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OSLA Anatomy: Difference between revisions
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{{a|osla|{{1995 OSLA TOC}}}}The {{osla}} is the predecessor to the {{gmsla}}. It is not widely used these days, though there are still versions kicking around and we do need to know about it, though because ISLA has — a litle petulantly, in my humble opinion — decided to stop supporting [[netting opinions]], you can expect those to die out in fairly short order. | |||
Here is the currently and probably now for ever, sketchy [[OSLA Anatomy]], but unless you are looking at an existing agreement that can’t be changed, your much better bet is to look at the {{gmsla}} and its pledgy cousin, the [[Pledge GMSLA]]], and study the [[GMSLA Anatomy|anatomy]] of that document. | |||
{{ | ===Interesting features=== | ||
*'''{{oslaprov|Voting rights}}''': Unlike the {{gmsla}}, the {{osla}} contains a “[[best efforts]]” obligation to vote securities at the direction of the person who posted them to you. This is ''somewhat'' challenging given the [[title transfer]] nature of the agreement, but there you have it: the [[OSLA]] is a product of a more innocent age. For more in formation see {{oslaprov|4(B)(vi)}} ({{oslaprov|voting rights}}) | |||
===[[OSLA Anatomy]]=== | |||
'''[[1995 OSLA]]''' <br> | |||
{{1995 OSLA Section Recital TOC}} | |||
{{1995 OSLA Section 1 TOC}} | |||
{{olsaprov|2}} {{olsaprov|Loans of Securities}} <br> | {{olsaprov|2}} {{olsaprov|Loans of Securities}} <br> | ||
{{olsaprov|3}} {{olsaprov|Delivery of Securities}} <br> | {{olsaprov|3}} {{olsaprov|Delivery of Securities}} <br> | ||
{{ | {{1995 OSLA Section 4 TOC}} <br> | ||
{{olsaprov|5}} {{olsaprov|Rates}} <br> | {{olsaprov|5}} {{olsaprov|Rates}} <br> | ||
{{olsaprov|6}} {{olsaprov|Collateral}} <br> | {{olsaprov|6}} {{olsaprov|Collateral}} <br> | ||
{{1995 OSLA Section 7 TOC}} | {{1995 OSLA Section 7 TOC}} | ||
{{ | {{1995 OSLA Section 8 TOC}} | ||
{{olsaprov|9}} {{olsaprov|Taxation}} <br> | {{olsaprov|9}} {{olsaprov|Taxation}} <br> | ||
{{olsaprov|10}} {{olsaprov|Lender’s Warranties}} <br> | {{olsaprov|10}} {{olsaprov|Lender’s Warranties}} <br> | ||
{{olsaprov|11}} {{olsaprov|Borrower’s Warranties}} <br> | {{olsaprov|11}} {{olsaprov|Borrower’s Warranties}} <br> | ||
{{olsaprov|12}} {{olsaprov|Events of Default}} | {{olsaprov|12}} {{olsaprov|Events of Default}} <br> | ||
{{olsaprov|13}} {{olsaprov|Outstanding Payments}} <br> | {{olsaprov|13}} {{olsaprov|Outstanding Payments}} <br> | ||
{{olsaprov|14}} {{olsaprov|Transactions Entered Into As Agent}} | {{olsaprov|14}} {{olsaprov|Transactions Entered Into As Agent}} <br> | ||
{{olsaprov|15}} {{olsaprov|Termination of Course of Dealings by Notice}} | {{olsaprov|15}} {{olsaprov|Termination of Course of Dealings by Notice}} <br> | ||
{{olsaprov|16}} {{olsaprov|Governing Practices}} <br> | {{olsaprov|16}} {{olsaprov|Governing Practices}} <br> | ||
{{olsaprov|17}} {{olsaprov|Observance of Procedures}} <br> | {{olsaprov|17}} {{olsaprov|Observance of Procedures}} <br> | ||
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{{olsaprov|25}} {{olsaprov|Recording}} <br> | {{olsaprov|25}} {{olsaprov|Recording}} <br> | ||
{{olsaprov|26}} {{olsaprov|Governing Law}} <br> | {{olsaprov|26}} {{olsaprov|Governing Law}} <br> | ||