Income Record Date - GMSLA Provision

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

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GMSLA

Clause Income Record Date in a Nutshell
Use at your own risk, campers!

Income Record Date means the date by reference to which holders of Securities or Collateral become entitled to Income;
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Full text of Clause Income Record Date

Income Record Date, with respect to any Securities or Collateral, means the date by reference to which holders of such Securities or Collateral are identified as being entitled to payment of Income;
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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 Income Record Date
Comparison: Template:Osladiff Income Record Date

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Content and comparisons

Template:M comp disc GMSLA Income Record Date
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Summary

A short definition wealthily endowed with compound prepositions like “with respect to” and “by reference to which”. Which is nice. especially since “by reference to which” does not, here, mean what you would usually expect it to mean, namely “on”. Here it does not mean on. The Income Record Date is not the date on which Income is paid, but the date on which a holder or record had to be the holder of record — the record date — to become entitled to payment on the securities.

I probably made more of a meal of that than I needed to. In a nutshell: the record date is a week or two, or even a month, before the Income payment date. This also confused the living crap out of ISDA’s crack drafting squad™ when they were writing the 2002 ISDA Equity Derivatives Definitions, if that is any comfort.
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See also

Template:M sa GMSLA Income Record Date
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References


See also