Interest on Outstanding Payments - Pledge GMSLA Provision: Difference between revisions
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Latest revision as of 18:17, 13 January 2022
2018 Global Master Securities Lending Agreement (Pledge Version)
Clause 15 in a Nutshell™ Use at your own risk, campers!
Full text of Clause 15
Related agreements and comparisons
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Content and comparisons
Clause 15 of the 2010 GMSLA is identical to Clause 15 of the 2018 Pledge GMSLA. Note the sneaky reference to the default interest rate drafting in Clause 11.7, which falls back to — dramatic look gopher — LIBOR, and means that 11.7 isn’t, after all, restricted only to professional fees. This is absolutely dreadful drafting from ISLA’s crack drafting squad™.