Existing Loans - GMSLA Provision: Difference between revisions

Existing Loans - GMSLA Provision (view source)

605 bytes removed , 16 September 2021

Replaced content with "{{Manual|MSG|2010|27.4|Clause|none|short}}"

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-{{gmslaanat|27.4}}
+{{Manual|MSG|2010|27.4|Clause|none|short}}
-A simple clean up provision to inherit all existing {{gmslaprov|Loan}}s under {{osla}}s and older {{gmsla}}s. The more pedantic will provide in {{gmslaprov|Schedule 11}} that those agreements are all deemed terminated, but this really doesn’t achieve much legally. If your [[netting]] engine is thrown for a loop by the existence of two live master agreements between the same counterparties (hey — it can happen) then terminating the superseded one for good order is a sensible step.
-Note also that, unlike an {{isdama}}, a GMSLA ''can'' be terminated as a separate thing, apart from all outstanding transactions under it.