Other Provisions - GMSLA Provision
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Depending on your own credit department’s yen for additional termination events that don’t really make a lot of sense in the context of an agreement covering short term and on-call transactions, you may see additional provisions:
- Inserting a cross default - which is utterly absurd for fully-collateralised, daily-margined, short-tenor arrangements like stock loans, and will add a couple of extra pages of text you can then expect to fight over, covering thresholds, specified indebtedness, grace periods and the like.
- Provisions dealing with trade reporting to Hong Kong revenue authorities for stamp duty
- Enhanced US tax provisions (12.2 will get a workover);
- Stay language (Swiss, US etc)