List of Events of Default - GMSLA Provision: Difference between revisions
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{{fullanat|gmsla|10.1|2010}} | {{fullanat|gmsla|10.1|2010}} | ||
{{2010 GMSLA Section 10.1 TOC}} | {{2010 GMSLA Section 10.1 TOC}} | ||
===The dog that didn't bark in the nighttime=== | |||
Most interesting is what is '''not''' in there: There is no: | Most interesting is what is '''not''' in there: There is no: | ||
*[[Cross Default]] | *[[Cross Default]] | ||
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*{{isdaprov|Tax Event upon Merger}} equivalent | *{{isdaprov|Tax Event upon Merger}} equivalent | ||
'''Why not?''': Unlike an {{isdama}}, generally, transactions under a GMSLA are callable on notice. If your counterparty suffes any kind of credit deterioration, your option is to immediately recall your loans. If they redeliver, great. If they don’t, you have them bang to rights on a {{gmraprov|failure to pay}}. Simples. | |||
====Related Provisions==== | ====Related Provisions==== | ||
{{gmslaanatomy}} | {{gmslaanatomy}} |
Revision as of 12:50, 21 February 2018
GMSLA Anatomy™
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The dog that didn't bark in the nighttime
Most interesting is what is not in there: There is no:
- Cross Default
- Default under Specified Transaction equivalent
- Credit Support Default equivalent
- Merger without Assumption equivalent
- Illegality equivalent
- Tax Event equivalent
- Credit Event upon Merger equivalent
- Tax Event upon Merger equivalent
Why not?: Unlike an ISDA Master Agreement, generally, transactions under a GMSLA are callable on notice. If your counterparty suffes any kind of credit deterioration, your option is to immediately recall your loans. If they redeliver, great. If they don’t, you have them bang to rights on a failure to pay. Simples.
Related Provisions
update to anat|gmsla
Navigation 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 lending agreement comparison: Includes navigation for the 2000 GMSLA and the 1995 OSLA |
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