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Template:M comp disc GMSLA 9.3: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "Clause {{gmslaprov|9.3}} of the {{gmsla}} is identical to Clause {{pgmslaprov|9.2}} of the {{pgmsla}} but for the fussy references in the pledge document to “instructions to...") |
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Clause {{gmslaprov|9.3}} of the {{gmsla}} is identical to Clause {{pgmslaprov|9.2}} of the {{pgmsla}} but for the fussy references in the pledge document to “instructions to the {{pgmslaprov|Custodian}} to deliver {{pgmslaprov|Posted Collateral}}” (because the {{pgmslaprov|Posted Collateral}} under a [[pledge]] is never transferred to the {{pgmslaprov|Lender}} in the first place, but rather is held by the {{pgmslaprov|Borrower}}’s {{pgmslaprov|Custodian}} subject to a pledge in favour of the {{pgmslaprov|Lender}}, so the Lender isn’t technically in a position to deliver it back). | Clause {{gmslaprov|9.3}} of the {{gmsla}} is identical to Clause {{pgmslaprov|9.2}} of the {{pgmsla}} but for the fussy references in the pledge document to “instructions to the {{pgmslaprov|Custodian}} to deliver {{pgmslaprov|Posted Collateral}}” (because the {{pgmslaprov|Posted Collateral}} under a [[pledge]] is never transferred to the {{pgmslaprov|Lender}} in the first place, but rather is held by the {{pgmslaprov|Borrower}}’s {{pgmslaprov|Custodian}} subject to a pledge in favour of the {{pgmslaprov|Lender}}, so the Lender isn’t technically in a position to deliver it back). | ||
Fun comparison: the {{eqdefs}} completely botch the equivalent settlement failure terms for equity swaps. What business you have physically settling [[synthetic equity swap]]s is a whole other question of course — so it doesn’t really matter — but for a spot of gratuitous bafflement, look no further than {{eqderivprov|Consequences of Failure to Deliver}} under Section {{eqderivprov|12.9(b)(ii)}} of the {{eqdefs}}. | |||