Existing Loans - GMSLA Provision: Difference between revisions

Existing Loans - GMSLA Provision (view source)

1,007 bytes removed , 16 September 2021

Replaced content with "{{Manual|MSG|2010|27.4|Clause|none|short}}"

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-{{gmslaanat|27.4}}
+{{Manual|MSG|2010|27.4|Clause|none|short}}
-A simple clean up provision to inherit all existing {{gmslaprov|Loan}}s under {{osla}}s and older {{gmsla}}s.
-The more pedantic will provide in {{gmslaprov|Schedule 11}} that those legacy [[stock lending agreement]]s are all deemed terminated, and the super cautious might add, by way of [[For the avoidance of doubt|wholly unnecessary clarification]], that the extant loans are governed by the new agreement as a [[single agreement]] — but  ''legally'' this doesn’t go much further than the text of para {{gmslaprov|27.4}}. If your [[netting]] engine is thrown for a loop by the existence of two live [[Master netting agreement|master agreements]] between the same counterparties (hey — it can happen) then formally terminating the superseded one for good order is a sensible step — but this is really an operational point more than a legal one.
-Note also that, unlike an {{isdama}}, a [[GMSLA]] ''can'' be terminated as a separate thing conceptual item, apart from all outstanding {{gmslaprov|transaction}}s under it.