Loaned Securities - 2000 GMSLA Provision

2000 GMSLA Anatomy™

In a Nutshell™ Clause Loaned Securities:

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2000 GMSLA full text of Clause Loaned Securities:

“Loaned Securities” means Securities which are the subject of an outstanding Loan;
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Does the adjective “outstanding” mean anything? It is true, I suppose, that once the Loan has terminated, the Securities aren’t Loaned Securities any more, but there are some oddities here. Say I hold Securities on their Income Payment Date (NB: this is 2000 GMSLA speak for the Income Record Date^[1]), but redeliver them before the relevant Income is actually paid?

References

↑ That this is sloppily expressed is another whole conversation — and was fixed in the 2010 2010 GMSLA.