Recital - OSLA Provision

1995 Overseas Securities Lender’s Agreement A Jolly Contrarian owner’s manual™ Resources and navigation 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 Navigation: 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 Index: Click ᐅ to expand: OSLA GMSLA Clause Recital in a Nutshell™ Use at your own risk, campers! WHEREAS: 1. The Parties want to make arrangements under which one (the Lender) will make Securities available to the other (the Borrower) from time to time so the Borrower can sell them to someone else, so that someone else can sell them to someone else, who in turn can sell them — and so on and so on you get the picture — or — hell, I don’t know — for other purposes too. 2. All transactions carried out under this Agreement will be effected in accordance with applicable Rules and market practices. view template Full text of Clause Recital WHEREAS: 1. The Parties hereto are desirous of agreeing a procedure whereby either one of them (the Lender) will make available to the other of them (the Borrower) from time to time Securities (as hereinafter defined) in order to enable the Borrower, subject to any Inland Revenue provisions then in force, to fulfil a contract to sell such Securities or to on-lend such Securities to a third party to enable such party to fulfil a contract to sell such Securities, whether or not as part of a chain of arrangements to enable the final party in such chain to fulfil a contract to sell such Securities or to replace an existing loan of Securities to such third party, or for other purposes. 2. All transactions carried out under this Agreement will be effected in accordance with the Rules (as hereinafter defined) TOGETHER WITH current market practices, customs and conventions. view template Related agreements and comparisons Related agreements: Click here for the equivalent clause in the 2010 GMSLA Comparison: Template:Osladiff Recital Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

Content and comparisons

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Summary

Holy mother of God whoever the poor sod was who drafted this must have been in the final, hallucinogenic grip of dengue fever or something. It looks like he died horribly. Curiously, it may be intended to convey some legal effect (in that, unlike headings, it isn’t expressly forbidden from having one by Clause 1(B), but what in the good Lord’s name that legal effect might be, we may never know.

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