Exercise of voting rights - Pledge GMSLA Provision

2018 Global Master Securities Lending Agreement (Pledge Version)
A Jolly Contrarian owner’s manual™

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Clause 6.3 in a Nutshell™

Use at your own risk, campers!

6.3 Exercise of voting rights If any voting rights arise under any Loaned Securities, the Borrower is not required to vote it at the Lender’s direction. view template

Full text of Clause 6.3

6.3 Exercise of voting rights Where any voting rights fall to be exercised in relation to any Loaned Securities, Borrower shall have no obligation to arrange for voting rights of that kind to be exercised in accordance with the instructions of Lender in relation to the Securities borrowed by it, unless otherwise agreed between the Parties. view template

Related agreements and comparisons

Related agreements: Click here for the same clause in the 2010 GMSLA Comparison: Template:Gmsladiff 6.6

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Content and comparisons

Paragraph 6.6 of the 2010 GMSLA is materially identical to Paragraph 6.3 of the 2000 GMSLA, as is 6.3 of the 2018 Pledge GMSLA, except that in the 2018 Pledge GMSLA it doesn’t talk about Collateral, seeing as the Borrower hasn’t given up title to the Collateral in the first place, having only pledged it, and therefore can still vote it without the Lender’s help.