Events of Default - OSLA Provision

Paragraph 12, 1995 Overseas Securities Lender’s Agreement

Template:1995 OSLA 12
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Commentary

Note by contrast to the ISDA Master Agreement the Event of Default is only an Event of Default upon written notice to the other party - in the ISDA Master Agreement it is an Event of Default in itself, and it gives rise to a non-defaulting party's right designate a termination event. A subtle difference but one which calls for a little bit of caution:

For example, a party may have failed to pay or deliver - if you want to simply remind the defaulting party to make the payment without inadvertently triggering a termination, you need to be careful about how you do that so as to not trigger!

Clause Comparison with GMSLA

The equivalent of this clause in the 2010 GMSLA is:

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