Deliveries to be simultaneous unless otherwise agreed - GMSLA Provision

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GMSLA Anatomy


In a Nutshell Clause 4.3:

4.3 Deliveries to be simultaneous unless otherwise agreed
Even where a Party is entitled to require simultaneous Payment or Delivery under paragraph 8.6 (Delivery obligations to be reciprocal) it may waive that right in light of prevailing circumstances. Such a waiver will not affect any other Delivery or Payment.
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2010 GMSLA full text of Clause 4.3:

4.3 Deliveries to be simultaneous unless otherwise agreed
Where under the terms of this Agreement a Party is not obliged to make a Delivery unless simultaneously a Delivery is made to it, subject to and without prejudice to its rights under paragraph 8.6, such Party may from time to time in accordance with market practice and in recognition of the practical difficulties in arranging simultaneous delivery of Securities, Collateral and cash transfers, waive its right under this Agreement in respect of simultaneous delivery and/or payment provided that no such waiver (whether by course of conduct or otherwise) in respect of one transaction shall bind it in respect of any other transaction.
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2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code | GMSLA Netting
Pledge GMSLA: Hard copy (ISLA) · Full wikitext · Nutshell wikitext |
1995 OSLA: OSLA wikitext | OSLA in a nutshell | GMSLA/PGMSLA/OSLA clause comparison table
From Our Friends On The Internet: Guide to equity finance | ISLA’s guide to securities lending for regulators and policy makers

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A delightfully convoluted, and quite unnecessary, clause which states the common law position as to waiver. Of course a party may decide not to enforce its strict rights, at its discretion, in light of the circumstances. But here you have, anyway, a contractual right to do what you transparently could have done anyway.

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