Currency conversions - GMSLA Provision
2010 Global Master Securities Lending Agreement
Section 2.4 in a Nutshell™
Full text of Section 2.4
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At first blush it looks like a typographical gremlin where someone pasted “prices, sums or values” into the clause twice, but no: on closer examination we think this is what ISLA’s crack drafting squad™ actually meant to write when drafting this clause. A comma might have been handy — but it is a bit late for that now. But this is really, really wooden drafting:
- ... for the purposes of determining any prices, sums or values (including Market Value and Required Collateral Value), prices, sums or values stated in currencies other than the Base Currency shall be converted into the Base Currency ...
Sigh. PICK YOUR BATTLES, JOLLY CONTRARIAN, PICK YOUR BATTLES. But is it too much for ask for a little bit of elegance with one’s mother tongue?