Stock lending agreement comparison

2010 GMSLA	2018 Pledge GMSLA	1995 OSLA	Master Repurchase Agreement
1. Applicability 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 3. Loans 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 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 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 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 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 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 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 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 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 13. Lender’s Warranties 14. Borrower’s Warranties 15. Interest on Outstanding Payments 16. Termination of this Agreement 17. Single Agreement 18. Severance 19. Specific Performance 20. Notices 21. Assignment 22. Non Waiver 23. Governing Law and Jurisdiction 24. Time 25. Recording 26. Waiver of Immunity 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	1. Applicability 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 3. Loans of Securities 4. Delivery 4.1. Delivery of Securities on commencement of Loan 4.2. Requirements to effect Delivery 4.3. Deliveries of Income 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 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 7. Rates Applicable to Loaned Securities 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 9. Failure to Deliver 9.1 Borrower’s failure to deliver Equivalent Securities 9.2 Failure by either Party to deliver or instruct delivery 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 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 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 13. Lender’s Warranties 14. Borrower’s Warranties 15. Interest on Outstanding Payments 16. Termination of this Agreement 17. Single Agreement 18. Severance 19. Specific Performance 20. Notices 21. Assignment 22. Non-Waiver 23. Governing Law and Jurisdiction 24. Time 25. Recording 26. Waiver of Immunity 27. Expenses	Preamble 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. Loans of Securities 3. Delivery of Securities 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. Rates 6. Collateral 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 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. Taxation 10. Lender’s Warranties 11. Borrower’s Warranties 12. Events of Default 13. Outstanding Payments 14. Transactions Entered into as Agent 15. Termination of Course of Dealings by Notice 16. Governing Practices 17. Observance of Procedures 18. Severance 19. Specific Performance 20. Notices 21. Assignment 22. Non-Waiver 23. Arbitration and Jurisdiction 24. Time 25. Recording 26. Governing Law Schedule Appendix