Substitutions of Collateral - GMSLA Provision
Commentary
Unlike the 1995 CSA, a Borrower under the 2010 GMSLA can require a Lender to switch Collateral posted to it with Alternative Collateral (provided it is acceptable to the Lender, which it will be if it meets the definition of Collateral and is listed in Schedule 1).
By contrast, under Paragrpah 3(c) of the CSA, a switch of posted Collateral requires the consent of the holding party (see 3(c)(ii)). The FOA Exchange-Traded Derivatives Agreement is similar to the ISDA CSA.
Related Provisions
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