Income Payment Date - 2000 GMSLA Provision

2000 GMSLA Anatomy™ →Go uptown In a Nutshell™ Clause Income Payment Date: Income Payment Date: Bearer securities: For bearer securities, their Income payment date; Registered securities: For registered securities, the date by reference to which which a registered holder would become entitled to be paid Income; view template 2000 GMSLA full text of Clause Income Payment Date: Income Payment Date, with respect to any Securities or Collateral means the date on which Income is paid in respect of such Securities or Collateral, or, in the case of registered Securities or Collateral, the date by reference to which particular registered holders are identified as being entitled to payment of income; view template 2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code | GMSLA Netting Pledge GMSLA: Hard copy (ISLA) · Full wikitext · Nutshell wikitext | 1995 OSLA: OSLA wikitext | OSLA in a nutshell | GMSLA/PGMSLA/OSLA clause comparison table From Our Friends On The Internet: Guide to equity finance | ISLA’s guide to securities lending for regulators and policy makers Navigation (2000 GMSLA): 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | Schedule | Agency Annex | Addendum for Pooled Principal Agency Loans Stock Lending Anatomies: GMSLA Anatomy | Pledge GMSLA Anatomy | 2000 GMSLA Anatomy | OSLA Anatomy Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

A clumsy definition in that it muddies entitlement to be paid income from payment date of Income, and when it comes to manufacturing dividends and income, it is the date of entitlement to payment that is important. Income Payment Date gets this right, after a fashion, for registered Securities, but even then there is a hanging and rather ambiguous “or”.

“Or” as an exclusive disjunction

To make sense of it, this one needs this or to be an exclusive disjunction, whereas in the ordinary course, enthusiastic readers will know, the JC’s house view is that or is an inclusive disjunction.

...means [in the case of non-registered Securities] the date on which Income is paid on the Securities, or, in the case of registered Securities, the date by reference to which registered holders are identified as being entitled to payment...

For this reason, the definition was rather improved by its successor in the 2010 GMSLA, “Income Record Date”

And no, this is not a good example of where one should use and/or.

See also

• Exclusive disjunction
• Inclusive disjunction