Borrower’s Warranties - GMSLA Provision: Difference between revisions

Borrower’s Warranties - GMSLA Provision (view source)

2 bytes removed , 1 August 2019

no edit summary

82,891

edits

@@ Line 1: / Line 1: @@
-{{gmslaanat|14}}
+{{gmslaanat|14}}{{gmsla2000anat|14}}An interesting fact — “interesting” being a relative concept, in this case we are comparing 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.
-{{gmsla2000anat|14}}
-An interesting fact — “interesting” being a relative concept, in this case we are comparing 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.