Income Received - GMSLA Provision

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2010 Global Master Securities Lending Agreement
A Jolly Contrarian owner’s manual

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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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2018 Pledge GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · 28 · Schedule · Agency Annex

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

Index: Click to expand:
GMSLA

Clause 6.1 in a Nutshell
Use at your own risk, campers!

6.1 In this paragraph, Income recevied on any Loaned Securities or Non Cash Collateral means the amount received after any withholdings or deductions of Tax.
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Full text of Clause 6.1

6.1 In this paragraph 6, references to an amount of Income received by any Party in respect of any Loaned Securities or Non Cash Collateral shall be to an amount received from the issuer after any applicable withholding or deduction for or on account of Tax.
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Related agreements and comparisons

Related agreements: Click here for the same clause in the 2018 Pledge GMSLA
Related agreements: Click here for the same clause in the 1995 OSLA
Comparison: Template:Gmsladiff 6.1
Comparison: Template:Osladiff 6.1

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Content and comparisons

There is no specific equivalent in the 2018 Pledge GMSLA but the effect of this clause — since it only applies now to Loaned Securities and not Collateral, so wouldn’t otherwise need to be repeated — is injected into the closing cadences of Clause 6.2 — a small gesture towards verbal economy that, for once, probably wasn’t worth it, seeing as it throws the numbering out between the 2010 GMSLA and the 2018 Pledge GMSLA, and makes people starting at the new document for the first time go, “now, why did they remove that bit about withholding on Income payments?”. Answer: they didn’t.
Template

See also

Template:M sa GMSLA 6.1
Template

References