GMSLA Netting: Difference between revisions

Closing out a {{gmsla}} is done following designation by a {{gmslaprov|Non-Defaulting Party}} of an {{gmslaprov|Event of Default}} under Paragraph {{gmslaprov|11.2}} as follows:  

Note term {{gmslaprov|Loans}} may need to be treated differently, as the “without notice” termination right (under {{gmslaprov|8.1}} and {{gmslaprov|8.2}}) will not necessarily apply. We recommend (i) updating template confirmation notices for term {{gmslaprov|Loans}} to be clear that notwithstanding their term they are individually terminable upon any of the events listed in {{gmslaprov|Events of Default}} (even where they have not been invoked) and (ii) updating template {{tag|GMSLA}} schedules to include this provision.