Termination of this Agreement - Pledge GMSLA Provision
2018 Global Master Securities Lending Agreement (Pledge Version)
Clause 16 in full
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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.