2010 Global Master Securities Lending Agreement
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Clause 20 in a Nutshell™
Use at your own risk, campers!
Full text of Clause 20
20.1 Any notice or other communication in respect of this Agreement may be given in any manner set forth below to the address or number or in accordance with the electronic messaging system details set out in paragraph Schedule 5 of the Schedule and will be deemed effective as indicated:
- (a) if in writing and delivered in person or by courier, on the date it is delivered;
- (b) if sent by facsimile transmission, on the date that transmission is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine);
- (c) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted; or
- (d) if sent by electronic messaging system, on the date that electronic message is received,
unless the date of that delivery (or attempted delivery) or the receipt, as applicable, is not a Business Day or that communication is delivered (or attempted) or received, as applicable, after the Close of Business on a Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Business Day.
20.2 Either Party may by notice to the other change the address or facsimile number or electronic messaging system details at which notices or other communications are to be given to it.
Related agreements and comparisons
Content and comparisons
Template:M comp disc GMSLA 20
Pay careful attention to the perils of assuming an electronic messaging system includes email. Draw near, children, and hear the cautionary tale of Mr Greenclose.
The parties are, of course, free to disapply any of the methods set out here, or add any other ones that are not, by specifying in Part 5 of the Schedule. But, as the good folk of the National Westminster Bank plc would no doubt tell you, you shouldn't assume it is a good idea to communicate by any method that isn't specified here if you haven't specified it in the Schedule.
Template:M sa GMSLA 20