2010 Global Master Securities Lending Agreement
A Jolly Contrarian owner’s manual™
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Clause 15 in a Nutshell™
Use at your own risk, campers!
: If either Party
fails to make payments when due it must pay interest on the outstanding balance between the original due date and the date of actual payment at the default interest rate set out in paragraph 11.7
will compound and accrue daily on an actual/actual
basis. No interest is payable on any day where one Party
tries to make a payment the other cannot receive it.
Full text of Clause 15
. Interest on Outstanding Payments
In the event of either Party
failing to remit sums in accordance with this Agreement
hereby undertakes to pay to the other Party
upon demand interest (before as well as after judgment) on the net balance due and outstanding, for the period commencing on and inclusive of the original due date for payment to (but excluding) the date of actual payment, in the same currency as the principal sum and at the rate referred to in paragraph 11.7
. Interest will accrue daily on a compound basis and will be calculated according to the actual number of days elapsed. No interest shall be payable under this paragraph in respect of any day on which one Party
endeavours to make a payment to the other Party but the other Party
is unable to receive it.
Related agreements and comparisons
Content and comparisons
Clause 15 of the 2010 GMSLA is identical to Clause 15 of the 2018 Pledge GMSLA. Note the sneaky reference to the default interest rate drafting in Clause 11.7, which falls back to — dramatic look gopher — LIBOR, and means that 11.7 isn’t, after all, restricted only to professional fees. This is absolutely dreadful drafting from ISLA’s crack drafting squad™.
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