Mini close-out - GMSLA Provision: Difference between revisions
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Mini closeout is the method of terminating a {{gmsla}} or an {{osla}} in a way which ensures maximum efficacy of [[close-out netting]] in a [[gross jurisdiction]]. | Mini closeout is the method of terminating a {{gmsla}} or an {{osla}} in a way which ensures maximum efficacy of [[close-out netting]] in a [[gross jurisdiction]]. | ||
Revision as of 16:12, 2 October 2014
Mini closeout is the method of terminating a 2010 GMSLA or an 1995 OSLA in a way which ensures maximum efficacy of close-out netting in a gross jurisdiction.
In a nutshell (and more detail can be found at GMSLA netting the idea is to call each loan (under a Borrower or Lender's general right to do so under Paragraph 8) before designating an Event of Default under Paragraph 10 and effecting close out under paragraph 11. Note some deft manouevring is required to get mini-closeout to work where you have term Loans in your portfolio (that is, Loans which are not callable at will under paragraph 8) or where automatic early termination applies.
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