Redelivery of Equivalent Collateral on termination of a Loan - 2000 GMSLA Provision
2000 Global Master Securities Lending Agreement
Clause 8.4 in a Nutshell™
Use at your own risk, campers!
Full text of Clause 8.4
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Except for the deletion of the prefix “re” in the 2010 version, this clause is unchanged between the 2000 GMSLA and the 2010 GMSLA. Why delete the prefix “re”? Epistemic purity. If one delivers Collateral title transfer, the asset leaves your sphere of influence utterly, you have no expectation of its exact return; your claim is to the fresh delivery — not “re”delivery — of an equivalent, fungible asset, alike to the one you originally gave your counterparty in every regard, but not the same. This is fun for PHIL 101 students, but infuriates everyone else, so is best left unexplored as a topic of conversation at dinner parties etc.