Exercise of buy-in on failure to redeliver - 2000 GMSLA Provision
2000 Global Master Securities Lending Agreement
Clause 9.4 in a Nutshell™
Use at your own risk, campers!
Full text of Clause 9.4
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Differently worded than the equivalent, Clause 9.3 in the 2010 GMSLA, but they probably get to much the same place: these are “reasonable” costs — meaning you can’t just pluck any old number from the sky or call up your buddy to sell you the securities at an outrageous markup, but — per Barclays v Unicredit the courts will not second guess a dealer on the question of what was a reasonable price, absent obviously egregious behaviour.