Income Record Date - GMSLA Provision
2010 Global Master Securities Lending Agreement
Clause Income Record Date in full
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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.
- By reference to which, which does not mean “on”.