Termination of this Agreement - GMSLA Provision

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2010 Global Master Securities Lending Agreement
A Jolly Contrarian owner’s manual™

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GMSLA

Clause 16 in a Nutshell
Use at your own risk, campers!

16. Termination of this Agreement
Each Party may terminate this Agreement on 15 Business Days’ written notice as long as all outstanding Loans have first been discharged in accordance with this Agreement.
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Full text of Clause 16

16. Termination of this Agreement
Each Party shall have the right to terminate this Agreement by giving not less than 15 Business Days’ notice in writing to the other Party (which notice shall specify the date of termination) subject to an obligation to ensure that all Loans which have been entered into but not discharged at the time such notice is given are duly discharged in accordance with this Agreement.
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Related agreements and comparisons

Related agreements: Click here for the same clause in the 2018 Pledge GMSLA
Related agreements: Click here for the same clause in the 1995 OSLA
Comparison: Click to compare the 2010 GMSLA and 2018 Pledge GMSLA versions of this clause.

Comparison: Template:Osladiff 16

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Content and comparisons

There is a difference: first, curiously, the 2018 Pledge GMSLA inserts the right to terminate the entry into of further Loan under this Agreement — a genuine “WTF” moment there, since there is no obligation to enter into any Loan at any time that you don’t want to anyway — and the second is to add a chicken-lickenish statement of the bleeding obvious that if one terminates the Agreement that doesn’t whip away the rug from under your carefully constructed the security arrangements — at least not until you’ve sorted out the outstanding Loans and returned whatever you have borrowed.
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See also

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References