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List of Events of Default - GMSLA Provision: Difference between revisions
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List of Events of Default - GMSLA Provision (view source)
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{{fullanat|gmsla|10.1|2010}} | {{fullanat|gmsla|10.1|2010}} | ||
{{2010 GMSLA Section 10.1 TOC}} | {{2010 GMSLA Section 10.1 TOC}} | ||
===The dog that didn't bark in the nighttime=== | |||
Most interesting is what is '''not''' in there: There is no: | Most interesting is what is '''not''' in there: There is no: | ||
*[[Cross Default]] | *[[Cross Default]] | ||
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*{{isdaprov|Tax Event upon Merger}} equivalent | *{{isdaprov|Tax Event upon Merger}} equivalent | ||
'''Why not?''': Unlike an {{isdama}}, generally, transactions under a GMSLA are callable on notice. If your counterparty suffes any kind of credit deterioration, your option is to immediately recall your loans. If they redeliver, great. If they don’t, you have them bang to rights on a {{gmraprov|failure to pay}}. Simples. | |||
====Related Provisions==== | ====Related Provisions==== | ||
{{gmslaanatomy}} | {{gmslaanatomy}} | ||