Pledge GMSLA Anatomy™
In a Nutshell™ Clause 4.3:
4.3 Deliveries of Income
Where a Borrower receives Income on any Loaned Securities, it must provide the Lender with any customary endorsements or assignments needed to effect payment or delivery of Equivalent Income in accordance with paragraph 6, whether or not it received such endorsements or assignments under the Loaned Securities.
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2018 Pledge GMSLA full text of this provision:
4.3 Deliveries of Income
In respect of Income being paid in relation to any Loaned Securities, Borrower shall provide to Lender any endorsements or assignments as shall be customary and appropriate to effect, in accordance with paragraph 6, the payment or delivery of money or property in respect of such Income to Lender, irrespective of whether Borrower received such endorsements or assignments in respect of any Loaned Securities.
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See equivalent provision in the 2010 GMSLA
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