Complete statement of remedies - GMSLA Provision

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

Clause 10.3 in a Nutshell
Use at your own risk, campers!

10.3 There are no remedies for any Event of Default other than those set out in this Agreement. view template

Clause 10.3 in full

10.3 The provisions of this Agreement constitute a complete statement of the remedies available to each Party in respect of any Event of Default.
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Related agreements and comparisons

Related agreements: Click here for the same clause in the 2018 Pledge GMSLA
Comparison: There is no equivalent provision in the other version of the GMSLA.

Resources and navigation

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
Navigation
2010 GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · Schedule · Agency Annex · Addendum for Pooled Principal Agency Loans
2018 Pledge GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · 28 · Schedule · Agency Annex

Stock Loan owner’s manuals: GMSLA · Pledge GMSLA · OSLA

Index — Click ᐅ to expand:
GMSLA

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Content and comparisons

Curiously, this clause is lacking in the 2018 Pledge GMSLA. Perhaps because there will be all kinds of rinky-dinks with security enforcement, account control agreements and all that tedious stuff, meaning that is really isn’t literally true. However, the gist of the original message should not be lost and, alas and lack, it does tend to get lost in the minds of paranoid legal eagles that should be reviewing the stock lending agreements for their clients. Especially private practice lawyers, who are now so out of practice in passing on the terms of the 2010 GMSLA that they are often at a loss to understand its commercial gist.
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Summary

A provision designed to strike despair into the hearts of litigators and those of an opportunisitic bent who like to see legally-articulated wooliness as some kind of option: No losses of profit (though that is said explicitly is Clause 10.4) no punitive damages, no equitable injunctions, no absurd indemnities. Just the dispassionatelycalculated values of Securities lent and Collateral posted.
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See also

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References