Currency conversions - GMSLA Provision

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

Section 2.4 in a Nutshell
Use at your own risk, campers!

2.4 Currency conversions: Subject to paragraph 11, values stated in other currencies other must be converted into the Base Currency at the spot rate obtained by Lender (or if it is subject to an Event of Default, the Borrower) on the relevant day (or, if it isn’t a Business Day, at the Close of Business on the previous Business Day on which a quotation was available).
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Section 2.4 in full

2.4 Currency conversions
Subject to paragraph 11, 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 at the latest available spot rate of exchange quoted by a bank selected by Lender (or if an Event of Default has occurred in relation to Lender, by Borrower) in the London inter bank market for the purchase of the Base Currency with the currency concerned on the day on which the calculation is to be made or, if that day is not a Business Day, the spot rate of exchange quoted at Close of Business on the immediately preceding Business Day on which such a quotation was available.
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Related agreements and comparisons

Related agreements: Click here for the same clause in the 2018 Pledge GMSLA
Comparison: Template:Gmsladiff 2.4

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
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Content and comparisons

Template:M comp disc GMSLA 2.4
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Summary

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 squadactually 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?
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See also

Template:M sa GMSLA 2.4
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References