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===What is a reasonable time?=== | ===What is a reasonable time?=== | ||
There’s no amplification on what counts as a “reasonable time”. You will find scant authority in the law reports about it. Even the FT’s ''Mastering Securities Lending Documentation'' is mute on the subject. So let the [[Jolly Contrarian]] hazard a guess. | There’s no amplification on what counts as a “reasonable time”. You will find scant authority in the law reports about it. Even the FT’s ''Mastering Securities Lending Documentation'' is mute on the subject. So let the [[Jolly Contrarian]] hazard a guess. | ||
Ahem: | |||
{{box|{{disclaimer}}}} | |||
The tension here is that the [[exercise date]] – the latest possible time for exercise – will be ''after'' the [[record date]] — the date on which you had to actually own the {{gmslaprov|Securities}}. And your ability to exercise at all is dependent on having held the {{gmslaprov|Securities}} on the [[record date]]. | The tension here is that the [[exercise date]] – the latest possible time for exercise – will be ''after'' the [[record date]] — the date on which you had to actually own the {{gmslaprov|Securities}}. And your ability to exercise at all is dependent on having held the {{gmslaprov|Securities}} on the [[record date]]. |