Template:M summ Pledge GMSLA 7

So what’s going on here? Not a lot, though it is fair to say it is fairly fundamental to the economics. You have to pay a rate on the market value of the Loaned Securities on top of any manufactured income (as to that see para 6.2), which is the Lender’s price for getting out of bed, and where you have collateralised with cash, the Lender pays you interest. (Where you have posted non-cash Collateral the Lender manufactures income back to you).

Flannel cracker

There is a sublime drafting gem thrown in, almost as an afterthought, in the run-off grooves of paragraph 7. It runs, after a fashion, like so:

“Unless otherwise agreed, ... such amounts will be paid on a specified date ... or such other dates as the parties from time to time agree”

This is one of my favourite flannelesque bookends. It has an arabesque, Möbius, twisting circularity to it that you just can’t teach. No ordinary dullard could do this: this is the master craftspersonship of a true ninja. For we connoisseurs of chocolate-coated celery, this is a Easter egg — a Fabergé egg — for purists.