Manufactured payments in respect of Loaned Securities - Pledge GMSLA Provision

2018 Global Master Securities Lending Agreement (Pledge Version)
A Jolly Contrarian owner’s manual™

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Clause 6.1 in a Nutshell™

Use at your own risk, campers!

6.1 Manufactured payments in respect of Loaned Securities: Where a Loan extends over an Income Record Date or an Income Record Date occurs before Borrower has returned Equivalent Securities to Lender, Borrower must, on the date such Income is paid by the issuer, deliver to Lender money or property equivalent to the Income that would be received by Lender (after Tax) on the Loaned Securities had it held them on the Income Record Date. view template

Full text of Clause 6.1

6.1 Manufactured payments in respect of Loaned Securities Where the term of a Loan extends over an Income Record Date in respect of any Loaned Securities or an Income Record Date in respect of any such Securities occurs after the end of the term of the relevant Loan but before Equivalent Securities have been delivered to Lender, Borrower shall, on the date such Income is paid by the issuer, or on such other date as the Parties may from time to time agree, pay or deliver to Lender such sum of money or property as is agreed between the Parties or, failing such agreement, a sum of money or property Equivalent to (and in the same currency as) the type and amount of such Income that would be received by Lender (after any applicable withholding or deduction for or on account of Tax) in respect of such Loaned Securities assuming such Securities were not loaned to Borrower and were retained by Lender on the Income Record Date. view template