Expenses - Pledge GMSLA Provision

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2018 Global Master Securities Lending Agreement (Pledge Version)
A Jolly Contrarian owner’s manual™

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Stock Loan owner’s manuals: 2010 GMSLA · 2000 GMSLA · Pledge GMSLA · OSLA

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GMSLA

Clause 27 in a Nutshell
Use at your own risk, campers!

27 Expenses
Each Party will pay its own expenses (including transfer taxes) relating to this Agreement and the Security Agreement and neither will be liable for the other’s expenses. Borrower will be liable for the Custodian’s expenses relating to the Security Agreement.
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Full text of Clause 27

27 Expenses
Except as otherwise provided in this Agreement, the Security Agreement or the Control Agreement, each Party will pay its own costs and expenses (including any stamp, transfer or similar transaction tax or duty payable on any transfer Borrower is required to make under this Agreement or the Security Agreement) in connection with performing its obligations under this Agreement and the Security Agreement and neither Party will be liable for any such costs and expenses incurred by the other Party. Borrower will be liable for any costs and expenses (including any stamp, transfer or similar transaction tax or duty payable on any transfer from the Secured Accounts to Borrower in accordance with this Agreement or the Security Agreement) incurred by Custodian in connection with its performing any of its obligations to the Parties in relation to the Security Agreement.
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Related agreements and comparisons

Related agreements: Click here for the same clause in the 2010 GMSLA
Comparison: There being no equivalent provision, as Sinead O’Connor once said, nothing to compares 2 u.

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Content and comparisons

Since the proposition that “each party bears its own costs of performing the agreement” goes heartily unsaid, and due to the title-transfer nature of the 2010 GMSLA there is no Custodian whose expenses the Borrower and Lender have to allocate between them, this Expenses clause is unique to the 2010 GMSLA and there is noequivalent to it in the 2010 GMSLA or, for that matter, the 1995 OSLA.
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Summary

Each party, as you would expect, pays its own costs of performance. The Borrower pays the Custodian’s costs – which stands to reason since it is the Borrower who is insisting on this complicated pledge arrangement, which necessitates a Custodian, in the first place.
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See also

Template:M sa Pledge GMSLA 27
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References