Template:M summ GMRA 6(d)

Paragraph 6(d)

Some proper “thanks for writing in, fellas” moments here for ICMA’s crack drafting squad™. Like paragraph 6(d), which bestows on the contractual counterparties the unilateral right to waive their own contractual rights — gee whizz, I never — and which is peppered cryptically throughout the rest of the document “, subject to paragraph 6(d)” — leading unsuspecting readers to believe this mysterious paragraph 6(d) must actually do something more consequential rather than stating the bleeding obvious.

To give ICMA’s crack drafting squad™ a little credit, they were signposting that things can get hairy and choppy in the securities markets (and currency markets) and the idea of the Global Master Repurchase Agreement is that people act as good eggs and don’t stand on ceremony. So if you can’t SDVP for infrastructural or geopolitical reasons — any reasons bar your own credit implosion — you ought not to be a dick about it. This clause doesn’t stop you being a dick about it — but it is a counsel of prudence all the same.