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Borrower’s Warranties - GMSLA Provision: Difference between revisions
Borrower’s Warranties - GMSLA Provision (view source)
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{{gmslaanat|14}}{{gmsla2000anat|14}}An interesting fact — “interesting” being a relative concept, and in this case we are comparing levels of interest with the fact that “[[and, as the case may be, or]]” appears 33 times in the text of the [[Alternative Investment Fund Management Directive]] — is that a breach of the last of these {{gmslaprov|Borrower’s Warranties}}, {{gmslaprov|14(e)}}, namely that the {{gmslaprov|Borrower}}’s primary purpose is not to exercise voting rights under {{gmslaprov|Loaned Securities}}, is not an {{gmslaprov|Event of Default}}, whereas the breach of the other {{gmslaprov|Borrower’s Warranties}} will be. | {{gmslaanat|14}}{{gmsla2000anat|14}}{{There are no representations in the gmsla}} | ||
An interesting fact — “interesting” being a relative concept, and in this case we are comparing levels of interest with the fact that “[[and, as the case may be, or]]” appears 33 times in the text of the [[Alternative Investment Fund Management Directive]] — is that a breach of the last of these {{gmslaprov|Borrower’s Warranties}}, {{gmslaprov|14(e)}}, namely that the {{gmslaprov|Borrower}}’s primary purpose is not to exercise voting rights under {{gmslaprov|Loaned Securities}}, is not an {{gmslaprov|Event of Default}}, whereas the breach of the other {{gmslaprov|Borrower’s Warranties}} will be. | |||
Our best guess is that because this is a silly [[warranty]] in the first place, and it is nigh-on impossible to prove that it was false, unless the {{gmslaprov|Borrower}} is stupid enough to admit it. A representation or warranty as to what one intends to do — what possible use is that? | Our best guess is that because this is a silly [[warranty]] in the first place, and it is nigh-on impossible to prove that it was false, unless the {{gmslaprov|Borrower}} is stupid enough to admit it. A representation or warranty as to what one intends to do — what possible use is that? | ||