party Delivery Designated Office Equivalent or equivalent to Income Income Record Date Letter of Credit Loaned Securities Margin Market Value Nominee Non Defaulting Party Notification Time Parties Posted Collateral Reference Dealers Required Collateral Value Sales Tax Secured Account Security Agreement Settlement Date Stamp Tax Tax Template:Pgmslaprovv 2.2 Headings 2.3 Market terminology 2.4 Currency conversions 2.5 2.6 Modifications etc. to legislation	2. Loans of Securities
3. Loans of Securities	3. Loans of Securities	3. Loans of Securities	3. Delivery of Securities
4.1 Delivery 4.1 Delivery of Securities on commencement of Loan 4.2 Requirements to effect Delivery 4.3 Deliveries to be simultaneous unless otherwise agreed 4.4 Deliveries of Income	4.1 Delivery 4.1 Delivery of Securities on commencement of Loan 4.2 Requirements to effect Delivery 4.3 Deliveries to be simultaneous unless otherwise agreed 4.4 Deliveries of Income	4. Delivery 4.1. Delivery of Securities on commencement of Loan 4.2. Requirements to effect Delivery 4.3. Deliveries of Income	4. Rights and title a(A) (Documents of title) 4(B) (Income) 4(B)(i) (Income Payment Dates) 4(B)(ii) (Manufactured Dividends) 4(B)(iii) (Tax deductions on Manufactured Dividends) 4(B)(iv) (Payment through an Approved UK Intermediary or Approved UK Collecting Agent) 4(B)(v) (Interest) 4(B)(vi) (Voting rights) 4(B)(vii) (Conversion rights, etc.) 4(B)(viii) (Payments under this Clause)
5. Collateral 5.1 Delivery of Collateral on commencement of a Loan 5.2 Deliveries through securities settlement systems generating automatic payments 5.3 Substitutions of Collateral 5.4 Marking to Market of Collateral during the currency of a Loan on aggregated basis 5.5 Marking to Market of Collateral during the currency of a Loan on a Loan by Loan basis 5.6 Requirements to deliver excess Collateral 5.7 (Attribution of Collateral to Loans) 5.8 Timing of repayments of excess Collateral or deliveries of further Collateral 5.9 Substitutions and extensions of Letters of Credit	5. Collateral 5.1 Delivery of Collateral on commencement of a Loan 5.2 Deliveries through securities settlement systems generating automatic payments 5.3 Substitutions of Collateral 5.4 Marking to Market of Collateral during the currency of a Loan on aggregated basis 5.5 Marking to Market of Collateral during the currency of a Loan on a Loan by Loan basis 5.6 Requirements to redeliver excess Collateral 5.7 (Attribution of Collateral to Loans) 5.8 Timing of repayments of excess Collateral or deliveries of further Collateral 5.9 Substitutions and extensions of Letters of Credit	5. Collateral 5.1 Delivery of Collateral on commencement of a Loan 5.2 Deliveries through securities settlement systems generating automatic payments 5.3 Marking to Market of Collateral during the currency of a Loan 5.4 Instructions relating to the Required Collateral Value and responsibility for the Custodian	5. Rates
6. Distributions and Corporate Actions 6.1 Income Received 6.2 Manufactured payments in respect of Loaned Securities 6.3 Manufactured payments in respect of Non-Cash Collateral 6.4 Indemnity for failure to redeliver Equivalent Non-Cash Collateral 6.5 Income in the form of Securities 6.6 Exercise of voting rights 6.7 Corporate actions	6. Distributions and Corporate Actions 6.1 Manufactured Payments 6.2 Income in the form of Securities 6.3 Exercise of voting rights 6.4 Corporate actions	6. Distributions and Corporate Actions 6.1 Manufactured payments in respect of Loaned Securities 6.2 Income in the form of Securities 6.3 Exercise of voting rights 6.4 Corporate actions	6. Collateral
7. Rates applicable to Loaned Securities and Cash Collateral 7.1 Rates in respect of Loaned Securities 7.2 Rates in respect of Cash Collateral 7.3 Payment of rates	7. Rates Applicable to Loaned Securities and Cash Collateral 7.1 Rates in respect of Loaned Securities 7.2 Rates in respect of Cash Collateral 7.3 Payment of rates	7. Rates Applicable to Loaned Securities	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
8. Delivery of Equivalent Securities 8.1. Lender’s right to terminate a Loan 8.2. Borrower’s right to terminate a Loan 8.3. Delivery of Equivalent Securities on termination of a Loan 8.4. Delivery of Equivalent Collateral on termination of a Loan 8.5. Delivery of Letters of Credit 8.6. Delivery obligations to be reciprocal	8. Redelivery of Equivalent Securities 8.1. Delivery of Equivalent Securities on termination of a Loan 8.2. Lender’s right to terminate a Loan 8.3. Borrower’s right to terminate a Loan 8.4. Redelivery of Equivalent Collateral on termination of a Loan 8.5. Redelivery of Letters of Credit 8.6. Redelivery obligations to be reciprocal	8. Delivery of Equivalent Securities 8.1. Lender’s right to terminate a Loan 8.2. Borrower’s right to terminate a Loan 8.3. Non-Defaulting Party’s right to terminate all Loans 8.4. Delivery of Equivalent Securities on termination of a Loan	8 Set-off etc. 8(A) Redelivery on the Performance Date 8(B) Acceleration on Event of Default 8(C) Relevant Value 8(D) Bid Value and Offer Value 8(E) Buy Ins 8(F) Non Cash Securities as Collateral 8(G) Event of Default on failure to redeliver 8(H) Waiver in case of practical difficulties redelivering
9. Failure to Deliver 9.1 Borrower’s failure to deliver Equivalent Securities 9.2 Lender’s failure to deliver Equivalent Collateral 9.3 Failure by either Party to deliver	9. Failure to redeliver 9.1 Borrower’s failure to redeliver Equivalent Securities 9.2 Lender’s failure to redeliver Equivalent Collateral 9.3 Failure by either Party to redeliver 9.4 Exercise of buy-in on failure to redeliver	9. Failure to Deliver 9.1 Borrower’s failure to deliver Equivalent Securities 9.2 Failure by either Party to deliver or instruct delivery	9. Taxation
10. Events of Default 10.1 List of Events of Default 10.1(a): Failure to pay Collateral 10.1(b): Unremedied failure to manufacture payments 10.1(c): Failure to pay or deliver 10.1(d): Insolvency 10.1(e): Breach of warranty 10.1(f): Repudiation 10.1(g): Seizure of assets 10.1(h): Suspension from exchange 10.1(i): Unremedied failure to perform 10.2 Notification of Events of Default 10.3 Complete statement of remedies 10.4 No consequential loss	10. Set-off etc. 10.1 Definitions for paragraph 10 Bid Price Bid Value Offer Price Offer Value 10.2 Termination of delivery obligations upon Event of Default 10.3 Determination of delivery values upon Event of Default 10.4 Default Valuation Time 10.5 Buy-ins 10.6 Meaning of securities 10.7 Other costs, expenses and interest payable in consequence of an Event of Default	10. Events of Default 10.1 List of Events of Default 10.1(a): Failure to pay Collateral 10.1(b): Unremedied failure to manufacture payments 10.1(c): Failure to pay or deliver 10.1(d): Insolvency 10.1(e): Breach of warranty 10.1(f): Repudiation 10.1(g): Seizure of assets 10.1(h): Suspension from exchange 10.1(i): Unremedied failure to perform 10.1(j): Default under Security Agreement 10.2 Notification of Events of Default 10.3 No consequential loss	10. Lender’s Warranties
11. Consequences of an Event of Default 11.1 Application of 11.2 to 11.7 following Event of Default 11.2 Delivery and payment obligations following Event of Default 11.3 Definition of Default Market Value 11.4 Determination of Default Market Value 11.5 Net Value determination where unable to sell Securities 11.6 Where Non-Defaulting Party has not determined Default Market Value 11.7 Other costs, expenses and interest payable in consequence of an Event of Default 11.8 Set-off	11. Transfer taxes	11. Consequences of an Event of Default 11.1 Application of 11.2 to 11.8 following Event of Default 11.2 Delivery and payment obligations following Event of Default 11.3 Definition of Default Market Value 11.4 Determination of Default Market Value 11.5 Net Value determination where unable to sell Securities 11.6 Where Non-Defaulting Party has not determined Default Market Value 11.7 Other costs, expenses and interest payable in consequence of an Event of Default 11.8 Set-off	11. Borrower’s Warranties
12. Taxes 12.1. Withholding, gross up and provision of information 12.2. Deduction 12.3. Cooperation 12.4. Stamp Tax 12.5. Tax indemnity 12.6. Sales Tax 12.7. Retrospective changes in law	12. Lender’s warranties	12. Taxes 12.1. Withholding, gross up and provision of information 12.2. Deduction 12.3. Cooperation 12.4. Stamp Tax 12.5. Tax indemnity 12.6. Sales Tax 12.7. Retrospective changes in law	12. Events of Default
13. Lender’s Warranties	13. Borrower’s warranties	13. Lender’s Warranties	13. Outstanding Payments
14. Borrower’s Warranties	14. Events of Default 14.1 List of Events of Default 14.1(i): Failure to pay Collateral 14.1(ii): Failure to meet Collateral obligations 14.1(iii): Failure manufacture Income 14.1(iv): Failure to redeliver Securities 14.1(v): Insolvency 14.1(vi): Breach or representation or warranty 14.1(vii): Repudiation 14.1(viii): Suspension from exchange 14.1(ix): Suspension from exchange 14.1(x): Action by regulatory authority 14.2 Notification of Events of Default 14.3 Complete statement of remedies 14.4 No consequential loss	14. Borrower’s Warranties	14. Transactions Entered into as Agent
15. Interest on Outstanding Payments	Template:2000 GMSLA Section 15 TOC	15. Interest on Outstanding Payments	15. Termination of Course of Dealings by Notice
16. Termination of this Agreement	Template:2000 GMSLA Section 16 TOC	16. Termination of this Agreement	16. Governing Practices
17. Single Agreement	Template:2000 GMSLA Section 17 TOC	17. Single Agreement	17. Observance of Procedures
18. Severance	Template:2000 GMSLA Section 18 TOC	18. Severance	18. Severance
19. Specific Performance	Template:2000 GMSLA Section 19 TOC	19. Specific Performance	19. Specific Performance
20. Notices	Template:2000 GMSLA Section 20 TOC	20. Notices	20. Notices
21. Assignment	Template:2000 GMSLA Section 21 TOC	21. Assignment	21. Assignment
22. Non Waiver	Template:2000 GMSLA Section 22 TOC	22. Non-Waiver	22. Non-Waiver
23. Governing Law and Jurisdiction	Template:2000 GMSLA Section 23 TOC	23. Governing Law and Jurisdiction	23. Arbitration and Jurisdiction
24. Time	Template:2000 GMSLA Section 24 TOC	24. Time	24. Time
25. Recording	Template:2000 GMSLA Section 25 TOC	25. Recording	25. Recording
26. Waiver of Immunity	Template:2000 GMSLA Section 26 TOC	26. Waiver of Immunity	26. Governing Law
27. Miscellaneous 27.1 - Entire agreement 27.2 - Warranty as to text 27.3 - Amendments 27.4 - Existing Loans 27.5 - Automation 27.6 - Survival on termination of obligations 27.7 - Survival on termination of warranties 27.8 - Rights cumulative 27.9 - Counterparts 27.10 - Contracts (Rights of Third Parties) Act 1999	Template:2000 GMSLA Section 27 TOC	27. Expenses
	Template:2000 GMSLA Section 28 TOC	28. Miscellaneous 28.1 - Entire agreement 28.2 - Warranty as to text 28.3 - Amendments 28.4 - Automation 28.5 - Survival on termination of obligations 28.6 - Survival on termination of warranties 28.7 - Rights cumulative 28.8 - Counterparts 28.9 - Contracts (Rights of Third Parties) Act 1999
Schedule	Template:2000 GMSLA Section Schedule TOC	Schedule	Template:1995 OSLA Section Schedule TOC
Agency Annex	Template:2000 GMSLA Section Appendix TOC	Agency Annex	Template:1995 OSLA Section Appendix TOC