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Redelivery of Equivalent Securities - OSLA Provision: Difference between revisions
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Redelivery of Equivalent Securities - OSLA Provision (view source)
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{{oslasnap|7}} | {{oslasnap|7}} | ||
====Commentary==== | ====Commentary==== | ||
See Clause {{gmslaprov|8.3}} and {{gmslaprov|8.4}} of the {{tag|GMSLA}} by way of comparison, and also Clause {{gmslaprov|9}} which deals with the "mini- | See Clause {{gmslaprov|8.3}} and {{gmslaprov|8.4}} of the {{tag|GMSLA}} by way of comparison, and also Clause {{gmslaprov|9}} which deals with the "mini-closeout” right upon a Party's {{gmslaprov|Failure to Deliver Equivalent Securities}} or {{gmslaprov|Failure to Deliver Equivalent Collateral}}. | ||
Clause {{oslaprov|7(C)}} of the OSLA operates in much the same way as the "mini-closeout", by permitting a Non-Defaulting Party to determine a value of each Loan as the difference between the value of the opposing legs of the trade. | Clause {{oslaprov|7(C)}} of the OSLA operates in much the same way as the "mini-closeout", by permitting a Non-Defaulting Party to determine a value of each Loan as the difference between the value of the opposing legs of the trade. | ||