Deliveries of Income - Pledge GMSLA Provision
2018 Global Master Securities Lending Agreement (Pledge Version)
Clause 4.3 in a Nutshell™
Full text of Clause 4.3
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Rather like the equivalent provision (para 4.4) in the 2010 GMSLA, only no reference to Collateral, seeing as the Lender doesn’t ever get title to the Collateral, so all the Income automatically vests in the Borrower anyway without any of this need for customary and appropriate endorsements (and certainly no risk that the Lender has disposed of the Collateral, which it doesn’t own in the first place.