Severance - GMSLA Provision
“18” under the 2010 GMSLA:
If any provision of this Agreement is declared by any judicial or other competent authority to be void or otherwise unenforceable, that provision shall be severed from the Agreement and the remaining provisions of this Agreement shall remain in full force and effect. The Agreement shall, however, thereafter be amended by the Parties in such reasonable manner so as to achieve as far as possible, without illegality, the intention of the Parties with respect to that severed provision.
If any part of the Agreement is declared unenforceable, the Parties will ignore it and carry on with the rest of the Agreement. Later, the Parties will amend the agreement as best they can to give effect to what they intended by the unenforceable part, only in away that is enforceable.
update to anat|gmsla
|Index — Click the ᐅ to expand:|
2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code
Pledge GMSLA: Hard copy (ISLA) · Full wikitext · Nutshell wikitext |
1995 OSLA: Full wikitext · Nutshell wikitext | GMSLA Netting
Let me Google that for you: Guide to equity finance | ISLA’s guide to securities lending for regulators and policy makers