Standard settlement time - GMSLA Provision
Well, not strictly speaking a 2010 GMSLA provision - more a textual reference, in clauses 8.1 the "standard settlement time" is not defined in the 2010 GMSLA but worth mentioning that, having recalled a Loan, a Lender must allow at least a standard settlement cycle to get the securities back. Which stands to reason if you think about it. A Borrower who terminates the loan can send them back immediately - it being harder (but in my experience not impossible) to take yourself by surprise.
8.1 in a Nutshell™ (GMSLA edition)
8.1: Lender’s right to terminate a Loan: Unless it is a term Loan, Lender may terminate a Loan and call for Equivalent Securities by giving notice on any Business Day. Lender must allow the Borrower at least the standard settlement cycle to return Equivalent Securities.
See also
- Standard Settlement Cycle in the world of equity derivatives.